Did you know these essentials of Bhartiya Mahila Bank Business Loan?

Bhartiya Mahila Bank was brought into force with the aim to promote the economic odds for women and establish the path towards economic empowerment. The Bank offers Business Loan up to Rs. 20 Crores to the manufacturing enterprises. 

Besides, BMB also offers special Business Loans with an appealing interest rate and one can also avail of the collateral-free Business Loan up to Rs. 1 crore under the CGTMSE scheme. Read on the post to perceive the most essential details of the Bhartiya Mahila Bank Business Loan. 

Bhartiya Mahila Bank Business Loan Details – Highlights (2021) 

With the following table, you will get an idea of what Bhartiya Mahila Bank Business Loan offers. Take a look: 

Type	Details
Rate of Interest	10.15% p.a. – 13.65% p.a.
Loan Amount (For Retail Trader and Service Entities)	Up to Rs. 5 crores
Loan Amount (For Manufacturing Entities)	Up to Rs. 1 crore
Loan Repayment Term	Up to 7 years
Processing Fees	As per the bank’s terms and conditions

Bhartiya Mahila Bank Business Loan – Features and Benefits 

Below are the main features and benefits of applying for the Bhartiya Mahila Bank Business Loan. Take a look at them: 

• The loan term stands out to be flexible since it can last up to 7 years. 
• You will not be required to pledge any sort of collateral against the loan for the loan amount up to Rs. 1 crore. 
• The women entrepreneurs were offered the concession of 0,25% in interest rate element. 
• A blend of working capital and term loan 

Bhartiya Mahila Bank Business Loan – Eligibility Requirements  

Below we have stated the list of eligibility requirements that if you meet, you can be eligible to apply for the Bhartiya Mahila Bank Business Loan: 

Eligible entities 

• Public and Private Limited Entities. 
• Co-operative Society. 
• Sole Proprietor. 
• Partnership Firms. 

Requirements 

• Minimum take home income should be Rs. 25,000/month. 
• At least 2 years of work experience (for self-employed). 
• At least 2 years of business continuity (for self-employed). 
• Minimum age of 21 years and maximum age for 60 years. 

Bhartiya Mahila Bank Business Loan – Documents Requirement 

Below are the fundamental documents that you will be required to provide at the time of applying forBusiness Loans from Bhartiya Mahila Bank. Take a look at them:  

Income Documents 

Following are the income documents to be submitted along with the loan application: 

For Salaried 

• Proof of Identity 
• Proof of Address 
• Salary slips of past 3 months 
• 2 recent passport-sized photographs 
• 6 months’ salary account bank statement 
• Latest year Form-16. 

For Self-employed 

• Identity Proof 
• Address Proof 
• Past 2 years’ ITR 
• Financial Documents 
• Your current obligations 

Proof of Employment/Business Continuity 

• Form-16 or Appointment letter dated of 2 years or earlier period (For salaried). 
• ITR, Sales or Service Tax registration certificate, dated of 2 years or earlier period (For self-employed). 

Bhartiya Mahila Bank Business Loan – Application Procedure 

You can avail of Bhartiya Mahila Bank Business Loan simply and seamlessly by means of following the below-stated steps. Take a look at the steps to follow so as to attain the best deal: 

Approach the Branch 

You will need to reach out to the closest Branch of Bhartiya Mahila Bank in your locality to apply for a Business Loan. 

Get the Business Loan Application 

Then you need to get the application form from the bank office and have to fill out theBusiness Loan application form in a prescribed format. 

Fill in the Proper Credentials 

You will be required to fill in the Business Loan application form with appropriate details without any mistakes. Key in the following details in the application form. 

• Loan details 
• Date of establishment 
• PAN Card/ Aadhaar Card 
• Phone/ Mobile number 
• E-mail address 
• Type of entity 
• Name, address, and PAN details of entity 
• Enterprise Name and Address 
• Caste Certificate 
• Banking and existing credit details 
• Details of collateral security offered 

Submit the Business Loan Application 

You will need to submit the Business Loan application in the pre-stated format to the concerned bank representative along with all the supporting certificates stated above. 

Attach the Required Documents 

After you have applied, you will be required to link the specified KYC proofs along with the Business Loan application form. 

Note: Do not forget to carry originals of all the relevant KYC documents such as PAN, Aadhaar, etc. for verification objectives.

Conclusion 

To conclude, if you are in need of funds to fuel up your business dream, Bhartiya Mahila Bank Business Loan can stand out in your favour.  

To get further clarity and information on loan for business for women in India? Afinoz India can help you right away. Afinoz is a leading financial marketplace in India offering the best deals on Business Loans, personal loans, and home loans too. 

To apply, all you need is to download the instant loan app from the Google Play Store and apply accordingly.