The Indian economic platform is witnessing a major change as more and more individuals ditch their high-income jobs to assume entrepreneurial roles. The startup market resplendent with a variety of ideas and options, not just offers a very lucrative income opportunity but also a space to display one’s creative abilities and business acumen.
Entrepreneurship ventures or startups are definitely not considered nowadays as new business concepts in India. In order to impetus further growth of entrepreneurial initiatives, leading private, and public sector banks, NBFCs have introduced various business loan schemes for women entrepreneurs. Let’s take a look at the 5 most popular loan schemes for women entrepreneurs in India at competitive as well as concessional interest rates.
Bank Bazaar –
Many banks and financial companies in India offer small business loans to women to help them run or expand their small businesses. The interest rates for these loans range between 7.35% and 7.60% while the repayment tenure can go up to 5 years. Women can avail a maximum of Rs. 1 crore as loans to fund their small businesses.
India is witnessing phenomenal growth in its small and medium enterprise sector. The MSME sector contributes over 45% of our industrial output, forming 40% of the GDP output. A part of this success story is being written by the country’s women entrepreneurs. Traditionally, women entrepreneurs have found it hard to secure business finance due to a number of social stigmas. However, the recent evolution in business finance and the emergence of FinTech platforms has made it easier for women entrepreneurs to get business loans. Today, business loans for women are also enabling self-employment in rural and urban India.
Also known as women entrepreneurs’ loan, a business loan for women is a special type of loan offering specifically designed to meet the business needs of women entrepreneurs. Such loans are generally characterised by lower interest rates, low processing fees, and no collateral guarantee requirements.
In today’s world, women entrepreneurs are leading the charge to produce innovative solutions for bringing a positive change in society. In doing so, they are showcasing their unique approach to management, organization, and solving business problems. We at Fullerton India want to be part of these inspiring stories and journeys. With customized business loans for women, loaded with a host of benefits and privileges, we are here to partner with your financial needs. We hope to be with you along the way of your success in finding your financial independence, making your own decisions, and leading the way for people around the country!
Bajaj finserv markets
India has witnessed a startup boom in the recent decade. A new generation of women entrepreneurs has successfully tapped into lesser-explored sectors from food, beauty, travel, sanitation, IT, automobile and even innovation. However, the lack of social and financial support can be a significant hurdle in setting up and running a business. To make things easier for women, the government of India has stepped up by introducing loan schemes for women. These schemes for women will be quite helpful in getting the financial assistance required for their entrepreneurial journey. Let’s have a look at all the government schemes for women entrepreneurs.