The new concept in India, however, in an age where a range of benefits are offered to start-ups, women entrepreneurs are still a distinct minority. In order to spur further growth of entrepreneurial initiative among women, leading financial institutions in India, including nationalized, private and public sector banks, have introduced various loan schemes that cater to this emerging segment.Women entrepreneurs can apply for business loans under various Govt. loan schemes like Mudra Yojana, PMEGP, CGTMSE, Startup India, Standup India, etc.
If you want to apply for Business Loan, you can simply visit to government bank and private banks websites and to check and compare from various available loan deals from leading financial institutions. You can fill in and submit the basic required details to further connect with the bank’s representative to carry forward the loan process. And Business loans for women come in almost every type that can be used by applicants like MSME loan, business loan, working capital loan, term loan, etc.
The India is like developing country, there are countless opportunities in India and growth potential is also attracting investors from foreign countries. While men in the past mostly ruled the world of start-ups and entrepreneurship, an increasing number of women entrepreneurs are now coming forward. In the modern age of time the world, women entrepreneurs are leading the charge to produce innovative solutions for bringing a positive change in society. And In doing so, they are showcasing their unique approach to management, organisation and solving business problems. We at Fullerton India want to be part of these inspiring stories and journeys. With customised business loans for women, loaded with a host of benefits and privileges, we are here to partner your financial needs.
Loan Eligibility Criteria for women
Here are the some besic Criteria for the women . And significant reason for the rising number of women in the start-up ecosystem is the availability of business loans. And The basic eligibility for women to avail a small business loan is that they should either own the whole small or microenterprise or hold at least 51% of the stakes in the enterprise. The other eligibility criteria such as minimum age, income, etc., will vary from lender to lender.
Age Criteria: Min. 18 years and Max. 65 years
Availed by Indian Citizen with no criminal background
Applicants with no past loan defaults shall be considered
Individuals, MSMEs, Sole Proprietorship, Partnership Firms, Limited Liability Partnerships (LLPs), engaged in trading, manufacturing and services sector are eligible
Annual Turnover: To be defined by bank or lender
Business existence: Minimum 1 year and in profit
Basic Documents Required
Here are the some besic documents required so you have to fulfil it for the better experience.
Self-written Business Plan
2 Recent passport-size photos of the loan applicant and co-applicant, if applicable
Identity Proof – Driving License, Voter ID Card, PAN card, Passport, Aadhaar card, etc.
Address Proof: Passport, Utility Bills, Aadhar Card, Voter’s ID card
Income Proof: Salary Slips, Bank statement
Business Address Proof
Last 6 months’ bank statement
Last 1 year ITR
Benefits of Business Loans for Women
The business loans can encourage women entrepreneurs to start their own business or scale up their existing business. And For any business to grow, it is imperative to have adequate funds and that’s when small business loans can help.Women-owned business start-ups have picked up popularity in the country in the last couple of decades. Although majorly related to service sector, growth and emergence of women-owned businesses is making a great contribution towards the country’s economic development. Apart from the bringing on economic independence, these women-led businesses also created job opportunities for many. Women entrepreneurs, however have to struggle a lot to get business funding.
Easily accessible –
Concession on interest rates –
Easy repayments –
Business growth –