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Business Loan for Women

  • Overview
  • Eligibility & Documentation
  • Fees & Charges
  • Calculators
  • EMI Options
  • Related Products
  • FAQs
  • Blog
    • 1

    Introduction

    More and more women are stepping into the world of entrepreneurship to experience unparalleled heights of financial freedom. And to enable their journey towards freedom, a business loan for women acts as the ideal aid.

    What is Business Loan for Women?

    Also known as women entrepreneurs’ loan, a business loan for women is a special type of loan offering specifically designed to meet the business needs of women entrepreneurs. Such loans are generally characterised by lower interest rates, low processing fees, and no collateral guarantee requirements.

     

    Product Offerings 

    The following are the features of Tata Capital business loans for women -

    • Loan Amount – Tata Capital offers a wide range of customised loan options ranging from Rs. 5 lakhs to Rs. 75 lakhs to meet both small and big needs of budding women entrepreneurs 

    • Loan Tenure – We offer our women entrepreneurs’ loans for a tenure ranging from 12 months (one year) to 36 months (three years)

    • Interest Rates – Our business loans for women are charged at competitive interest rates, starting at 19%

    • Multiple Product Offering – We customise our business loans for women to meet the unique needs of different women entrepreneurs 

    • No Collateral Needed – Our loans for women entrepreneurs can be availed easily as we do not ask for any collateral security 

    • Structured EMI Options – Women entrepreneurs can even structure their EMIs around their specific budget for a convenient repayment 

    • High Eligibility – No matter what others may say, we believe in possibilities and we say yes. We will work closely with you to design a business loan that will fit right into your bill!

     

    Features and Advantages 

    Business loans for women serve the following benefits –

    • Helps in Scaling Business – Women entrepreneurs loan are an easy way for ambitious women entrepreneurs to expand their growing business to new heights 

    • Helps Meet Day-to-Day Business Needs – Using business loans for women, women entrepreneurs can increase their company’s working capital needed to cover all short-term operating expenses 

    • No Collateral Obligations – business loans for women are typically unsecured loans that are easy to avail

    What is the Eligibility for Business Loan for Women?

    If you wish to take a business loan for women with Tata Capital, you must meet the following eligibility criteria –

    • Age – Must be between 25 to 65 years 

    • Business Profitability – Must be consistent for the last three consecutive years 

    • Business Turnover – must show an upward trend 

    • Balance Sheet – must be audited by a registered Chartered Accountant 

    To know about the eligibility criteria for women entrepreneurs’ loan, visit our business loan eligibility page

    What are the Documents Required for Business Loan for Women?

    The following documents have to be submitted along with your duly filled loan application form to avail business loan for women with Tata Capital –

    • Photo Identity Proof – copy of Voter ID/Passport/Driving License/Aadhaar Card

    • A copy of certified bank statements of the last six months 

    • Business Proof documents – Trade License/Sales Tax Certificate/Sole Proprietorship Declaration/ Partnership Deed/Income Tax Returns along with computation for the last two years/Profit and Loss Statement and Balance Sheet for the last two years 

    Additionally, you will also be required to prepare and submit a report detailing how you plan on using the business loan. To know about the list of documents required for a business loan, visit our business loan documents.

    What are the Interest Rates for Business Loan for Women?

    There are essentially three different categories of charges involved under women entrepreneurs’ loan, namely general charges, miscellaneous charges, and foreclosure charges. 

    General Charges 

    The table below shows the general charges levied by Tata Capital on our business loans for women –

     

    Type of Fees

    Applicable Charges

    Interest Rate

       Starts at 19%

    Processing Fee

    Upto 2.75% of the loan amount + GST

    Penal/Additional Interest Rate

    3% on Overdue amount per month + GST

     

    • Interest Rate - The rate at which you are required to pay your monthly EMIs, inclusive of the Principal amount and the interest amount, is known as the interest rate of a business loan for women
    • Processing Fee - The one-time, non-refundable fee charged by lenders at the time of processing of loan application is known as the processing fee. 
    • Penal Interest/Additional Interest - The rate of interest charged over and above the existing interest rate due to delayed EMI payments is known as penal or additional rate of interest. The borrower now needs to now pay delayed monthly instalments inclusive of this additional interest amount. 

     

    Miscellaneous Charges 

     The following is a list of miscellaneous charges levied by Tata Capital on our business loans for women -

     

    Type of Fees

    Applicable Charges

    Bounce Charges

    Rs. 2,000 for every cheque/Payment Instrument Dishonour + GST

    Mandate Rejection Service Charge

    Rs. 450 + GST

    CCOD Annual Maintenance Charges

    0.25% on Dropline amount or Rs. 1,000, whichever is higher per year

     

    Document Processing Fees

    Rs. 999 + GST

    Outstation Collection Charges

    Rs. 100 + GST per repayment tenure

    Statement of Accounts

    Soft Copy – Nil.

    Branch Walk-in – Rs. 250 + GST

    Loan Cancellation Charges

    2% of loan amount or Rs. 5,750, whichever is higher + GST

    Instrument Swap Charges

    Rs. 550 + GST

    Duplicate Repayment Schedule

    Soft Copy – Nil

    Branch Walk-In – Rs. 550 + GST

    Duplicate NOC

    Rs. 550 + GST

    Post-dated Cheque Charges

    Rs. 850 + GST

     

    • Bounce Charges - If your EMI payment ever gets bounced, your lender will charge bounce charges. An EMI bounce occurs when you miss an EMI payment due to lack of sufficient funds in your bank account 
    • Mandate Rejection Service Charge - If you reject any of the services provided by your lender then you will be charged certain charges known as mandate rejection service charge.
    • CCOD Annual Maintenance Charges - If you have chosen a flexible funding option for your women entrepreneurs’ loan such as Cash Credit or Overdraft, the services involved in the maintenance of your Overdraft account will be charged with a fee called CCOD Annual maintenance charges
    • Document Processing Charges - Verification of women entrepreneurs’ loan involves several stages such as loan agreement, indexing, etc. There will be charges levied on the processing of such documents known as document processing fees. 
    • Outstation Collection Charges - Any EMI payment made using an outstation cheque – one that has been issued to a non-local branch of your lender will accompany outstation collection charges levied on the collection of such cheques. 
    • Statement of Accounts - To have your Statement of Accounts a bank statement that shows a list of all transactions made through your bank account during any given period – issued, your lender will charge a certain fee for the hard copy whereas issuance of the soft copy will have no charges involved. 
    • Loan Cancellation Charges - Cancellation of your business loan after the loan disbursal process will be levied with loan cancellation charges. 
    • Instrument Swap Charges - Making an exchange or swapping business loan liabilities or cash flow between two loan instruments will be charged with instrument swap charges
    • Duplicate Repayment Schedule - To receive a duplicate of your loan amortisation schedule, for whatever reasons, will accompany a certain fee. The fee will be charged for a hard copy while the soft copy can be issued for free
    • Duplicate NOC - To issue a duplicate of your No Objection Certificate, for whatever reasons, you will need to pay your lender a certain fee
    • Post-Dated Cheque Charges - Payments made using post-dated cheques will be charged with post-dated cheque charges. Post-dated cheques are those in which the date mentioned is subsequent to the date on which it was drawn.

     

    Foreclosure Charges 

    The table below shows the list of foreclosure charges involved in Tata Capital business loans for women -

     

    Type of Fees

    Applicable Charges

    Foreclosure Charges

    4.5% on the future Principal outstanding on existing loan + GST

    No foreclosure allowed for the first nine months

    Foreclosure Charges for Top-up

    2.25% on the future Principal outstanding on existing loan + GST

    Foreclosure charges shall be levied only if new rate is lower than the existing rate

    Foreclosure Charges in CCOD Cases

    4.5% on the Dropped Down limit amount + GST

    No foreclosure is allowed for the first nine months

    Foreclosure Letter Charge

    Soft Copy – Nil

    Branch Walk-In – Rs. 199 + GST

     

    Business loans for women involve the following types of foreclosure charges -

    • Foreclosure Charges - The charges levied at the time of loan pre-payment, either in part or in full, are known as foreclosure charges. Such charges are not levied on loans taken with floating interest rates. 
    • Foreclosure Charges for Top-Up - The charges levied at the time of pre-payment of loan top-up taken over n above the existing loan are known as foreclosure charges for top-up. Such charges are only levied if the new interest rate is lower than the new rate of interest. 
    • Foreclosure Charges on CCOD Cases - The charges levied on the pre-payment, whether in part or in full, of loans taken under flexible funding options such as Cash Credit or Overdraft are known as foreclosure charges on CCOD cases.
    • Foreclosure Letter Charge - Your lender will issue a foreclosure notice or letter to notify you of missed EMI payments. The issuance of such a letter will be charged with foreclosure letter charges. 

    How to Apply for Business Loan for Women

    With Tata Capital, you can apply for business loans for women using any of the following four methods -

    • You can apply online via our website and have your loan approved almost instantly 

    • You can call on our customer care number at 1860 267 6060, open from 9am to 8pm Monday to Saturday. You can even request a call back

    • You can even apply via our 24/7 virtual assistant TIA 

    • You can also physically visit any of our nearby branches and talk to one of our lending experts

    FAQ

    When it comes to business loans, women have been a distinct minority. But, not anymore! To spur the growth of entrepreneurial initiative among women and to push them towards financial independence, exclusive business loan schemes are offered to women.

    You can apply for a business loan for women in the following ways, depending on the options available to you –

    • Online – Apply for a business loan for women through your lender’s website

    • Phone - Call on your lender’s customer-care number and talk to their relationship managers

    • Email – Mail your request to your lender’s customer support mail address

    • Virtual Assistant – Avail your lender’s 24x7 virtual assistant feature to place a query

    • Offline – Have a one-on-one with your lender’s lending experts by visiting a nearby branch

    To avail a business loan for women, you must meet the following minimum eligibility criteria –

    • Your age should be between 25 to 65 years

    • You should be the owner of a business that has been profitable for three consecutive financial years

    • Your company’s turnover should show an upward graph

    • You should have a CIBIL or credit score of 700 or above

    • Your company’s balance sheet and Profit and Loss accounts must be audited by a registered Chartered Accountant

    If you still have doubts read more about eligibility for business loan for women

    The following basic documents are required to apply for a business loan for women –

    • Duly filled business loan application form with two passport-sized photographs

    • Copy of Photo Identity Proof documents – Passport/Voter ID/Driving License/Aadhaar Card

    • Copy of certified bank statements for the last six months

    • Documents of Business Proof – Trade License/Establishment/Sales Tax Certificate, Sole Proprietorship Declaration or certified copy of the Partnership Deed, documents of business ownership, Income Tax Returns (ITR) with computation for the last two years, P/L Profit/Loss account statements and balance sheet for the past two years

    Learn more about the documents required for business loan for women

    The following fees and charges are involved while applying for business loan for women –

    • Processing fee to be paid at the time of loan application processing

    • Foreclosure charges for repayment of your loan before its tenure

    • Document processing charges

    Learn more about our fees and charges for business loan for women

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