Business Loan for Women

• Loan Amount Up To ₹1 Cr.
• Low Rates Starting @12.99% p.a
• Flexible Tenure Up To 48 months
• Fast-Track Funding Up To ₹50L

Apply Now

A business loan for women entrepreneurs helps women to expand their existing line of business or start their own business. A business loan helps women fulfil their financial needs in running a business smoothly. IDFC FIRST Bank provides business loans to women up to ₹1 crore at an impressive interest rate of 12.99% per annum.

Yes, after meeting the required eligibility criteria, women can apply for a female business loan from IDFC FIRST Bank. The eligible entities include sole proprietorships, partnership firms, limited liability partnerships (LLPs), private limited companies, public limited companies. The age criteria is between 28-65 years.  The financial criteria include an annual turnover of ₹1 crore or more.   At IDFC FIRST Bank, women can avail a business loan amount starting from ₹7 lakhs to ₹1 crore at low interest rates of 12.99% per annum.

Yes, a housewife can avail a business loan. However, the housewife needs a strong financial plan or a co-applicant (like a spouse), fulfilling the eligibility criteria.

Most banks and financial institutions consider a credit score of 700 or more to provide a business loan to women. The minimum credit score varies for every bank.

No, generally collateral is not required for securing loans for women. In fact, at IDFC FIRST Bank, women can receive a collateral free business loan. So, you can avail a loan without pledging any personal, business assets.

At IDFC FIRST Bank, women need the following set of documents to acquire a business loan:

• KYC documents, Ownership residence proof or business premises

• Business verification documents such as Shop Act Licence, ITR, Partnership Deed or Udyam Certificate, GST Registration

• Bank Statement of previous 6 months, last 12 months' GST returns, latest ITR, profit and loss account, balance sheet 

9.  How do I apply for women’s business loan with IDFC FIRST Bank?

At IDFC FIRST Bank, women can apply for a business loan through various methods:

• Via the mobile app- You need to download the app, sign up/login and follow the steps to apply.

• Via the website- On the website, under the Business Loan for Women category, click 'Apply Now', submit the required details, one of our representatives will connect with you, and after careful evaluation, your loan amount will be sanctioned. 

• Branch Visit- You can also visit the nearest IDFC FIRST Bank branch and apply for the business loan, in-person.

• Customer Care- And finally, you can call us on 1800 10 888, speak to our executive, follow the process of loan application.

Several factors come into play, when granting a business loan to a female entrepreneur such as the woman's credit history, overall financial health, business experience, profit-loss ratio, and eventually, her capacity to repay the loan on time. After careful consideration of all these factors and the submission of required documents, the bank decides the maximum loan amount that can be sanctioned to the individual.

The repayment tenure for women's business loans may differ for different banks. At IDFC FIRST Bank, the repayment tenure is flexible between 12 to 48 months.

At IDFC FIRST Bank, the EMI is calculated using a standard formula which is as follows-

EMI = [P x r x (1+r)^n] / [(1+r)^n – 1], wherein, 

P is the principal loan amount, 

r is the monthly interest rate (annual rate divided by 12 and 100), 

n is the loan tenure in months. 

Another method is by using the bank's online Business loan EMI calculator. You need to provide the required loan amount, interest rate, and repayment period.

The charges for securing a business loan for women at IDFC FIRST Bank include a processing fee of up to 3.5% of the loan amount, stamp charges as per state law, late payment charges of 2% on overdue EMI or ₹300 (whichever is higher), EMI bounce charges of 7.5% of the EMI amount (minimum ₹400 to ₹1,000) excluding GST and statement charges of ₹500 for physical copies.