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India happens to be the third-largest start-up nation with over 27,000 start-ups. With the changing socio-familial dynamics, a fair percentage of it is start-ups backed by female entrepreneurs.
In the past few decades, the position of women in society has changed considerably. In the times by-gone, it was men who ruled the entrepreneurship field, but women have almost caught up with them now, with several new opportunities coming up for them.
Taking the center-stage in entrepreneurship, especially in metropolitan cities like Kolkata, some women are even quitting high-paying jobs to pursue their business ambitions with a well-planned start-up. Apart from the changing social scenario, one of the main reasons for this is the easy availability of business loans for women.
Following is an elaboration of the most popular funding options available for the women of Kolkata.
Government loans and schemes tailor-made for women
- Annapurna scheme – This scheme aims at offering financial benefits to females who are launching their food catering business.
- Udyogini scheme – The primary condition to avail the benefits of this scheme is that the applicant’s annual family income must be less than Rs.45000. But, the income limit is waived off in case of a widow or a disabled woman.
- Mudra loan for women – The Pradhan Mantri Mudra Yojana (PMMY), launched in 2015 by the Indian Government, offers financial support to aspiring female entrepreneurs in starting their own business. Mudra loan for women are available under three categories –
- Shishu loan – For initial stages of business.
- Kishor loan – For already established businesses.
- Tarun loan – For advanced businesses looking to expand.
Gold loans for women
Women have the liberty to avail a business loan by pledging their gold as collateral. Since most women in India own gold jewellery, hypothecating the same to avail funds for their business is an easy way to start their entrepreneurial ventures.
Business loans for women
Many NBFCs in Kolkata offer unsecured business loans for women where they do not need to pledge collateral to secure a loan. Unlike the above-mentioned government schemes, these loans are available against relaxed eligibility requirements.
Eligibility criteria for business loans for women
Checking the eligibility requirements before applying for this advance decreases the chances of rejection. These are mentioned below –
- Should be an Indian citizen
- Should be self-employed
- Should be between 25-65 years of age
- Should have a 3 years old business
Key features of business loans for women
A business loan for women, offered by several financing institutions, has various beneficial attributes. These are as follows:
- They can avail a higher amount – NBFCs offer loans of up to Rs.45 lakh for women to meet the monetary needs of their businesses, allowing them to inject working capital into their operations.
- Quick disbursal of funds – The documents required for a business loan for women are nominal, making the process quick, and can be completed in a short period of time.
- No security requirement – Business loans for women may be acquired without any security or guarantor; keeping personal assets risk-free. Eligible applicants can easily avail a business loan in Kolkata without hassle.
- It is more affordable – Along with an affordable interest rate, loans for female entrepreneurs can be repaid over a longer tenor.
- No penalties on early repayment – Taking the already business-friendly loan terms further, there is a facility of zero prepayment charges. This allows one to repay the loan amount in full, any time after paying the first EMI.
Apart from the aforementioned benefits, financial institutions like Bajaj Finserv also provide pre-approved offers that allow female entrepreneurs to access funds whenever needed without any delays. These offers are available on various financial products like business loans, personal loans, credit cards, etc. Check your pre-approved offer by filling out basic information like name and personal number to streamline the application process.
Due to increased opportunities in Kolkata, availing business loans for women has become popular in recent years, and this particular facility has propelled several businesswomen into massive success over a short period of time.
India’s start-up sector is booming, with new firms opening their doors with each passing day. Moreover, another trend, which has come to the forefront, is that of a rising number of female entrepreneurs, especially in Kolkata. You can also check your pre-approved offers by providing the required information such as name, phone number.
Women of this city are now quitting their regular jobs and staring their own business. Additionally, the availability of business loan for women has also played a significant role in this development. Business loans are another way to access the needed funds for start-ups. They are available in both secure and unsecured mode. The availability of various business loan in Kolkata has helped women, entrepreneurs, to release their dream.