The expansion of business loans has been quite remarkable in the financial market lately, with more and more lending institutions extending dedicated funding to fulfil the growing demand for money among entrepreneurs. Such loan customisation has been extensive in the start-up financing segment as well. One of the crucial segments that has seen similar rise in the financing availability has been that of business loans for women. As the name suggests, these funding options have been designed to explicitly fulfil the financing needs of female entrepreneurs to establish, grow, and expand their businesses.
Thanks to the intricacy of these loans, the features available for these advances are remarkable and praiseworthy too. As female entrepreneurs are breaking the ceiling of marginalisation, these loans aim to fulfil their financing needs right away with easy loan application processes, quick availability, and fast disbursals. Below given is a list of benefits to look out for when availing a business loan for women.
Top Financing Benefits of Business Loans for Women
Attractive rates of interest
To start with, business loans for women come with easy affordability to make these loans expansively accessible to all female entrepreneurs planning to introduce additional capital to their ventures. If you are aware enough of the Indian financial market and have undergone in-depth research regarding the available loan offers, you will be able to identify lending institutions that provide these business loans at interest rates set a notch lower than other business financing options.
Such loan offers also come from the initiatives that aim to promote female entrepreneurship in India. In congruence, other fees and charges levied on these loans are set at low rates too, thus remaining affordable.
Financing of high value
Given that business growth and expansion requires high-value funding, business loans for women come in big ticket sizes too. These loans are available for all business financing purposes, whether you need it for working capital introduction, inventory restocking, plant & machinery installation, office renovation, or business expansion to a new area, the loan fulfils all financing purposes. Not to mention, the utility of these loans is inclusive. Depending on the eligibility requirements that the business fulfils, the loan amount availability can easily go as high as Rs.25 Lakh with some best lending institutions.
Easy approval and disbursal
Once you have met all eligibility criteria, submitted all necessary documents, and co-operated with the lender’s loan application assessment, loan approval comes by quick, within a few minutes only. Post approval, the business can also expect disbursal of the advance within the next 24 to 48 hours depending on the city it is set up in. Know that your individual as well as business credit score are both crucial for meeting the creditworthiness requirement that the lenders seek. Ideally, financial institutions need a credit score of 700 or more for these loans.
Online loan availability
The application process of business loans for women is quick and simple too today. You can simply visit your selected lender’s website and access the loan application form hosted online to fill up. This eliminates the need to visit the lender’s branch in person, keeping all the loan processes online.
When filling your business loan application form, make sure to provide all the details accurately and recheck before submitting.
Most of these business loans are unsecured advances too. It means that you do not need to provide any asset as collateral to avail business funding. This makes availing financing pretty simple and convenient as you would need to meet the eligibility requirements only to avail the loan without having to put any of your business assets to risk.
Another remarkable benefit when planning to get unsecured business loan can be that the loan arrangement makes it easy for new businesses to secure funding. In case a new business does not own sufficient asset value to collateralise, this loan can be just the right financing fit.
Business loans for women come with sufficient repayment flexibility as well. Thus, you can choose the repayment tenure as per your suitability to keep the EMIs affordable. Some of the best business loans come with a tenure of up to 5 years for easy repayment. You can use an EMI calculator to assess your tenure selection as per the total loan liability and EMI affordability.