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How Can Women in India Avail of a Loan to Expand Their Business?
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!
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.
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.
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
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.
We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Business Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply
Our team of expert writers and editors are passionate about providing authentic and valuable information on finance. Our aim is to simplify financial and finance-related concepts. We strive to help our readers become more aware and empowered to make informed financial decisions.
The empowerment of women is important for the economic development of any country. The Government of India, in collaboration with various financial institutions in the country, has introduced several financial schemes to help women entrepreneurs achieve their business goals.
A business loan is any loan given for business-related expenses. The borrower who applies for a business loan can be a small to medium-sized enterprise (SME), a micro, small, and medium-sized enterprise (MSME), or the largest business to exist.
The micro, small, and medium-sized enterprises (MSMEs) are the growth engines of the Indian economy.
A recession can happen at any time. Every business needs a strategy to weather the storm. A recession is part of the economic cycle of every country, and we can only delay it but never deny it.
Micro, small, and medium enterprises (MSMEs) are among the largest employment providers in India. The total contribution of MSMEs to the overall employment in the country is 69%.
