According to Global Women Entrepreneurs Leader report the number of women-owned businesses has grown to 8.05 million which comprises 14% of the 58.5 million businesses in India.
Another survey by National Sample Organization reveals that 79% of women-based businesses are self-financed. Therefore, to get more women to kick-start and run their own business easy financing options are needed.
Many financial institutions and NBFCs offer easy business loan for women entrepreneurs. These are schemes designed especially for women offering relaxed terms and interest rate, for the applicant’s profile.
Business Loan - Eligibility
Business loan lending for all sectors are in accordance with RBI directives such as Rs. 20 lakh for retail trading, education and housing and Rs. 50,000 under micro credit. It can be availed to set up beauty parlors, tuition center, tailoring units and various ventures. Maximum loan limit is Rs. 30 lakh for working capital, daily expenses, equipment and furniture. Flexible tenors range between 12-96 months.
To select the best business loan catering to your needs, check out websites of financial institutions and NBFCs to learn more.
Also Read : Women Entrepreneurs, Funding, And The Economy
Aman 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.