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What Is a Business Loan for Women?

Business loans for women help women entrepreneurs start their own business or expand their existing business operations. They can use the loan for a variety of purposes including working capital requirements, purchasing equipment, manpower hiring or product launches. With instant disbursals and flexibility in terms of repayment, IDFC FIRST Bank’s business loans for female business owners can offer women the required financial support to run their business confidently.

Apply now

Benefits of Business Loans for Women

Collateral free business loan for women

Collateral free business loan for women

Avail funding without pledging any personal or business assets, ensuring financial security while growing your business.

Financial assistance to MSMEs

Financial assistance to MSMEs

Get a full suite of specialised MSME loans for women to address operational costs and support expansion plans effectively.

Quick loan process

Quick loan process

Enjoy minimal paperwork and a fully digital application process for faster approvals and disbursals to support your business’s quick financial needs.

Empowering women entrepreneurs

Empowering women entrepreneurs

Business loans for women from IDFC FIRST Bank promote financial independence and encourage women entrepreneurs to lead and expand their ventures confidently.

Flexible loan options

Flexible loan options

You can choose between term loan and dropline overdraft facility based on your specific cash flow requirements.

Competitive interest rates

Competitive interest rates

Business loans for women have interest rates starting at just 12.99% per annum, making your borrowing affordable and helping you focus on your business operations rather than managing a higher loan cost.

Wide eligibility

Wide eligibility

This loan is available to salaried women, self-employed professionals, and registered entities owned by women, ensuring broader access to credit.

Features of Business Loans for Women

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Large loan amounts ranging from ₹7 lakhs to ₹1 crore

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Low interest rates starting at just 12.99% p.a.

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Fast-track funding of up to ₹50 lakhs based on GST returns/bank statement

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Dropline Overdraft facility to avail funds from overdraft limit

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Flexibility to choose between a term loan and dropline overdraft facility

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End-to-end digital process for quick approvals

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Flexible repayment terms of up to 48 months

Eligibility Criteria for Business Loans for Women

Eligibility Criteria to Apply for a Business Loan

Eligible Entities

  • Sole Proprietorships
  • Partnership Firms
  • Limited Liability Partnerships (LLPs)
  • Private Limited Companies
  • Public Limited Companies

Age Criteria

  • Minimum age: 28 years
  • Maximum age: 68 years (at the time of loan maturity)

Financial Criteria

  • Annual turnover of ₹1 crore or more
  • Minimum business vintage of 3 years
  • Positive net worth and cash profits

Documents Required for Business Financing for Women

IDFC FIRST Bank offers a simple loan documentation process. Following are the documents you need to keep ready for your application:

Identity and Address Proof

  • KYC documents
  • Proof of ownership of residence or business premises

Business Verification Documents

  • Shop Act Licence, MOA & AOA, GST Registration, ITR
  • Partnership Deed or Udyam Certificate (as applicable)

Additional Scheme-Based Documents

  • Banking Scheme: Last 6 months’ bank statements
  • GST Scheme: Last 6 months’ bank statements, previous 12 months’ GST returns, latest ITR
  • Income Scheme: Last 6 months’ bank statements, audited profit & loss account and balance sheet, ITRs for the last 2 years
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Interest Rates and Charges for Business Loans for Women

  • Rate of interest Starting at 12.99%*p.a
  • Processing fee Up to 3.5% of the loan amount
  • Stamp charges As per applicable state laws
  • Late payment charges 2% of overdue EMI or ₹300 (whichever is higher)
  • EMI bounce charges 7.5% of EMI (minimum charge of ₹400 & maximum charge of ₹1000 excluding GST)
  • Statement charges ₹500 for physical copies

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Dropline Overdraft

A Dropline Overdraft Loan is a versatile financial product that allows you to access a pre-approved line of credit whenever you need it. This facility allows you to utilize amount up to an agreed limit. The withdrawal limit reduces every month till the end of the loan tenure. The interest is levied only on the utilized amount and not on the total line of credit. The amount can be deposited back to the account anytime to reduce the outstanding balance.

Avail your Business Loan as a Dropline Overdraft Facility and enjoy amazing benefits like interest only on the amount utilized, instant access to funds, collateral free funding up to 1 Crore, and much more.

Key features:

  • 24/7 instant access to funds
  • Continuous access to a predetermined line of credit
  • Flexibility to prepay the borrowed amount
  • Pay interest only on the amount utilized
  • Financial security against unexpected financial emergencies

How to Apply for a Business Loan for Women

Step 1

Click on 'Apply Now'

Step 2

Submit the required details

Step 3

Our representative will contact you within 24 hours

Step 4

Your application will be evaluated for eligibility

Step 5

Once verified, get the loan amount in your bank account

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Business Loan for Women FAQs

What can a Business loan be used for?

You can use a Business loan to upgrade or purchase equipment, cover employee salaries, rent or to expand your business.

What are the different types of loans offered under Business Loan?

A Business Loan can be availed in the form of a term loan or a dropline overdraft facility.

What are the different schemes through which a Business Loan can be availed?

There are different schemes through which a Business Loan can be availed, including:

• Income scheme - Eligibility is based on the derived income & net profit of the business

• Banking scheme - Eligibility is based on the average bank balance

• GST returns scheme - Eligibility is based on the annual business turnover according to GST data

How do I apply for IDFC FIRST Bank Business Loan?

You can apply for IDFC FIRST Bank Business Loan via –

Our Website -  https://www.idfcfirstbank.com/business-banking/loans

Our Mobile App - https://my.idfcfirstbank.com/digital-banking-app

Our Branches - https://nearme.idfcfirstbank.com/

Our Loan Centres - https://www.idfcfirstbank.com/support/asset-branch

Or you can call us on 1800 10 888 and speak to our representative

Does IDFC FIRST Bank offer insurance for my Business Loan in case of an unforeseen event?

At IDFC FIRST Bank, we aim to safeguard our customer's interest by offering the below insurance covers:

• Life Group Credit Protect - In the event of death, disability or illness of the insured member, this insurance will protect the insurer’s family from the burden of repaying the outstanding loan to the financial institution.

• Health Protect Plan - Covers medical expenses that arise due to illnesses

• Accident Protect Plan - Covers medical expenses pertaining to injuries like a broken limb, loss of a limb, burns, lacerations, or paralysis.

• EMI Protect Plan - Protection plan that offers insurance coverage on EMI in case you are unable to pay an EMI

How will my EMI be calculated?

The principal amount and the interest rate applied to the principal make up your EMI. The amount you borrow, the rate of interest charged, and the loan tenure are the variables that affect the EMI. If the interest rate increases, EMIs may alter.

You can calculate your potential EMI here.

More FAQs