Although banks and NBFCs are actively promoting and offering SME loans, yet the eligibility requirements are a big challenge for women entrepreneurs with fewer assets. However, there are some lenders who offer collateral-free loans for women entrepreneurs, and there are some tricks to obtain a loan at best-interest rates. Here are few tips for women entrepreneurs to improve their chances of getting a business loan.
For budding women entrepreneurs, one potential way to improve their chances of getting a loan for women without collateral is by lowering their credit utilization ratio. It is basically the ratio between how much you are capable to borrow and how much you are willing to borrow. It is advised not to exceed above 25% of credit ratio, otherwise, the credit score is badly affected.
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |