If you are looking for an additional source of income from your shop, it may be a good idea to rent out some space for an ATM machine! Banks may take the place on rent for an ATM for a certain number of years and may renew the contract every two to three years.
How To Approach A Bank?
Most of the banks generally publish advertisements in local newspapers and also share details on their website under the ‘tender’ section. You have to check their website regularly for any such advertisement.
You can directly approach them if you have seen any advertisement for installation of ATM in your location. Every advertisement is valid for a certain number of days and the bank will mention the last date of application.
The bank will release an application form on the website. You should download this form and fill the required details accordingly. The bank’s marketing team will then decide on a suitable place for ATM installation.
What Do You Need To Get An ATM Machine Installed?
Some of the common requirements of banks are listed below:
- Location nearer to hospitals, colleges, government offices, railway station, and bus station is highly preferable.
- Apart from this, if your property is in a locality where there is high activity or people visit your shop often, then it will be considered.
- The shop should only be on the ground floor.
- The shop/place should be closer to the main road.
- The property should be commercial and if it is not, one has to approach the municipal authorities for approval.
- Generally, 6KVA load is required for 1 machine installation. You have to get the connection accordingly for the number of ATMs you want to get installed.
- Your shop should have a rolling shutter!
- Also, parking space availability is an added advantage.
How Much Can You Earn?
The amount of rent you will get depends on the location. If your property is located near the above mentioned preferred places, you can get something which is around Rs. 50,000 to 60,000 monthly.
If your place is in a non-metro city, in a colony with less activity and less public visiting your shop, you can expect around Rs. 7,000 – 15,000 per month.
If you are looking for an unsecured business loan to grow your business, get in touch with Gromor Finance today! We offer quick business loans, up to Rs. 10 Lakhs, through a simplified, online process!