8 Insider’s Guide To Small Business Loan For Women
India’s going through a significant financial transformation in the year 2019. The contributions of Micro, Small & Medium Enterprises (MSMEs) comprise of about 45% of the entire industrial output and contributes to about 40% of the total GDP output.
So, while India is no stranger to the aspect of entrepreneurship, women entrepreneurship is something that hasn’t gained traction in India – with only 14% of total entrepreneurship constitutes of women.
While the worldwide average in terms of contribution of women in GDP is 44-45%, in India it was merely 22% in the year 2018. And looking at the current statistics, the growth in women entrepreneurship needs to grow at 9-10%.
Up until few years ago, women entrepreneurs in India had to overcome various difficulties and social stigmas of establishing their very own businesses; so, getting business loans for women in India was an even more difficult step in the process of starting their own businesses.
But in recent years after various FinTech companies have sprung up, obtaining business loans has become a rather simple process helping Women Entrepreneurs prosper in both – rural & urban India. As a matter of fact, Tamil Nadu is leading in women entrepreneurship with 80% of the total entrepreneurs being women.
Here’s an 8-step Insider’s guide to Small Business Loan for Women from LendingKart:
1. Avail Loans Up To Rs. 1 Crore
With ticket size starting from Rs. 50,000 and going up to Rs. 1 crore, LendingKart provides the right financial platform for women who are looking to make a mark in the business world. The wide range of ticket size also increases the chance of loan approval at any rate to choose from.
2. Get Loans From The Comfort Of Your Home
Gone are those days when you had to stand in line at banks to get a loan. Now, women can apply for business loan online, at the click of a button. Our loan application process is extremely easy and can be applied faster than going all the way to the bank for it. Since, its and online process, there is no chance of bias in terms of loan approvals. To top it off, applying online also enables us to approve business loans on the same day.
3. Maximum Loan Approval Period Of 3 Days
Once you apply for a loan, it takes 72 hours to completely verify the documents. Once the verification is complete and everything is in order, the funds are then transferred to the applicant’s bank account. This makes it possible for any woman to use the funds for her business as soon as possible.
4. Collateral-Free Loans
At Lendingkart, we understand the challenges every woman entrepreneur faces in India. So, to ease the process, we provide small business loans without the need for collateral; thus, providing unquestionable assistance to every woman in their hour of need.
5. Best Available Interest Rates
Using data analytics, we ascertain every possibility for growth and savings in a business and accordingly offer the best available interest rates towards business loans for women – in order to avoid any possibility of bias or mishap in our dealings. These interest rates are set taking into consideration the industry average interest rate, interest rates of other financial institutions and obviously, the nature of your business, your experience in the said field, etc.
6. Flexible Repayment Period
We provide business loans for women with an extended payback period of 1 month to a year, which is adjusted according to the principal amount. This gives you a leverage to manage your funds wisely and opt for an extension in case of any financial urgency. On the other hand, if the business is booming, the loan bearer can also repay the loan before the repayment period with the help of bi-weekly instalments.
7. Penalty Free Early Repayment
Our business-friendly loans allow you to repay your loan before time without any penalty. After the first EMI, if you feel like you have enough financial ability to repay the rest of your loan, you can do so without accruing any penalty, charges or fees on it. Therefore, encouraging you to prepay your loan without worrying about any consequences of the same.
8. Transparency In Dealings
At Lendingkart we believe in providing what we promise i.e. easy business loans for women in India. So, there are no hidden costs involved in the entire process of loan application, or repayment period – as a matter of fact, loans for women come with a simple processing charge of 1-2% on the basis of approved loan amount. To make the entire process business-friendly, we have even maintained minimal acquisition costs.
Put your plans into action and be your own boss by applying for business loans from Lendingkart.