India is witnessing an amazing growth in the MSME sector. The MSME sector contributes above 45% to the GDP. While its noteworthy to see that the country’s women entrepreneurs are also the ones who have step forward and contributed to it. Initially, women entrepreneurs had found it difficult to secure business finance considering a number of society issues.
Nevertheless, the recent evolution in business finance and with the arrival of NBFCs has made it easier for women entrepreneurs to avail a business loans. Business loans for women are also enabling employment opportunities for a portion of India. And at ZipLoan, we are encouraging the women entrepreneurs to not just chase their dreams and but also expand their small business.
Business Loan Eligibility Criteria for Women Entrepreneurs
Business loan eligibility criteria for women entrepreneurs are very simple as only following things are required:
- Applicant’s KYC
- ITR of previous year which should be more than Rs. 1.5 lakhs
- The applicant must have an annual yearly turnover of more than Rs. 10 lakhs
- Try business loan EMI calculator to know your EMI option.
In addition to the above, as a women entrepreneur you will be required to submit your business bank account statement of the last year, business registration proof, PAN card, Aadhar card, and ITR of the last two years.
How to Apply for Business Loan for Women
Here are the simple three steps process to follow when you want to apply for online business loan or MSME loan for women.
- Submit Application – You need to enter your personal, business and financial information in order to receive an MSME loan offer.
- Upload Documents – As a second step, you need to upload all the digital copies of your documents as a single step process of verification.
- Get Easy Business Loans – Once done, you will receive your women business owners approval and loan disbursal within 3 working days*.
Fees & Interest Rates Of Business Loans for Women
The loan tenure is usually of 36 months, while there are varied business loan options available in the market, but we are considering competitive interest rate, it is recommended to take a look at the leading NBFC like Ziploan to benefit with competitive interest rate.
Another reason of opting for it is that the pre-closure charges becomes is nill after you have paid first six EMIs. Moreover, you can avail a business loan without collateral at Ziploan, as there is no need of it when you are opting for unsecured business loan. Once all the above criteria’s are been satisfied, as a women entrepreneur, you can avail a business loan up to 7.5 lacs.
- How do women entrepreneurs get a loan?
Women entrepreneurs can avail a msme loan from NBFC as well as they can avail it from mudra loan scheme.
- How do I know if I qualify for a business loan?
If you have an established MSME with a business tenure of more than two years, If you have a minimum turnover of Rs. 10 lakhs in the past year, if your business must have no default history and if the ITR is filed of the previous year and is more than Rs. 1.5 lakhs, one can easily qualify for a business loan.
- Can a sole proprietor get a business loan?
Yes, a sole proprietor can get a business loan from Ziploan once they fulfil the business loan eligibility criteria.
- Do I have to provide any security to avail a business loan?
No, there is no need to any security as leading NBFCs like Ziploan provide a collateral-free business loan.
- Which are some of the famous financing Options for Women Business Owners?
Business women can avail a mudra loan for women from mudra loan scheme and udyogini scheme as well apart from business loans.