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Tata Capital offers business loan for women entrepreneurs aspiring to achieve new heights in the world of business and startups. With the ongoing surge of women-owned companies in the market, more and more women are joining the business bandwagon with their unique ventures. Be it a home-based catering service or large-scale entrepreneurship, Tata Capital offers financial assistance with a business loan for ladies.
A business loan is typically meant to provide finances to a person or organization to help them grow their business.
Just like that, our women entrepreneurs loan is also exclusively meant for women to fulfill their financial needs for running or establishing their ventures. Our business loan for women comes with benefits like affordable interest rates, lower processing charges, and multiple EMI options.
We have the following eligibility criteria for a loan for ladies for business:
Your age should be at least 21 years at the time of applying for the business loan and not more than 65 years at the time of the last EMI
Your credit score should be at least 675 or more
Business should be profitable
Minimum 2 years business stability
Banking balance should be at least Rs. 5000
Here is the list of documents required to apply for a business loan for women with Tata Capital-
ID proof: Aadhaar card/ Voter ID/ Driving license/ Passport
PAN card
Income proof: Last two years’ ITR, last two years’ audited financials with tax audit report, profit and loss statement for the last two years, balance sheet
Business proof: Registration certificate/ Trade license/ GST registration/ a certified copy of the Sole Proprietorship Declaration or Partnership Deed Agreement.
Current bank account statements and GST statements for the last six months
Business loan for women in India comes with three types of charges, namely general charges, miscellaneous charges, and foreclosure charges. For more details, refer to the tables below:
General Charges
Here is an overview of the general charges appliable:
| Type of Fees | Applicable Charges |
|---|---|
|
Interest Rate |
Self-Employed Non-Professional: 16%-26%, Self-Employed Doctors: 12.00%-15.00%, Self-Employed Professional Other than Doctors: 13.25%-17.50% |
|
Processing Fee |
Upto 4% of the loan amount |
|
Stamp Duty |
As Applicable |
|
Penal/Additional Interest Rate |
3% on Overdue amount per month |
Here is a list of the miscellaneous charges levied by Tata Capital for a business loan for women -
| Type of Fee | Applicable Charges |
|---|---|
|
Prepayment / Foreclosure Charges |
Foreclosure charges on Term Loan Facility: No foreclosure is allowed in first 9 months.6.5% charges if foreclosed within 9 months
Foreclosure charges on Top Up: Foreclosure charges shall be levied only if new rate is lower than existing rate.
**Foreclosure Charges in Hybrid Term Loan: No foreclosure is allowed in first 9 months.6.5%charges if foreclosed within 9 months |
|
Processing Charges |
As Applicable |
|
Payment Instrument swapping
|
Rs. 550/- |
|
Dishonour Charges |
Rs 600 for every Cheque/ Payment Instrument Dishonor |
|
Mandate rejection service charges |
Rs. 450/- (Charges will be levied if new mandate form is not registered within 30 days from the date of rejection of previous mandate form by Borrower’s bank for any reasons whatsoever.) |
|
Annual Maintenance Charges (Hybrid Term Loan) |
First Year: 0.75% or 1000 whichever is higher per year will be deducted from the limit and shall be payable at the end of the 13th month
|
|
Document processing charges |
Rs. 1999/- |
|
Cancellation charges |
2% of the Facility amount OR Rs. 5750/- Whichever is higher |
|
Duplicate Repayment Schedule |
Rs. 550/- |
|
Duplicate NOC |
Rs. 550/- |
|
Statement of Account (SOA) |
Customer portal – Nil Branch walk in – Rs. 250 /- |
|
Foreclosure Letter Charge |
Customer portal – Nil Branch walk in - Rs 199/- |
|
Post Dated Cheque Charges Rs |
Charges Rs 850 |
|
section 138 and section 25 filing |
At Actual |
|
Arbitration Filing |
At Actual |
|
Receiver Order |
At Actual |
|
Notice |
At Actual |
|
Legal Notice |
At Actual |
|
Lawyer fees |
At Actual |
|
Execution of award |
At Actual |
Note:
The table below indicates the list of foreclosure charges involved in Tata Capital business loans for women:
| Type of Fees | Applicable Charges |
|---|---|
|
Part-Prepayment/ Prepayment/ Foreclosure Charges as shown below in table. |
Foreclosure charges on Term Loan Facility:
Part-Prepayment/ Prepayment/ Foreclosure Charges in Hybrid Term Loan:
|
|
Foreclosure Letter Charge |
|
You can now apply for availing a loan for women for business using any of the following four methods-
You can now apply for availing a loan for women for business using any of the following four methods-
The amount of money offered under a women entrepreneurs loan can vary from one lender to another. At Tata Capital, we offer business loans ranging from Rs 0.40 lakhs to Rs 90 lakhs. You can evaluate the needs of your business and determine a loan amount that suits your purpose optimally.
Here are some documents you need to submit to apply for a women entrepreneurs loan:
KYC (Know Your Customer) documents, such as a copy of your PAN Card, Aadhaar Card, Voter ID Card, Driving License, or Passport
Proof of your business ownership, such as a business registration certificate, trade license, GST (Goods and Service Tax) registration certificate, a certified copy of the partnership deed agreement, sole proprietorship declaration, etc.
Income proof, such as the last two years’ Income Tax Returns (ITRs), computation of income, audited finances with a tax audit report, profit-loss statements, balance sheet audited by a chartered accountant, etc.
Current account bank statements
GST statements for the last six months
No, you do not need collateral to avail of a women entrepreneurs loan. You can apply for the loan and get approval even if you do not have any personal or professional assets to submit as security. This makes the business loan an ideal choice for small and medium-sized businesses that may not have enough financial assets to offer as collateral for a loan.
At Tata Capital, we offer benefits such as affordable interest rates, low processing charges, and multiple EMI (Equated Monthly Installment) options for a business loan for women. Our flexible and customizable business loans ensure that more and more women get the necessary finances to run their businesses on their terms. You can structure your EMIs as per your requirements and get a high-value loan for your business without any collateral.
Yes, you need a minimum credit score of at least 650 or more to avail of a business loan for women. Your loan application may be rejected if you have a lower credit score. Therefore, it is advised to maintain a high credit score before applying for a business loan. You can do this by paying your credit card bills on time, not taking on too many loans at the same time, and being diligent with your overall finances.
Maintaining a high credit score also improves your chances of availing of a business loan at a relatively lower rate of interest.
At Tata Capital, we are committed to offering you a quick and hassle-free approval process to avail of a women entrepreneurs loan. You can expect a prompt turnaround time and swift loan disbursal with minimum delay. We require minimum documentation and offer the option to apply for the loan online, which further cuts down time. You can apply online through our website. You can also call us on our customer care number at 1860 267 6060 between 9 am and 8 pm from Monday to Saturday or apply via our 24/7 virtual assistant TIA anytime. Additionally, you can apply for a Tata Capital loan for women directly from WhatsApp, too.
The entire process is specially designed to make the process of application and disbursal quick and convenient for you.
Yes, you can apply for a business loan for women even if you do not have a co-applicant. However, you must meet the following eligibility criteria:
You should be at 21 years old at the time of applying for the business loan
You should not be older than 65 years at the time of the last EMI
You should have a credit score of at least 675 or more
Your business should be profitable
Your business should be active and stable for a minimum of two years
You should have a banking balance of at least Rs. 5000
Yes, you can apply for a women entrepreneurs loan if you have a part-time business. However, make sure your business qualifies for the following criteria:
The part-time business should be profitable
The part-time business should be active and stable for a minimum of two years
The part-time business should have a banking balance of at least Rs. 5000
In addition to this, you must also meet the following conditions:
You should be at 21 years old at the time of applying for the business loan
You should not be older than 65 years at the time of the last EMI (Equated Monthly Installment)
You should have a credit score of at least 675 or more
Women entrepreneurs in India often face challenges of gender bias, pressure of societal expectations, and economic hurdles when launching their businesses. There is usually a lack of financial support for women, making it challenging for them to boost their business.
To get a business loan, the minimum CIBIL requirements can differ from one lender to another. With Tata Capital, you should have a CIBIL score of at least 675 or more to be eligible for the business loan.
The facility to renew your business loan after full repayment differs from one lender to another. You can contact the loan experts at Tata Capital to learn about loan renewal.
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