If 50% of the workforce were women, India's GDP would grow by 1.5%, reveals a report by NITI Aayog. Despite this fact, women still face challenges like limited access to funds. This is where loans for women entrepreneurs in India extend a helping hand. These loans help women business owners with the financial aid required to start or run a business. This blog lists 5 best ways to avail of a women entrepreneur loan in India. Take a look!
Top 5 Loan Options for Women Entrepreneurs
The best ways of availing of a Business Loan for women are:
1. Instant Online Business Loans
As
the name suggests, instant online business loans are disbursed
instantly. These loans are disbursed based on the
credit score and are usually collateral-free. The loan amount
sanctioned is high, which is acts as a big support for women business
owners who need funds to grow their business.
2. Government Schemes
The government
has launched several schemes to support women entrepreneurs with
their finances. These schemes are available as secure and unsecured
loans. All these loan schemes, irrespective of secured or unsecured,
come with a low rate of interest.
Some of the well-known government schemes include:
1. Mahila
Udyam Nidhi Scheme
2. Bharatiya Mahila Bank Business Loan
3.
Udyogini Scheme
4. Pradhan Mantri Rozgar Yojana
5. Annapurna
Scheme
6. Mudra Yojana Scheme
7. Stand Up India
3. Loan Against Securities and Government
Bonds
Investments in the stock market, mutual funds,
or government bonds can be pledged as securities to obtain loans.
These loans have low interest rates as they are secured and have
flexible repayment tenures. Lenders offer loan amounts based on the
value of bonds or securities and overall eligibility.
Also Read - Top 4 Problems Faced by Women Entrepreneurs
4. Commercial Business Loan
A
commercial business loan, which can be secured or unsecured, may be
ideal for business owners with short-term capital requirements. This
loan can be used for commercial purposes such as purchasing
equipment, building new infrastructure, raising additional capital,
and so on. Commercial business
loans are provided to businesses and not individuals.
5. Gold Loan
Gold loan allows you to
leverage the value of your gold jewellery to get quick access to
funds. Gold loans are processed within a short duration, and women
entrepreneurs can avail of this loan at low rates of interest. Gold
loans provide flexible repayment tenure. Hence, women entrepreneurs
availing of gold loans can repay the loan amount with interest at
ease.
Women entrepreneurs can also get a Business Loan from a trusted NBFC like
Poonawalla Fincorp. Avail of up to Rs. 50 Lakh with minimal
documentation and flexible EMI options. Let's check the steps to apply
for a Business Loan in the next section.
How to Avail a Business Loan for Women From Poonawalla Fincorp?
Here is a detailed step-by-step guide to follow to get a Business Loan for
women:
Step 1: Click on the ‘Apply Now’.
Step
2: Fill out the application form.
Step
3: Upload the necessary documents for verification.
Once
the verification process is complete, the loan amount will be
disbursed into your account.
Advantages of Poonawalla Fincorp’s Business Loan for Women?
Here are the advantages of a Business
Loan for women from Poonawalla Fincorp:
1.
Collateral-free.
2. High loan amount.
3. Quick disbursal.
4. Competitive interest rate.
5. Flexible loan tenure.
6.
Minimal documents required.
Also Read - 6 Best Business Loan Schemes for Women Entrepreneurs in India
To Conclude
Women entrepreneurs have taken the initiative of launching businesses in diverse sectors. Thanks to various government schemes and loan options, women business owners can now get the funds required to start or keep their business running and growing. For collateral-free Business Loan with flexible EMI options, women entrepreneurs may also consider a Business Loan from Poonawalla Fincorp.
