Business Loan For Women

In today’s world, women entrepreneurs are leading the charge to produce innovative solutions for bringing a positive change in society. In doing so, they are showcasing their unique approach to management, organisation and solving business problems. We at SMFG India Credit want to be part of these inspiring stories and journeys. With customised business loans for women, loaded with a host of benefits and privileges, we are here to partner your financial needs. We hope to be with you along the way of your success in finding your financial independence, making your own decisions and leading the way for people around the country!

Interest Rates for Business Loan for Women

Women today are no longer limited to being homemakers anymore. They have ambitions, and dream of starting something on their own. 

This brings forth a new set of challenges, which is financing their entrepreneurial journey. This can be easily resolved with the help of a SMFG India Credit business loan for women. 

Business loan interest rates at SMFG India Credit are lowest as compared to others. The rate of interest largely depends on the amount of loan requested, the tenure selected, the applicant’s profile and credit history, and their current financial status. 

There is also a processing fee component which can be up to 6.5% of the loan amount. Typically, SMFG India Credit offers loans with a repayment period of anywhere between 12 and 48 months. If you intend to foreclose the loan, a prepayment charge may be applicable ranging between 0% to 7%.

Eligibility Criteria for Business Loan for Women

The entrepreneurial spirit is in full bloom among women in India. However, the greatest obstacle in their path to kick starting their business journey comes down to funding. While some may have savings or be able to access financing from family and friends, in most cases, it may not be enough. This is where a business loan for women by SMFG India Credit enters the picture. 

In order to apply for a business loan from SMFG India Credit, the applicant must be able to meet the minimum eligibility criteria. The business loan for women eligibility includes:

1. Be a citizen of India
2. Be a minimum of 22 years at the time of loan application and less than 65 years when the loan matures
3. Have a minimum CIBIL score of 750
4. The applicant has to be self-employed, proprietor, owner of private limited companies, a partner in partnership firms
5. Applicant must be engaged in the business for a minimum period of three years and must possess total business experience of at least five years
6. Businesses must have a turnover of Rs 10 Lakhs* and be profit making for the last two years
7. Businesses must have a minimal annual income (ITR) of Rs 2 Lakhs* per annum

Documents Required for Business Loan for Women

Business loans for women may be difficult to get approved because it comes with a lot of eligibility parameters that the applicant must be able to meet. However, if that stage is covered successfully, the next step involves getting together all the business loan documents that must be submitted to SMFG India Credit to process the loan request.

Documents required for a business loan for women include: 

1. All KYC related documents for the individual’s id, address and age proof – Voter ID, Passport, Driving Licence, Aadhar Card, Pan Card
2. ID proof required for the company – Pan Card
3. Bank statements are required for the last 6 months
4. Income documents including the latest ITR for 2 years along with income computation, balance sheet, profit and loss statements certified from a licensed CA
5. Proof of continuation via ITR/ Trade Licence / Establishment / Sales Tax Certificate
6. Other documents that may also be required are a Sole Proprietorship Declaration or a certified copy of the Partnership Deed, a certified true copy of the Memorandum & Articles of Association and the Board Resolution.