Over the past few years, Tamil Nadu and many of the other states have seen a surge in women-led businesses. Whether it is large companies and brands or a small-scale business, they are reshaping the business landscape and making a contribution to the economy. However, when it comes to getting funding, many women face challenges in getting quick access to funds. This is where business loans from online lenders or government schemes come in handy.
In this guide, we’ll explore why loans for business are important for women entrepreneurs, how they can get access to them in Tamil Nadu and some pro tips for a convenient online application.
Contents
Understanding Business Loans for Women Entrepreneurs
A business loan is a loan designed to provide financial assistance to entrepreneurs for expanding their operations, purchasing inventory, hiring staff or managing work capital. Several loan platforms and government schemes offer loans and funding with easy terms and conditions and a reduced interest rate to empower women entrepreneurs.
Government Schemes Providing Business Loans to Women Entrepreneurs in Tamil Nadu
Here are some of the government schemes that offer easy loan access to women entrepreneurs:
- Pradhan Mantri Mudra Yojana (PMMY): It’s a scheme introduced by the government of India that offers loans to women entrepreneurs of micro and small businesses of up to ₹10 lakh.
- Stand-Up India Scheme: The scheme provides loans ranging from ₹ 10 lakh to ₹ 1 crore to women entrepreneurs, encouraging them to establish their own businesses.
- Dena Shakti Scheme: The program was launched to offer loans to women entrepreneurs or those looking to start their own businesses, featuring a low interest rate and processing fee.
Business Loan Mobile Apps for Easy Loan Access
Multiple business loan mobile apps provide convenient loan facilities to women entrepreneurs without any hassle of visiting the branch or managing lengthy paperwork. Women can check the eligibility criteria, upload necessary documents, and apply for a loan.
These are the main advantages of utilising mobile applications:
- Convenience: Online platforms allow users to apply for loans at any time and from anywhere and provide quick approvals.
- Loan Management: Applications provide real-time updates, so users can check all the details and even send alerts and notifications to make EMIs on a timely basis.
- Transparency: Business loan mobile apps offer complete transparency and allow users to check their information and terms and conditions on the platform itself.
- Documentation: Applicants can upload the documents online and do their KYC conveniently.
- Flexible Tenure: Users can choose the repayment tenures based on their current situation.
Steps to Apply for Business Loans via Online Apps
To apply for loans for business, follow these steps:
- Download a trusted and reliable app from a reliable source and create an account by providing the required details.
- Navigate to the ‘Business Loan Apply’ section and check the eligibility criteria.
- Fill out the application form and upload your updated documents, including identity proof, address proof, business registration and more.
- Recheck all the details and submit the application.
- Once the application is approved, the funds will be disbursed to your bank account.
Tips for a Successful Loan Application
Consider the following tips to successfully apply for the loan:
- Maintain a good credit score (potentially more than 685) to avail of a business loan at better terms.
- Collect all necessary documents in advance and ensure they are up-to-date.
- Ensure to read all the terms and conditions and pay special attention to the additional fee section.
- Choose the right loan amount to make sure it aligns with your needs.
Conclusion
Accessing straightforward loans is crucial for women entrepreneurs to grow their businesses. While multiple government schemes are available, many people prefer to choose a trusted business loan mobile app like Bajaj Finserv for fast and easy financial assistance. Bajaj Finserv offers hassle-free funding with minimal paperwork, flexible terms and at competitive interest rates.
Make sure you have a strong credit score, have the right documents and read all the terms and conditions before making an application to get quick access to funds.