About Business Loan for Women

Women are increasingly becoming entrepreneurs and adding to the growth of small and medium enterprises (SMEs). Often these types of business ventures have unique fund requirements.

Financial institutions offer special small business loans that cater to women entrepreneurs. These types of loans have simple eligibility criteria, minimal documentation, and fast approvals.

Features of Business Loans for Women

A business loan for women has beneficial features as listed below:

  • Higher amount

Lenders offer loans of up to INR 30 lakh to enable women to meet the financial needs of their businesses. The money may be used to buy equipment, expand the business to newer markets, or meet regular operational expenses.

  • Flexibility

Borrowers may withdraw only the amount they need from the total sanctioned loan. Interest is levied only on the withdrawn amount and the repayment is customized to suit the cash flows of the business. The business loan interest rate is applied only on the withdrawn amount, which may help reduce the Equated Monthly Installments (EMIs) by as much as 45%.

  • Quick disbursal

These types of loans require minimal documents ensuring the entire procedure is quick and completed in a short period. The process may be completed online and approval may be received within 24 hours.

  • No security requirement

Facilities such as home loans, loan against property, and car loans require collateral. Therefore, personal assets are at a risk in case borrowers fail to make timely repayment. Loans for women may be availed without any security; ensuring personal assets are not at any risk. Additionally, no guarantors are needed to avail these loans, making the application procedure simple and quick.

  • Affordable

In addition to an affordable rate of interest, loans for women entrepreneurs may be repaid over a longer period. The loan tenure ranges between one year and eight years ensuring borrowers have no difficulty in making timely payments on the borrowed amount.

Most financial institutions provide special pre-approved loans that allow women entrepreneurs to have access to funds when needed without any delays. Borrowers are advised to check their eligibility with an online business loan eligibility calculator.

A few details like the loan amount, rate of interest, and tenure input in the calculator give borrowers an idea on the approximate EMI they will have to pay for the facility. Knowing the estimated EMI helps plan finances in a better way and is beneficial in managing the cash flows more efficiently.

You can also avail a mudra loan for women and enjoy lower interest rates.

Business Loans for Women: Fees & Interest Rates

Women entrepreneurs can avail a business loan at Finserv MARKETS at a very competitive interest rate and other charges. The interest rate usually starts with at 12.99% p.a. The processing fee is up to 3.99% of the loan amount, whereas the foreclosure charge is up to 4% of the outstanding loan amount.

Eligibility Criteria for Business Loans for Women

Before availing a business loan, women entrepreneurs must check their loan eligibility. This will reduce the chances of rejection of business loan applications. If you are a women entrepreneur, looking to avail a business loan for your small business, you can consider availing a business loan for women at Finserv MARKETS. The eligibility criteria is mentioned below:

  • You must be an Indian citizen

  • You must be self-employed

  • You must be between 26-66 years of age

  • You must have 3 years old business

Problems Faced by Women Entrepreneurs in India

Some of the most common problems faced by women entrepreneurs in India are mentioned below:

  • Lack of funds for growth and expansion of business

  • Stiff competition with organized sector and male counterparts

  • Scarcity of raw material

  • Male dominant society and family ties

  • Low risk-taking capacity

FAQs

  • ✔️How can a woman get a business loan?

    If you run a women-owned business, you'll likely be in need of a business loan at some point. Online platforms like Finserv MARKETS have made it easier for female business owners to obtain financing.

  • ✔️How can I get a Mahila loan?

    Launched in 2015 by the Government of India, the Pradhan Mantri Mudra Yojana (PMMY) provides financial support to aspiring female entrepreneurs in starting their own business. To promote women entrepreneurship in the country, financial institutions thus extend Mahila loans for women under this scheme.

  • ✔️Is it easier for a woman to get a business loan?

    Traditionally, women entrepreneurs have found it hard to secure business finance due to a number of social stigmas. However, the recent evolution in business finance and the emergence of FinTech platforms such as Finserv MARKETS have made it easier for women entrepreneurs to get business loans. Today, business loans for women are also enabling self-employment in rural and urban India.

  • ✔️How do I know if I qualify for a business loan?

    Following are the factors deciding business loan eligibility:

    ●        Age Limit: The applicant should be minimum 21 years old.

    ●        Income: Business should be profit making at least for the past 2 year.

    ●        Turnover: The business should have a minimal turnover of Rs. 1.5 Lakhs per annum.

Business Loan for Women Reviews

Business Loan for Women Reviews

4out of 5

15 reviews

Best for working women

As a working woman with business ambitions, I found Bajaj Finance business loan for working women very useful. There is no collateral needed as well.

Simply the best

I have tried quite a few loans before I stumbled upon Bajaj business loan for women. It gave me the feature I needed the most, which was quick disbursal.

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I didn't know what to do in the financial situation faced by everyone last year. But Bajaj Finance business loan for working women came to my rescue with no collateral requirement.

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Was on the lookout for a reliable loan service provider then I came across Bajaj Finserv business loans for women. For business loan apply easily with their quick application process and minimal documentation requirements.

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Instant Loan Disbursal

My wife required an instant business loan for her tiffin service business. So, we applied for business loans for women at Finserv MARKETS and on loan approval availed the loan in no time. All thanks to the Bajaj team for their excellent services.