Schemes of Bhartiya Mahila Bank Business Loan

Bhartiya Mahila Bank (BMB) is offered by the State Bank of India (SBI). However, the interest rates on business loans provided by BMB are at the sole discretion of SBI and RBI, respectively. BMB provides banking and financial services as well as growth opportunities for women-owned and operated companies throughout India. Let’s look at the different loan forms that Bhartiya Mahila Bank business loan offers under the CGTMSE scheme.

Bhartiya Mahila Bank Business Loans Offered by CGTMSE Scheme

• BMB Shringaar – Loan For Beauty Parlour/Saloon/Spa
• BMB Annapurna Loan – Loans for Food Catering
• BMB SME Easy – Loans For Small and Medium Enterprises
• BMB Parvarish – Loan For Day Care Centre

Loan Types	BMB Shringaar Scheme	BMB Annapurna Scheme	BMB SME Easy Scheme	BMB Parvarish Scheme
Age Criteria	Minimum-20 years Maximum- 60 years	Minimum- 18 years Maximum- 60 years	As per the terms and conditions	Min.- 21 years Max.- 55 years
Repayment Tenure	Maximum of 7 years	Maximum of 3 years	Maximum of 7 years	Maximum of 5 years
Collateral	Not required	Not required	Not required – Maximum of Rs. 1 cr	Not required
Purpose of Loan	Need for purchase and construction of shop purchase of tools and equipment	Need for assisting women to establish food catering unit for selling tiffins/lunches	Need for traders, services, and manufacturers (Max. loan amount of up to Rs. 20 cr)	It helps to assist women to establish a Child daycare center, for the purchase of utensils/equipment, etc.

Documents Required for Bhartiya Mahila Bank

Listed below are the documents required by the bank for providing BMB Business Loans to women entrepreneurs:

Employment	Identity Proof	Address Proof	Income Proof
For Salaried individual	Submit: PAN Card, Voter’s ID card, Driving License, Valid Passport	Utility Bill: Telephone bills, Electricity bill, etc., Passport, Aadhar Card, Property Tax Bill	Salaried individuals must be last 3 months’ salary slips, the last 6 months’ bank statement, latest Form 16
For Self-employed professionals	Submit: Voter ID of Business owner, PAN card, Aadhar Card,	It must be: Valid passport, Property tax bill, business address proof, property lease document, sales deed, etc	Submit: Profit and loss statement, last 6 months’ bank statement, last 2 years ITR, Current account statement, debt information, if any, credit card usage, etc.

Additional Documents for Self-employed

Certification of employment or Continuation of Organization

• Paid certification: Last year’s appointment letter
• Self-employed: Income tax or ITR for the previous two years

Documents Required

• Property under Construction: A letter of assignment, a certificate of proof of payment for the property, and other fees.
• Documents required: A document specifying the sold land, parent papers, the property tax paid survey, and recent EC
• Sale deed paper, Parent document, Khatha (7/11 extract) for plots and self-made properties.

How to apply for Bhartiya Mahila Bank Business Loan with Afinoz?

Listed below are the essential steps that involved in the application process for Bhartiya Mahila Bank Business Loan with Afinoz:

Step 1: Go to Afinoz.com to look over and compare Bhartiya Mahila Bank loan options.

Step 2: Fill out and submit the loan application form for the appropriate scheme.

Step 3: Send the documents with the loan application to the bank for verification.

Step 4: The bank will accept the loan after verification.

Step 5: Once the loan is accepted, the bank will pay the borrower the loan amount.

Bhartiya Mahila Bank Business Loan EMI Calculator

The Equated Monthly Installment, or EMI, is a breakdown of the loan’s maturity value that the borrower is responsible for paying to the lender. This amount is made up of the principal as well as the interest. Though it is measured using a complicated formula, the Business Loan EMI Calculator makes it simple to measure.

The Interest Rate of Bhartiya Mahila Bank Business Loan

• The interest rate on a Bharatiya Mahila Bank Business Loan ranges from 10.15% to 13.65% per year.
• The maximum business loan sum offered by Bharatiya Mahila Bank varies depending on the type of borrower.
• Maximum of Rs. 5,00,00,000 for service businesses and retail traders.
• Maximum of Rs. 20,00,00,000 for manufacturing companies.

Why Bhartiya Mahila Bank Business Loan?

• Instant Approval: Your e-approval will be granted within 2 to 3 days after you submit your completed application form along with valid documents.
• Checking your eligibility online – You don’t need to go to the bank to verify your eligibility with Afinoz. Simply follow a few easy steps, including some basic details, and the Afinoz online personal loan eligibility calculator will tell you the amount of loan you are eligible for.
• Real-time application tracking- A unique transaction Id is created when you submit your loan application on the Afinoz platform. You will use this to keep track of the status of your loan application in real-time. Additionally, you will be updated on the progress at – stage via SMS and email.
• 24×7 Customer Service- If you have a question or need financial advice at any point during the application process, our knowledgeable customer service team will be available to assist you 24×7. As a result, there is no need for you to return to the bank on several occasions to negotiate loan details with the bankers.

Conclusion

Bhartiya Mahila Bank offers the best way to get a business loan at a low interest rate. You can also check out the eligibility criteria, schemes, and essential documents required. If you need to get an instant solution for starting your business compare and select the best business Loan in India.

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