In the world we live in today, women are taking centre-stage in business and several take small business loans to get their businesses on their feet. To encourage the entrepreneurship of women, banks and NBFCs make loans simple and easy to procure. For instance, currently, ideal women-centric loans are offered in the form of an MSME loan. MSME stands for Micro, Small and Medium Enterprises, easily available from Finserv MARKETS.
What is a Business Loan for Women?
The force of women entrepreneurs is growing quickly in India. To compel this development further, specific business loans for women have been introduced by banks and finance companies like Bajaj Finance. These are loans that meet the requirements of a unique set of entrepreneurs with specific needs. Loans for women who go into business are characterized by quick approvals, minimal documentation and eligibility criteria, and often, low interest rates.
Features and Benefits of Loans
Whether you are taking an MSME loan or any other, you should know the general features/benefits of a women-focused business loan. Here are some key ones:
- High Loan Amount – High loan amounts are disbursed, and can be used for any purpose of the business.
- No Collateral – Borrowers need not show any security to procure loans.
- Fast Disbursal – Loan approval procedures are rapid and you can get funds in your bank account in 24 hours.
- Flexible Repayment – Interest on business loans for women is levied only on amounts withdrawn, and this amounts to huge savings in repayment.
- Affordable Loans – With attractive interest rates and flexible loan tenures, repayment is very convenient.
What are the Top 8 Small Business Loans for Women?
Among the most popular business loans for women, the one offered by Bajaj Finance on Finserv MARKETS is a great loan for women. With online applications, women business starters find this hassle-free. Nonetheless, other loans for women in business also exist. Here are 8 of the best:
- Bhartiya Mahila Bank – With high amounts allotted, upto Rs.20 crores, women can opt for a loan against property. Loans are primarily given for retail manufacturing businesses.
- SBI Shri Shakti – This offering by SBI comes in the form of a working capital loan to women owning up to 50% in a business. For loans up to Rs.10 lakhs, no collateral is required.
- State Bank of Mysore Annapurna Loan – You get a loan geared to any food catering business, the maximum loan amount being Rs.50,000.
- Syndicate Bank Synd Mahila Shakti – An MSME loan, the maximum assigned is Rs.5 crores for working capital requirements.
- Dena Bank Dena Shakti Scheme – A maximum of Rs.20 lakhs is allocated to women in the businesses of agriculture, micro credit, retail and manufacturing.
- Central Bank of India Cent Kalyani – Under this scheme, a maximum loan of Rs.1 crore is given to women involved in cottage industries.
- Government of India Mudra Yojana – A scheme that is given to women starting small-scale enterprises from home, loans are given to start coaching classes or retail businesses.
- PNB Mahila Udyam Nidhi – With a Rs. 10 lakh loan, small-scale businesses can avail this.
Finding the Ideal Loan
At Finserv MARKETS, you can find ideal loans suited to women entrepreneurs. With aspects of quick disbursal and a no-nonsense application process, loans are acquired when you need them most.