Description

Bharatiya Mahila bank business loans

The BMB provides business loans to woman entrepreneurs and provides a level-playing platform for them. The Bharatiya Mahila bank business loan is meant to address working capital requirements or to facilitate business expansion by Indian women entrepreneurs. BMB offers business loans to manufacturing enterprises amounting to a maximum of Rs 20 crores. You can also apply for special business loans up to Rs 1 Crore through the Afinoz, under the CGTMSE cover provided by the Govt. of India. We will cover more details about the Bharatiya Mahila bank business loan in subsequent sections.

Features and Benefits - Bharatiya Mahila bank business loans

Some of the salient features of the business loan offered by Bharatiya Mahila Bank are mentioned below-

  • A concession of 0.25% in the rate of interest is offered to women entrepreneurs
  • Offers a flexible repayment tenure up to a maximum of 7 years.
  • You do not need to pledge any collateral if your loan amount is on or below  Rs. 1,00,00,000
  • It is a combination of term loan and working capital loan
Read More: Best Personal Loans for Women

Eligibility Criteria - Bharatiya Mahila bank business loans

The below-mentioned segments are eligible to apply for a Bhartiya Mahila Bank Business Loan:

  • Sole Proprietors
  • Partnership Firms
  • Co-operative Societies
  • Public and Private Limited Companies
  • Applicants with work experience of minimum 2 years; business continuity of minimum 2 years is required for the self-employed
  • The applicant should be at least 21 years of age at loan application and should not be over 60 years at loan maturity.
  • The minimum take-home income should be  Rs. 25000/- per month
  • Co-applicant (Spouse/Parents/Children) are allowed in case of HL and LAP

Documents Requirements - Bharatiya Mahila bank business loans

The following documents need to be furnished while applying for business loans in BMB.

Income Documents

Documents for Salaried:

  • Identity Proof: Any one from  Driving License, PAN Card, Voter ID Card, Aadhar Card, Proprietor ID card, ID card of a partner of Director (in case of a company), etc.
  • Address Proof: Any one from valid Passport, Aadhar Card, Property tax bill, Utility bill, etc.
  • Last 3 months’ salary slip
  • Passport size photographs (2)
  • Last 6 months’ Bank statement of the salary account
  • Latest Form 16.

Documents for Self-employed

  • Identity Proof: Any one from Driving License, PAN Card, Voter ID Card, Aadhar Card, Proprietor ID card, ID card of a partner of Director (in case of a company), etc.
  • Address Proof: Any one from valid Passport, Aadhar Card, Property tax bill, Utility bill, etc.
  • ITR for the last 2 years
  • Financial Documents (Balance Sheet, P & L account, Tax Audit report  and Schedules to Balance Sheet) & primary current account statement of the company for the last 6 months
  • Statement of current obligations of the applicant, i.e. the other EMIs being paid currently paying, the credit cards along with limits and so on.

Proof of Business Continuity/employment

  • For Salaried: Appointment letter or Form 16 from 2 years or earlier
  • For Self-employed: Sales/Service Tax registration certificate or Income Tax Returns from 2 years or earlier

Property Documents (For LAP/HL)

  • For property under construction – Proof of booking amount paid, Allotment letter and Payment schedule
  • Ready-to-use Property – Parent Documents, Sale Deed, latest Property tax paid receipt, Latest EC  and Khatha  or 7/11 extract
  • Plot and Self-construction – Parent Documents, Sale Deed, Latest EC  and Khatha  or 7/11 extract

Interest Rate - Bharatiya Mahila bank business loans

The Bharatiya Mahila Bank Business Loan interest rate varies in the range of 10.15% to 13.65% per annum.

The maximum business loan amount provided by Bharatiya Mahila Bank differs for various categories of applicants as follows

  1. For service enterprises and retail traders: Maximum of Rs. 5,00,00,000
  2. For manufacturing enterprises: Maximum of Rs. 20,00,00,000
  3. Collateral free loan: Up to Rs. 1,00,00,000 (under CGTMSE cover of Govt. of India)

Apply for Bharatiya Mahila Bank Business Loan 

 

Why should you apply for a Bharatiya Mahila Bank Business Loan through Afinoz.com?

  • Instant Approval – Once you submit your filled up application form, accompanied by valid documents, your e-approval will be accorded within 2 to 3 days.
  • Online eligibility check – With Afinoz, you do not need to visit the bank to check your eligibility. Just follow a few simple steps, provide some basic information and get to know the amount of loan you are eligible for, from the Afinoz online personal loan eligibility calculator.
  • Real-time application tracking – When you submit your loan application on the Afinoz platform, a unique transaction Id is generated. With the help of this, you can track your loan application status in real-time. Also, you will be kept informed about the progress  at each step through  SMS and emails
  • 24/7 Customer Service -  In case you have a query or want any financial advice at any stage of your application process, our experienced customer support team will be there 24 by 7, to provide quality financing/investment solutions to you. So there is absolutely no need for you to make multiple visits to the bank to further discuss loan specifications with the bankers.
  • Secure Environment - Afinoz.com has established all modern and cutting-edge security protocols to ensure the utmost safety of your personal information and data. This information is communicated with the bank in a digitally encrypted format and is completely secure.

No third-party agent – In the Afinoz online loan application process, there is no scope for any third party agent. Through this transparent online platform, you can approach the bank directly and therefore, you can avoid unnecessary delay

What is Afinoz?

AFINOZ.COM is the best online financial marketplace in India which has revolutionized the financial services sector with its selected range of solutions. It has digitalized the entire financial processes involving loans and investments, without any need of you to visit any bank/financial institution or to go through heaps of paperwork. We work tirelessly towards making your investments safe and hassle-free. You can also compare Business loan From Other Banks. Our experts are always there to provide equitable comparative insights and unbiased quotes on financial products. You can avail all our services free of cost. To get more information or to apply for a loan/investment, you can contact our team at 0120-411-0376 or you can send an email to info@afinoz.com

About Bhartiya Mahila Bank

Bhartiya Mahila Bank (BMB) is a leading banking and financial services company in the Indian public sector. It was established in the year 2013 to mark the occasion of the 96th birth anniversary of Indira Gandhi, the only Indian woman Prime Minister till date. The Bharatiya Mahila bank headquarters is located at Mumbai and Usha Ananthasubramanian was appointed by the Government as the first Bharatiya Mahila bank chairman. The objective of the BMB was to enhance equal economic opportunities for women and to work towards their economic empowerment.  This bank was merged with the State Bank of India with effect from 1st April 2017.

FAQs

Q1 How much interest is charged by the Bharatiya Mahila Bank on its Business Loan?
The  Bharatiya Mahila Bank Business Loan interest rate ranges from 10.15% to 13.65% per annum.
Q2What is the maximum business loan amount I can get from the Bharatiya Mahila Bank?
The maximum business loan amount provided by Bharatiya Mahila Bank differs for various categories of applicants as follows- 1. Maximum of Rs. 5,00,00,000, if you run a service enterprise or a retail trader 2. Maximum of Rs. 20,00,00,000 if you run a manufacturing enterprise 3. Maximum of Rs. 1,00,00,000, if you are a beneficiary of the CGTMSE scheme of Govt. of India
Q3Is age an eligibility criterion to get a business loan from Bharatiya Mahila Bank?
Yes, age is an essential eligibility criterion to get a business loan from Bharatiya Mahila Bank. You should be at least 21 years of age at loan application and should not be over 60 years at loan maturity.
Q4Can I check my Bharatiya Mahila Bank Business Loan status?
If you have applied for your Bharatiya Mahila Bank Business Loan through Afinoz.com then all you need to do is to log in to the Afinoz website with your application id. Here you can track the progress of your loan application in real-time.