You may be a homemaker or a working woman, who is planning to open a start-up, a food delivery service from home, a beauty salon, or any other small business. When it comes to funds, you can get business loans for women from various lenders at affordable interest rates instead of borrowing from family members or relatives. The eligibility terms and conditions are easy when it comes to funding for business by women, and there are also government schemes to encourage women to be self-sufficient in terms of finance. Read on to know about business loans for women and how they are beneficial.
Certain benefits that you can enjoy when you borrow loans from finance companies or banks include the following:
Low business loan interest rate in India
This is a big advantage as you can save while repaying the loan amount. Also, you may get concessions on fees and processing charges.
Variety of loans
Choose from several options, depending on your requirements. There are different types of loans like Secured and Unsecured loans, Working Capital loans, etc.
Easy eligibility criteria
For women, many lenders offer relatively easy eligibility criteria like no minimum limits, maximum amount up to crores, applicant age starting from 18 years, short term funds, easy repayment option, etc. Business loans for women offered by certain lenders are flexible in nature and you can use them for both personal and professional purposes if required.
Co-applicant for loans
This is advantageous as you do not require to apply for another personal loan if you require extra funds.
Online transaction facility
The online process is convenient as you do not need to visit. Compare between different lenders, select a suitable loan and apply online. The process is fast and you may get the loan within a week.
No penalty on early repayment
You may have the option of early repayment with zero penalties available with certain lenders.
LOC (Line of credit)
This is a popular loan for small and medium woman entrepreneurs. The lender would provide you with funds after checking your maximum ability. You can get a loan up to this maximum amount. During repayment, pay interest only on the amount that you have used so far and not on the entire sanctioned amount. You can get this loan for a new or an existing business.
Loan without collateral
One advantage of business loans for women is that you can apply for them even if you do not have any assets. Being a woman entrepreneur, you can enjoy several advantages if you apply for business loans for women, irrespective of the size of the business. You can get the loans on easy terms to carry on your activities efficiently. Before finalizing, compare between different lenders, select a suitable loan and apply online. If you fulfill the eligibility criteria, lenders would disburse the loan quite fast.