If you are a woman and looking to start your own business, you don’t have to worry about money. You don’t have to liquidate your assets and savings to manage funds.
It is because if you are eligible, then you can apply for the loan for women. And one of the best loans for the woman to start their businesses is the business loan. How? Read on and know more!
What is a business loan for women?
As the name suggests, a loan for women is available to female applicants who can use the funds exclusively for their business needs. Now, financing your small business is easier as eligible candidates can get a large amount.
Leading lenders in India let female applicants access up to Rs.45 lakh. It is possible to use the loan amount for infrastructure, operations, upgrade new technologies, maintain inventory and have large working capital.
The business loan for women can help your business get the boost and scale new heights. Anyone with a robust credit score of 750 or more can get an affordable business loan interest rate. In turn, it can help to repay lower EMIs.
What are the benefits of the business loan for women?
A higher loan amount
Leading lenders in India can help you get a large loan amount for your small businesses at a lower interest. You may use the loan amount for your working capital needs. The fund may go up to Rs.45 lakh to use for many business purposes. From paying utility bills to having a cash flow to paying and hiring new employees to get newer technologies, the funds could be used for all.
Flexi loan facility
Once you apply for the business loan for women, you can withdraw an amount out of the total limit as many times as per your wish. The biggest perk of this facility is that you can pay only interest as the EMI on your withdrawn amount and nothing else. The remaining principal amount can be repaid at the end of the tenor. This way, you can save on repayments and pay up to 45%* reduced EMIs. It can also help you focus on your business with a steady cash flow and not on repayments.
Another benefit of the business loan for women is the non-submission of any collateral for the loan approval. It means that you don’t have to use your personal assets for getting funds for a business. The collateral-free loan facility also means that you can submit fewer documents to get the loan approval. Anyone with a robust CIBIL score of 750 and more can get the loan approval easily. This way, one can also get the lower business loan interest rate and manage to pay reduced EMIs. To avail of the best business loan for women, you should compare all options online on a third-party site.
For what purposes can you use the business loan?
- To increase the business’ cash flow.
- Rent or lease bigger office premises.
- Office renovations.
- Upgrade to newer technologies.
- Inventory stocking.
- Hire new or seasonal employees.
- Buy raw materials for bulk orders.
- Scale-up operations.
- Expansions in newer cities.
You can land on your preferred lender website and check out the eligibility criteria for the loan for women. This way, you can be sure of what to consider and what documents to prepare and be on your way to get faster loan approvals.
Bajaj Finserv presents pre-approved offers on loans for women, personal loans, home loans, and more. It can make loan processing simpler, faster, and hassle-free. You can share your details like the name and mobile number to check your pre-approved loan offers today.