In the last few decades, women-owned businesses have become increasingly prevalent in the country. Despite being mostly tied to the service sector, the expansion and emergence of women-owned businesses are contributing significantly to the country’s economic progress. These women-led businesses not only provided economic independence but also produced work prospects for many. Women entrepreneurs, on the other hand, have significant challenges in obtaining company capital. So, the article will share details related to the Business Loan for Women and also the application process to Apply for the Business Loan for Women
Different Banks Offering Business Loan for Women
Women’s business loans are available from banks. There are a number of banks that specialize in lending to women entrepreneurs. However, comprehending all computations and stipulations of financing plans offered by various banks is critical to making an informed decision. The following are some of the online business loans available to women in the country:
The following are some of the banks and financial institutions that provide business loans to women:
| Bank Name | Interest Rate | Loan Amount | Repayment Tenure |
| Central Bank of India | 8.75% p.a. for loans up to Rs.10 lakh 9% p.a. + tenure premium for loans above Rs.10 lakh and up to Rs.1 crore | Up to Rs.1 crore | Up to 7 years |
| Bharatiya Mahila Bank | As per the terms and conditions set by Bharatiya Mahila Bank | Up to 1 crore | Up to 7 years |
| State Bank of India | Lower than base rate – will be set as per the terms and conditions set by SBI | Up to Rs.5 lakh (Unsecured) | As per the terms and conditions set by SBI |
| Lending Kart | As per the terms and conditions set by Lending Kart | Up to Rs.1 crore | Up to 12 months |
| Bank of Baroda | As per the terms and conditions set by the Bank of Baroda | Up to Rs.1 crore | As per the terms and conditions set by the Bank of Baroda |
| Tata Capital | 19% p.a. onwards | Rs.5 lakh – Rs.50 lakh | 12 months – 36 months |
| Fullerton India | 13% p.a – 21% p.a. | Up to Rs.50 lakh | 12 months – 48 months |
Central Bank of India Business Loan for Women: Highlights
The following are the highlights of the Central Bank of India’s business loan for women:
- Loans of up to one crore rupees are available.
- There is no obligation for a security deposit.
- Repayment terms that are flexible.
- There is no requirement for a minimum income.
- There is no processing cost.
State Bank of India Business Loan for Women: Highlights
The following are the highlights of the State Bank of India’s business loan for women:
- Women should hold more than half of the capital.
- For loans above Rs.2 lakh, the interest rate is reduced by 0.5 percent.
- No collateral is required for a loan of up to Rs.5 lakh.
- The margin will be lowered by 5%, and the paperwork procedure will be simplified.
Bharatiya Mahila Bank Business Loan for Women: Highlights
The following are the highlights of the Bharatiya Mahila Bank’s business loan for women:
- Repayment terms are flexible.
- Women’s entrepreneurs are eligible for discounts.
- Financial capital to set up business ideas.
- There is no requirement for a security deposit.
- A hassle-free loan application process.
Bank of Baroda Business Loan for Women: Highlights
The following are the highlights of the Bank of Baroda’sbusiness loan for women:
- Interest rates are appealing.
- Repayment terms are flexible.
- Process for applying for a loan is simple and painless.
- Loans of up to Rs.20 lakh are available.
- The bare minimum of documentation is required.
Lending Kart Business Loan for Women: Highlights
The following are the highlights of the Lending Kart’s business loan for women:
- Application for a business loan via the internet.
- There is no obligation for a security deposit.
- Interest rates that are appealing.
- Within three days after approval, your business loan will be disbursed.
- A processing fee of up to 2% of the loan amount is charged.
Fullerton India Business Loan for Women: Highlights
The following are the highlights of FullertonIndia’s business loan for women:
- Interest rates are appealing.
- For women entrepreneurs, a loan programme with an insurance has been developed.
- There is no requirement for a security deposit.
- Application for a business loan via the internet.
- Flexible repayment alternatives are available.
Tata Capital Business Loan for Women key highlights
The following are the highlights of the Tata Capital’sbusiness loan for women:
- EMIs that are structured to fit the borrower’s financial circumstances.
- The bare minimum of paperwork
- Women’s financing programmes that are designed to meet the needs.
- There is no requirement for collateral in order to obtain a business loan.
- After-sales service is excellent.
Annapurna Scheme
This program is designed for female entrepreneurs who work in partnership enterprises or on their own. The Annapurna scheme provides financial assistance to women entrepreneurs who want to start a catering business. A composite term loan for a maximum of Rs.50, 000 can be obtained through this scheme. This loan has a maximum term of 36 months and a one-month moratorium period. The Annapurna Scheme can be used to raise operating capital for the purchase of cooking equipment, utensils, water filters, and other catering-related equipment.
The interest rates on this loan are based on current market rates. When applying for this loan, a guarantor is required, and the woman entrepreneur must submit assets to the bank as security to secure the loan.
Udyogini Scheme
The Udyogini Scheme, a Punjab and Sind Bank initiative, aims to foster female entrepreneurship. This scheme is available online with simple terms and low borrowing rates. Women entrepreneurs can use this financing to create businesses, agricultural ventures, and small-scale industries. The Udyogini Scheme is open to self-employed female entrepreneurs and retail traders.
Stree Shakthi Package
The StreeShakthi Package for Women is designed for women who want to develop small enterprises and own 50% of the company. Only women who have completed one of the state-run EDPs (Entrepreneurship Development Programs) are eligible to qualify for this loan.
The StreeShakthi Package for Women Entrepreneurs provides all of the support needed to get a business off the ground. For loans of more than Rs.2 lakh, a 0.50 percent interest rate reduction is possible.
Mahila Udyam Nidhi Scheme
The Small Industries Development Bank of India offers the MahilaUdyamNidhi Scheme (MUN). Women entrepreneurs can receive up to Rs.10 lakh in financial assistance under this scheme to start a new industrial enterprise in the small-scale industry.
Despite the fact that these financing schemes strongly promote and support women, many women are nevertheless unable to make use of these specialized loans. This is due to a lack of awareness of the schemes’ existence and characteristics. Becoming a member of a woman’s network can help you get these women-centric loans.
Microfinance institutions, non-governmental organizations (NGOs), government programs, and self-help groups can assist women in networking with other female entrepreneurs and learning from their experiences.
Dena Shakti Scheme
Dena Bank’s Dena Shakti Scheme is for women who desire to use their business loans for agriculture, manufacturing, and other related businesses. This program encourages women to start businesses by allowing them to use the bank’s financial services.
A 0.25 percent interest rate discount is applied under this plan. Owners of micro-credit stores, retail outlets, and even small businesses can apply for the Dena Shakti Loan.
Cent Kalyani Scheme
The Central Bank of India’s Cent Kalyani Scheme provides financial assistance to female entrepreneurs who are starting a new enterprise. This program is designed for both experienced and novice business owners, as well as self-employed and professional individuals.
Owners of small-scale industries, retail traders, cottage industries, and women engaged in agricultural and allied businesses can all apply for this business loan for women.