Since the last few years, women have become more prominent in entrepreneurship than ever, and are working tirelessly to boost their business initiatives, thus contributing to India’s economic growth at large. Getting sufficient fund at the right time can, however, be the determining factor of a successful business.
So, here are the top five business loans for women that have proven to be a driving force for an increasing number of women entrepreneurs.In this regard, several Government-sanctioned schemes have been beneficial in catering to a large number of women business owners. The most popular loan options for women include Mudra loans, loans under the Stand Up India initiative, Annapurna Scheme, Udyogini scheme, and business loans for women from NBFCs that are offering excellent loan facility to start and expand a venture.
Most of these do not ask for security as collateral or a third-party guarantee. Also, the loan amount can be as high as Rs. 1 crore with nominal interest rates and extended tenors based on the loan opted. One can further avail loan under these schemes with flexible terms, which makes repayment even easier. However, to ensure better chances of loan approval, one needs to fulfill all the respective eligibility criteria which vary with different schemes.
Lastly, keep ready the document checklist so that the loan gets approved instantly. With some NBFCs, availing the loan has only become easier with options like pre-approved offers.