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Smart Ways to Apply for a Business Loan for Women Entrepreneurs

There has been phenomenal growth in the micro, small and medium enterprises over the past few years, contributing around 40 percent of the GDP output. Half of which is donated by the women entrepreneur. However, they find it difficult to get stable finance because of the numerous social stigmas. It is already hard for a woman to take a bold step and get out of their comfort zone into the business industry.

Still, they manage to execute all their dreams with a bunch of household boundaries. The risk they bear ditching highly-income jobs and starting a business is enormous. However, some business loans for women help them get a good headstart in this industry.

Business loan for a women entrepreneur

If you’re looking for answers on applying for a Mudra loan for women, your answers are here. Women entrepreneurs have several options to attain their goal and get the loan required to start the business. Here are some of the options available for women to get a business loan.

Mudra yojana scheme

Commonly known as Pradhan Mantri Mudra Yojana, this scheme was started in 2015 by the Government of India. The primary motive to launch this scheme was to promote and bring equality among women entrepreneurship. With a tenor of 84 months, Mudra loan is available under three categories that are Sishu, Kishor, and Tarun. The minimum amount provided through this loan is 50,000 INR to the highest amount of 50 Lakhs.

Even if you don’t have a stable income, you can still apply for a loan. However, you will need a co-applicant to get a business loan for women in Mumbai. That way, the eligibility criteria would apply to the credit health of your Co-applicant, and he or she will be responsible for the applications.

Several online loans to apply

Nowadays, there are numerous online loans that a woman can apply in order to get her business up and running. It is an excellent way to get some quick capital that involves lower interest rates.

Cent Kalyani Loan from Central bank of India

This scheme is pretty popular among the new women entrepreneurs, with an interest rate of 7.35 percent. This scheme falls under the category of MSME loans to allow beginner women entrepreneurs to purchase plants and machinery for their business. The plus point of this scheme is that there are no processing charges when you apply for the loan, and you can apply up to 100 lakhs through this scheme. Only one criterion needs to be fulfilled into a Cent Kalyani loan: the women need to be older than 18 years old.

Stree Shakti Package from SBI

Another excellent scheme for women entrepreneurs is the Stree Shakti Package which requires no security and is also known as the Stree Shakti Tractor loan. In addition, the interest that you need to cover in this scheme is 11.20 percent which does not require any mortgage fee either. However, a woman can only apply for this loan if she owns 51 % of the business or more.

Shakti Scheme by Bank of Baroda

Shakti Scheme comes under the list of the five most reliable loan schemes for women entrepreneurs. It supports numerous sectors, including education, agricultural activities, retail trades, etc. No processing fee will be charged if you apply for this loan scheme. Women with more than 50%  ownership of the business can easily apply for this scheme which can provide them 20 lakhs worth of loans for retail.

Are you eligible to apply for an online loan?

If you want to apply for a business loan, you must clear different criteria in specific online loan schemes. Here are some pointers that will answer all your doubts regarding online loan schemes.

  • The first and foremost criteria are that you need to be more than 18 years old and less than 65 years old.
  • The applicant must not have any previous loan defaults which are going on.
  • The particular bank will give an annual tenure that should be followed accordingly.
  • You cannot apply for a loan if you’re unemployed. However, there is a way for you to apply even if you’re not a working woman.

If you’re a non-working woman, you can avail yourself of a gold loan. To apply for a gold loan, you just need to search online, and you will be on your way. It is one of the simplest ways to get a loan with minimum documentation.

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