Humans require the proper quantity of food and nourishment to thrive. In the same way, a steady flow of funding is necessary for operating a business. Funds are the engines that drive the expansion of any firm. It may be a startup, a renowned enterprise, or something in between.
In this highly competitive scenario, it is almost challenging to keep your firm afloat. Because without a healthy stream of consistent cash flow, it is quite tough to grow.
There are many banking organizations lending business loans nowadays. The Indian government has also taken effective initiatives throughout the years to provide startups and even established enterprises with financial support to continue operating.
Women have always led every new advancement. They have long been involved in business. They have carried on their traditions and carved out a place to thrive in the new-age commercial sector. For them to grow and develop their enterprises, they must have sufficient capital when it’s needed.
Below are the top 5 options for Indian women entrepreneurs to obtain business loans.
One viable way to secure funding for the business you operate is through small business loans. These are generally known as MSME business loans.
The finest alternative open to female entrepreneurs is this one. The interest rates on these programs are low. To meet your demands, some loans are both secured and unsecured. The government has launched several programs to provide women entrepreneurs with the necessary capital. Among the very popular plans are:
This kind of borrowing has become more popular recently. These business loans go through processing instantly and are determined by your credit score. You can get the necessary funds in your possession only by completing the entirely online loan application process.
Several of these are loans without collateral. They have large lending limits and interest charges adequate for the situation. However, the time frame for repaying the loan is brief. You can benefit from these loans if you have excellent financial management abilities.
Among the appreciated “Digitally Fast Business Loan” options are:
| Loan Provider | Minimum Turnover Required | Loan Size | Tenure | Interest Rate Range | CIBIL Score | Processing Fee | Foreclosure Charges |
| POONAWALA FINANCE | No minimum criteria | ₹1.00 Lakh – ₹10.00 Lakh | 12 Months – 36 Months | 16% – 20% (Reducing Per Annum) | 700 or above | 1% – 2% | 1% – 4% |
| GET VANTAGE BUSINESS LOAN | ₹1.20 crore | ₹5.00 Lakh – ₹10.00 crore | 12 Months – 15 Months | 16% – 20% (Reducing Per Annum) | 700 or above | 5% – 8% | 1% – 4% |
| RECUR CLUB BUSINESS LOAN | ₹1.00 crore | ₹10.00 Lakh – ₹10.00 crore | 12 Months – 24 Months | 16% – 20% (Reducing Per Annum) | 650 or above | 2% – 3% | 2% – 5% |
| HDFC BANK BUSINESS LOAN | ₹1.00 crore | ₹1.00 Lakh – ₹75.00 Lakh | 12 Months – 48 Months | 16% – 18% (Reducing Per Annum) | 700 or above | 1% – 2% | 1% – 4% |
| ICICI BANK BUSINESS LOAN | ₹1.00 crore | ₹10.00 Lakh – ₹1.00 crore | 13 Months – 48 Months | 16% – 18.5% (Reducing Per Annum) | 700 or above | 1.5% – 2% | 4% – 5% |
| YES BANK BUSINESS LOAN | ₹1.00 crore | ₹5.00 Lakh – ₹50.00 Lakh | 12 Months – 36 Months | 16.5% – 19.5% (Reducing Per Annum) | 650 or above | 2.5% – 4% | 3% – 4% |
| INDUSIND BANK BUSINESS LOAN | ₹1.00 crore | ₹10.00 Lakh – ₹50.00 Lakh | 12 Months – 36 Months | 16% – 20% (Reducing Per Annum) | 680 or above | 2% – 3% | 3% – 4% |
| AXIS BANK BUSINESS LOAN | ₹50.00 Lakh | ₹5.00 Lakh – ₹75.00 Lakh | 12 Months – 36 Months | 16% – 18% (Reducing Per Annum) | 700 or above | 1.75% – 3% | 4% – 5% |
| KOTAK MAHINDRA BUSINESS LOAN | ₹50.00 Lakh | ₹5.00 Lakh – ₹2.00 crore | 12 Months – 36 Months | 16% – 18% (Reducing Per Annum) | 630 or above | 2% – 3% | 4% – 5% |
It’s possible to pledge your investments in government bonds, mutual funds, or stock markets to the bank to obtain a loan. When compared with different loan varieties, these have lower rates of interest. Because they have collateral, these are secured loans. They further offer various repayment options and a faster processing time. Up to 75% of the collateral securities may be used as loan proceeds.
Indian women are the only individuals who qualify for a gold loan on their first attempts. We don’t hesitate to purchase gold jewellery, so why not put it to greater use by improving your company? India has a substantial gold loan industry that contributes about 4 lakh crore rupees to the national GDP.
In the present market, gold loans have exceptionally favourable interest rates and are handled quickly. Several gold loans include a single payback at the end of the year, together with the interest charges. Therefore, customers aren’t concerned about making monthly payments. As much as 90 percent of the gold’s worth may be lent to you.
| Feature | Ruptok Gold Loan | India Gold |
| R.O.I (Fixed Monthly) | 1% – 1.92% | 0.77% – 1.1% |
| Processing Fees | 0.3% – 0.5% | 0.2% – 0.5% |
| Loan Amount | 30.00 k – 1.00 cr | 20.00 k – 1.00 cr |
| Cibil Score | 600 | 550 |
| Apply Now | Available | Available |
How Can Women Entrepreneurs Apply for a Business Loan?
Women have historically had difficulty obtaining bank and non-bank financial institution (NBFC) loans to launch their businesses. The quantity of women entrepreneurs is on the rise these days due to the launch of many lending schemes. Not unexpectedly, there are now a lot more and different kinds of business loans available to women.
Applying for a loan for women-owned businesses follows the same steps as for every other loan:
Bottom Line
Several financing programs are accessible to female entrepreneurs in India. These are necessary for enabling women to participate in the enterprise sector. These programs offer financial support, reduced interest rates, and adjustable repayment choices.
Every one of these is specifically designed to solve the special difficulties experienced by women who opt for business. They act as a spark to encourage more women to enter and succeed in the business sphere.
Business loans are dependable options for people looking for financial support. With a focus on the unique requirements of female entrepreneurs, these offer easily accessible, adaptable, and effective financial assistance.
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