Business Loan for Women

Last Updated : Oct. 17, 2023, 4:45 p.m.

As you can see in today’s world women are also giving equal competition in business activities. Women, these days, are achieving success in the operation and managing the business successfully. Below some banks and non-financial institutions have taken an initiative for women empowerment by providing business loans. So if you are looking for a business loan for women then kindly go through the below mentioned financial institutions.

Take a look at the Features, Benefits, Repayment Fees and Charges of Business loans borrowing for women.

Bajaj Finserv

Bajaj Finserv offers special loans for women which help to meet basic needs for the business. You can use this loan for many purposes. The loan process is very quick and simple even business loan process requires only 2 documents. Therefore, apply for the loan at an attractive interest rate without thinking.

Features and Benefits

• You have the option of taking a loan of up to ₹Lac 30 lakhs to meet your business needs.
• Get flexible tenure option to pay EMI from 12 months to 96 months.
• The loan process requires no collateral and guarantor.
• It provides you online application process and gets loan approval in 24 hours.
• Flexi loan facility that helps in reducing your EMI up to 45%.
• Only 2 documents are required to apply for a loan.
• You can easily view your account online anywhere and anytime.

Eligibility Criteria

• The borrower applying for the loan minimum age is 25 years and a maximum of 55 years old.
• Applicant must be running a business for at least 3 years.
• The applicant business Income Tax Returns should be filed for a minimum of 1 year.

Some Important Fee and Charges

Lendingkart

Lendingkart is the best financial institution for women to get a business loan to upgrade your current business. The entire business loan process is very fast and simple. Even you can easily avail with the help of simple documentation.

Features and Benefits

• Loan ticket size ranging from ₹ 50,000 to ₹2 crores.
• Lendingkart provides a completely online application process so that they provide loan approval on the same day.
• The loan will be disbursed within 3 working days after completion of all documents.
• The loan process will require no collateral and security.
• Interest rate is very attractive as per your choice.
• Repayment of the loan is 1 month to 36 months.
• There will be no hidden charges. They only charge a 1-2% processing fee on the loan amount.
• Even you can close your loan after paying 1 EMI, there will be no penalty charge on prepayment.

Eligibility Criteria

• Business must be active and operational for more than 6 months.
• Minimum business turnover of ₹ 90,000 or more in the 3 months prior to your loan application.
• The business should not fall under the blacklist / excluded list for SBA finance.
• 12 months bank statement is needed.

Fee and Charges

Indifi

Indifi has created a flexible business loan for women. This loan process does not require a lot of documents. You can calculate the EMI amount by using Indifi business loan EMI calculator .

Features and Benefits

• Take a loan of up to 50 lakhs depending on your needs.
• This loan process does not require any collateral and guarantors.
• The online application process is very fast and approves the loan within 48 hours.
• This requires a minimum number of documents for the loan process.
• Its business loan process is completely online.
• There will be no hidden fees, only takes processing fees of 2% of the loan amount.
• The business loan process is very fast with a quick turnaround time of 2 days.
• The fair loan approval process for all borrowers.
• Flexible interest rate starts from 1.5% per month.
• The online process is simple and secure.

Eligibility Criteria

• For applying the loan application minimum age is greater than 23 years.
• The business must be operational for a minimum 2 years and it should be profitable.
• Required 2 years ITR which shows more than 10 lacs of turnover.
• GST returns for the last 12 months is needed.
• Bank statement for the last 6 months.

Some Purpose for Business Loan

• Business Expansion
• Renovation
• Purchase of equipment
• Hiring New Staff
• Spend on Marketing

Capital Float Business Loan for Women

Take your business at a high level with Tata Float Business loan. The loan is offered is totally transparent. The interest rates start from 15%-24% per annum. So if you are looking for a business loan for women, then choose capital float’s collateral-free loan.

Features and Benefits

• Get loan amount from ₹5 lacs to ₹50 lacs.
• Repayment of loan ranges from 12 months to 36 months.
• It provides collateral-free business loans for women.
• There will be no need for any collateral.
• Get the approved loan amount in 3 days.
• The business loan process is simple and it is completely online.
• Get an attractive business loan interest rates which range from 15% -24% per year.
• It charges a lower prepayment fee.

Eligibility Criteria

Term Finance

• The business must be registered with a 3-year operating history.
• Annual business turnover is ₹1 Crore.
• Business GST returns for the last 6 months.
• Required bank statement for the last 6 months.

Loans Against Card Swipes

• Your business must be GST registered with an operational history of at least 1 year.
• Annual turnover of at least ₹20 Lacs.
• The minimum monthly card amount is 2 lacs.
• Card acceptance vintage is a minimum of 6 months.
• Bank statements needed reflecting card settlements for the last 6 months.

SMFG India Credit

You need money to grow any business, so get a loan from SMFG India at an attractive interest rate. According to your business, the loan process is very simple and required minimum documents. So take advantage of the facility offered by SMFG India and make your business profitable.

Features and Benefits

• Avail business loan for women up to ₹50 lacs.
• The business loan for women available at a special interest rate.
• Offers insurance cover for your loan.
• Get a business loan without collateral .
• Flexible tenure to pay off the loan is 12 months to 60 months.

Eligibility Criteria

• The minimum age of the borrower is 22 years.
• The maximum age at the time of loan maturity is 65 years.
• Business with a minimum turnover of ₹10 lacs per month.
• CIBIL score should be good, it should be over 700+.
• The business should be profitable for the last 2 years.
• Business Income Tax Return (ITR) per ₹2 lacs per year.
• Total business experience is 5 years.
• The borrower must engage in the current business for at least three years.

Fee and Charges

ZipLoan

The Zip loan business loan is basically designed for women which helps to grow the business. It provides collateral-free loans for women without any hassle. even though it provides the best business loans for women as compared to other banks and NBFCs.

Features and Benefits

• Avail business loan for women up to ₹5 Lacs without any collateral.
• Offers easy repayment option from 6 months to 24 months.
• For the loan process, it requires only 3 documents that is KYC, business ITR and bank statement.
• There will be no prepayment penalty charges after the 6EMIs paid.
• Zip loan offers low-interest-rate for women.
• After signing the contract loan will be credited in your account very fast.
• The loan process is simple and easy and disburses TAT for the loan in 3 days.
• There will be no need for the balance sheet.
• Get Loans for “CIBIL -1” or “1 to 5” or “No CIBIL” (No Credit History).

Eligibility Criteria

• The minimum age required for the loan is 23 years.
• Maximum age is 65 years.
• It is mandatory to have owned the house.
• The minimum business turnover should be ₹10 lacs in the last 12 months.
• Your current business must be separated from the residence.
• Required two years ITR and it should be ₹2.5 lac per year.
• Last 12 months bank statement.

Tata Capital

With the help of Tata Capital Business Loan, you can set or expand your business at the lowest interest rate. It offers flexible business loans that help to take your business to a higher level. It provides quick and hassle-free money with flexible options to repay the loan. So apply and enjoy a loan from Tata Capital.

Features

• It offers unsecured business loans, so it does not require any security.
• The entire loan application process is online.
• Get a high loan up to ₹ 75 lakh with minimum paperwork.
• Structured Equated Monthly Installment (EMI) option.
• It offers multi-products for the development of your business.

Eligibility Criteria

• The minimum age of the applicant is 25 and the maximum age is 65 years.
• A business that should be profitable for the last 3 financial years.
• Your business should be in an upward direction.
• Business must be registered.
• Financial documents should be audited.

Types of Loan

These are the different types of business loans offered by Tata Capital to meet your business needs.

Working Capital Loan:- Working capital loans are used for daily business operating needs. The loan will not be used for long term assets. This loan is typically used for short-term loans, such as purchasing raw materials, paying bills, rent, salaries, and more.

Machinery Loan:- Basically machinery loan is used for buying new machines, upgrade the old machine, repairs, replace and more. So if your machine is working well then you have an option to promote your business at a higher level.

MSME & SME Loan:- MSME and SME loans are unsecured loans given by Tata Capital to meet various business-related expenses of your business.

Modes of Repayment:- Dated Cheques, Electronics Clearance Service (ECS), Direct Debit

Fee and Charges

IDFC First Bank Business Loan for Women

IDFC First Bank Sakhi Shakti loan is specially designed for women to grow your business. This offers flexible loan facility and covers a wide range.

Features and Benefits

• Women can avail unsecured business loans up to ₹ 40 lakhs without collateral, security and guarantors.
• It provides door to door access to the entire loan process.
• The documents are simple and the process is quick.
• It covers a wide area and gives better coverage.
• It covers villages in a radius of 30 km around the branch.
• You can pay off your debts.
• Easy repayment in equal monthly instalments.
• You have the option to repay the loan for up to 60 months.

Eligibility Criteria

• Women doctors
• Chartered Accountant (CAs)
• Architects
• Company Secretaries (CS)
• Non-professionals
• Minimum age is 23 years.
• Maximum age is 65 years.
• Applicant should have a good credit score / CIBIL score.

Documents Required

• Colour Passport Photographs of all applicants and co-applicants
• Pan Card – (Individual / Partnership Firm / Company)
• Identity Proof – (Any One) Voter ID / Driving License / Passport / Aadhar Card)
• Address Proof – (Anyone) Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement)
• Proof of ownership of either residence or office in the applicant’s name or jointly with family members
• Business Continuity Proof – (Anyone) Bank Statement / Sales Tax Challenge / Partnership Deed/ IT Returns / Shops and Est. Certificate / Certificate of Incorporation
• Balance sheet
• Profit & Loss Account
• Income Tax Return
• GST returns for the last 6 months
• Loans or overdraft sanction letters (if any)
• Memorandum of Association Articles of Association and Board Resolution from the company Certificate of Incorporation (COI)
• Professional qualification certificate and degree certificate for professionals.

Note – All the document must be audited by a Chartered Accountant