Things to consider when you apply for business loans as a woman

Things to consider when you apply for business loans as a woman

The power of Nari Shakti is reshaping the world. Women all over the world are redefining how economies, countries and organizations perform. Women in business are a new generation of icons and game-changers who are quietly but boldly scaling new heights. So, congratulations if you have made up your mind to start a business as a woman entrepreneur. With attractive business loans for women, starting and running your own enterprise is an easy job if you plan well. Let us take you through some important things to consider when you apply for a business loan for women, read on.

Women can get Rs. 40 lakh loan without any collateral

Did you know women such as you, could get business loans up to Rs 40 lakh? Yes, the best part is lenders like IDFC FIRST Bank don't require any collateral or security guarantee. Such a bank loan for women is an unsecured loan. This is provided to a self-employed woman looking for a loan for business. Such a business loan for women can be availed for any business upgrade or equipment purchase. All you have to do is ensure that such business loan is repaid in equal installments at fixed intervals like once every month through EMI. If you run a business, do remember that a business loan can be only given if the enterprise is 3 years old.

Women doctors, CAs, non-professionals are eligible

Just because you do not run a factory or a shop, does not mean the Indian financial system will ignore you. In fact, with the rise in women doctors, qualified women chartered accountants (CA), architects, and company secretaries (CS) and non-professionals, banks are opening their purse to give loan for women. A woman doctor can get a business loan for a 60 months tenure i.e. she gets 5 years' time to repay the loan. If women CA’s, CS’s and architects qualify conditions, they can take a loan with tenure of up to 48 months. This loan is just like any other bank loan for women. Talk to the nearest IDFC FIRST Bank branch official to understand how you can benefit from business loans for women.

Take a business loan to consolidate your debt

The fact is many women business professionals have to take loans at the initial setting-up stage of the enterprise. These loans while extremely valuable, do come at a higher cost. Anyone who pays a high-cost loan knows the impact of such debt on overall finances. Worry not! Women can take a business loan to consolidate all such high-cost loans, and lead a worry-free life. Once all your loans are consolidated, you can easily focus on the most important thing: growing your business and serving your valuable customers.

For example, women professionals and also non-professionals can transfer existing loans from other banks to IDFC FIRST Bank. You get better interest rates and pay for everything in one place. With your new business loan, all your existing unsecured business loans get consolidated into one IDFC FIRST Bank loan account. All you have to do is pay a consolidated EMI to just one loan account.

Women from Rural India can also take loans

Through Sakhi Shakti loans, women from rural areas can also take business loan from IDFC FIRST Bank to enhance livelihood and aspire for a much better life. This is how it is done: Women can apply for a Sakhi Shakti livelihood advancement loan, with any basic identity documents. Once the documentation is done, they will have to undergo useful group training. Then, the loan amount is disbursed to individuals in the women’s joint liability group. Think of it as group loans for women. Relationship officers cover villages within a radius of up to 30 km around the branch. So, households in every village and small town in the catchment area can be served without any hassle.