How To Start A Petrol Pump/ EV charging business?
Willing to open an petrol pump/electric vehicle charging business in India? Here's a detailed article that highlight answers all your questions!
The demand for electric vehicles is on the rise. As per a report by India Energy Storage Alliance (IESA), the Indian Electric Vehicles industry is expected to expand at a CAGR of 36%. However, petrol cars are still on the road and require petrol pumps to fuel them.
This article highlights the best business loan to acquire to start a petrol pump and EV charging business and suggests ways to set it up successfully.
The initial capital of such a business depends on the site you want to set up your petrol pump or EV charging stations. According to a report, for a petrol pump in a rural locality, you need to earmark around Rs. 15 Lakh to kick-start this business, whereas installing an EV charging point may cost Rs. 1 Lakh to Rs. 50 Lakh.
For an urban petrol pump, initial investments tend to be significantly higher, generally around Rs. 30 Lakh if you are opening one on your land.
A set of additional costs include:
• License Fee
• Fixed Fee
• Application Fee
Eligibility Criteria To Open A Petrol Pump Business
Like any other loan, the eligibility criteria for such a business loan also depend on and differ from lender to lender. However, some typical ones include:
• Should be an Indian citizen
• The age of the borrower must be between 21 to 55 years.
• In the case of loans for business expansion purposes, your business should be at least six months old.
• A minimum yearly turnover amount is necessary in case of business expansion.
Requirements To Set Up An EV Charging Station
You can launch an EV charging station with low capital and operational cost. However, there are a few tricky points. To start a business, you need to choose a good EV charger OEM that can provide a high-quality solution that is easy to handle.
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It is necessary to electrically set the required load according to the charger’s capacity and select the appropriate place to install the charging station to start a business. There is no requirement for a license for charging stations in India.
Gold Loans For Setting Up A Petrol Pump/EV Charging Station
A gold loan is one of the best business loans available for business owners and aspirants. It is a hassle-free alternative, especially for businesses that do not want to face piles of documentation. Typically, gold loans require minimal documentation and no credit score. You can use it at your convenience and ease.
Apply For A Gold Loan With IIFL Finance
IIFL Finance is one of the best business loan providers in the country. Since its inception, it has helped in business financing for several organizations. IIFL offers competitive interest rates and flexible repayment terms for short-term gold loans.
We also ensure the safety of your collateralized physical gold until the repayment of the required amount. There are absolutely no additional costs for the redemption of your gold mortgage. If you have any questions, you can contact our 24-hour customer service team via phone or live chat.
Getting a gold loan has never been easier! Walk into any of our branches pan India, fill out an e-KYC and get your loan approved in under 30 minutes.
Frequently Asked Question
Q.1: What is a gold loan?
Ans: A gold loan is a loan against your valuable gold in any physical form. In a gold loan, gold acts as collateral for your cash needs.
Q.2: Why is a gold loan considered the best business loan?
Ans: It is a hassle-free alternative, especially for businesses who prefer minimum documentation with no credit score.
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