Loans For Women

Women are excelling in every field they are venturing into. With acumen and leadership skills, women are acing the business front as well. But, somehow the women entrepreneurs still have to face a lot more hurdles than their male counterparts. There are a lot of stereotypes still haunting the society as a result of which women do not get the same support as men often get. This results in a shortage of funds which is a big hurdle in the growth of the business.

However, to encourage and motivate the emerging businesswomen, many banks, NBFCs and financial institutions are coming up with various loan schemes so that there is no looking back for the women of today’s generation. These are specially crafted for the women entrepreneurs and are helping women to realise their true potential.

The key features of these loans for women include a low rate of interest, low or zero processing charges, long loan tenure option and no collateral requirement. Some of these business  loan schemes for women are:

Cent Kalyani from Central Bank of India

Cent Kalyani is a business loan offered by Central Bank of India for women to meet the capital expenditure needs and other daily expenses needs of the business. This loan can be availed by women who wish to start a new business or expand the current business. This loan caters to women dealing in MSMEs, farming, cottage and rural business, retailing etc. The women can get a maximum of Rs. 100 Lakhs as a loan under this scheme. Plus there is no processing fee charged on the loan amount.

Stree Shakti Package from State Bank of India

Stree Shakti Package is a business loan provided by the State Bank of India for businesses owned by women. The loan doesn’t ask for any collateral attachment and the interest rate on it is lower than the base rate of the bank. This loan is available only for the women having 51 % or more stakes in the business. The maximum loan amount which can be availed is Rs. 5 lakhs.

Shringaar and Annapurna from Bhartiya Mahila Bank

Bhartiya Mahila Bank caters to the financial needs of women in business and offers various loan products for them to open or expand the business. The two most popular loans from Bhartiya Mahila Bank are Shringaar and Annapurna which are focussed on women who want to set up their beauty parlour business and for those who wish to set up a food catering business respectively.

Synd Mahila Shakthi from Syndicate Bank

Synd Mahila Shakthi scheme focuses on women entrepreneur who wishes to set up a new business or make expansion in new business. It is provided by Syndicate Bank and can be availed either as term loan scheme for up to 10 years or as cash credit to use as working capital needs of the new and current business. This loan is available for those businesses whose 50% financial holding is under women.

Shakti Scheme from Dena Bank

Dena Bank offers Shakti Scheme for the women in business in the fields of retail trade, education, agriculture and allied activities, microcredit, housing, manufacturing, direct/indirect finance enterprises, service sector etc.

Women can avail any of the above loan schemes by directly visiting these banks or through the online portal of Fintechs like Loans Jagat who offers a comparative platform for women entrepreneurs about different loan schemes along with details about their rate of interest, loan tenure, processing fees and other hidden charges, EMI etc. It is always advisable to compare the different loans on offer before finalising on the one. One should take into account various factors like how much loan is required, calculate EMI using EMI calculator and for how many years the loan should be taken for. Loans Jagat assigns you with a dedicated relationship manager who checks with you on your requirements and guides you through the loan application process till the time the loan amount is not disbursed into your account. They also ensure your loan application gets approved fast and you get the best of deals and offers. Through their online portal, you can apply from the comfort of your home without having to visit these banks personally. The documentation for loans for women is minimal and the eligibility criteria are also easy.

In today’s day and age, women shall be given the opportunities so that more avenues open for the growth and development of our country. Loans for women are designed to encourage them to leap forward and are defined by features like easy eligibility criteria, large loan amount, longer loan tenure, low rate of interest, minimal documentation, quick processing and disbursal and no need of any guarantor or collateral.