Business Loan – Women are no longer behind men in any field. They are giving tough competition to men and increasing their contribution to the country’s economy.
The government provides special loans to women to do business and to increase employment. And it also gives many advantages in comparison to other loans, such as low interest rate and getting loan without guarantee.
Bharatiya Mahila Bank was inaugurated on 19 November 2013 by Dr. Manmohan Singh on the occasion of Indira Gandhi’s 96th birth anniversary, with the aim of providing easy loans to women. The bank offers a variety of loans to women entrepreneurs to help them start a new business or expand their existing business.
We will answer your questions related to Bharatiya Mahila Bank Business Loan such as What are the documents required for Women Business Loan? What is the interest rate in Bharatiya Mahila Bank Business Loan? And how to apply for Women Business Loan online?
Business Loan From Bharatiya Mahila Bank
Bharatiya Mahila Bank offers three types of business loans. All three loans offer different requirements and loan amounts.
Bharatiya Mahila Bank shringaar scheme is given for opening beauty parlours, salons, for purchasing shops and for purchasing essential things for business. To take this loan, the age of women should be between 20 years to 60 years. You get up to 7 years to repay this loan and this time is based on the loan amount. Women do not need to give any kind of guarantee to take this loan.
BMB SME Easy
This is a great loan for small and medium enterprises. In this, loans are given according to the size of the business. Maximum loan up to Rs 20 crore can be availed through this scheme and no collateral is required to take loan up to Rs 1 crore. This loan is more suitable for business man, manufacturing and services.
BMB Annapurna loan is for food business. With this, women can take loans to open catering units, food processing, hotels and kitchens. To take this loan, the age of women should be between 18 years to 65 years. There is no need to give any kind of guarantee to take this loan and you get up to 3 years to repay this loan.
This loan is for those women who want to open a care center. Women between 21 years to 55 years can avail this loan. Repayment tenure of BMB Parvarish loan is up to 4 years.
Documents required for Women Business Loan
The following documents are required for salaried and self-employed women in Bharatiya Mahila Bank Business Loan –
- Documents required for salaried women
- Id proof (PAN Card, Driving License, Voter ID)
- Address Proof (Light Bill, Telephone Bill)
- Income Proof (Last 3 Months Salary Slips, Last 6 Months Bank Statement Records, Latest Form 16)
Documents Required For Self Employed Women
Id proof (Aadhar card, Pan card, Voter ID)
Address Proof (Passport, Property Tax Bill, Property Documents)
Income proof (Bank statement record of last 6 months, ITR of last 2 years, profit and loss statement record)
How to get Bharatiya Mahila Bank Business Loan Online?
To avail BMB business loan online, you need to follow the steps mentioned below-
- Go to paisabazaar.com and choose the loan as per your requirement.
- According to your profile, you will get a list of many banks.
- Select Bharatiya Mahila Bank from the list.
- Upload all the documents required for the loan online.
- After this your documents will be verified by the bank.
- Then fill and submit the loan application form of the bank.
- After getting approval from the bank, the loan will be transferred to your bank account.
What Is The Interest Rate In Bharatiya Mahila Bank Business Loan?
The interest rate for Bharatiya Mahila Bank loan ranges from 10.15% to 13.65% per annum. Women entrepreneurs are given a concession of 0.25% in the interest rate.