Gone are the days when the women of our country were only limited to kitchen and homes. Now they are coming forward and competing with men in almost every sphere of life, including entrepreneurship. Seeing women taking up this challenge of running a business, many lending institutions have also come forward to aid them. They are offering business loan for women to help them take their business to new heights.
Being a city with rich cultural heritage, Jaipur has witnessed a significant increase in women-owned businesses in a past few years. The main reason behind this is the availability of several supportive governmental schemes. The biggest challenge faced by small business owners including women entrepreneurs in Jaipur is the lack of availability of funds to sustain or expand a small business.
Nonetheless, many lending institutions are offering business loans in Jaipur for women entrepreneurs to help them meet their working capital needs. These business loans are helping the women to turn their dream of owning a successful business a reality.
Many banks are offering various small business loans in Jaipur for women entrepreneurs. In fact, there are many MSME loan schemes which are specially framed for them. However, a major problem here is that the banks usually offer collateral business loan in Jaipur. And the women owners usually look for a collateral-free business loan as they could not produce an asset as collateral.
As a savior, many NBFCs offer unsecured business loans to women entrepreneurs. These NBFC business loans are proved to be beneficial as they offer relaxation in terms of collateral security, low interest rates, and easy terms and conditions.
Now, let’s answer to the frequently asked question of how to apply for a business loan. Just follow the below mentioned steps to avail a business loan in Jaipur with ease.
Apply for a Business Loan
The first step is applying for a small business loan in Jaipur. To help women entrepreneurs to focus on their business, many lending institutions these days are offering online business loan application process. You can simply apply for a business loan online on the lender’s website or through their mobile application.
Applying for a loan for business without security does not limit to just completely filling the application form. But you are also required to read all the terms and conditions laid by the lender. Here, you are required to consider a few important things:
- Business Loan Interest Rate
- Repayment Tenure: most lenders offer flexible repayment period and you can choose the one that suits your pocket.
- EMI: EMI amount would depend on the repayment tenure.
- Prepayment Charges: If you have any unexpected cash inflow in future and wish to repay the business loan partially or completely before its tenure, know the penalty levied on the prepayment of the business loan.
In case you do not understand any term or condition completely, ask the lender to explain it in detail.
Submit the Required Documents
After applying for a small business loan, submit the required documents. Noteworthy, every lending institution requires a list of documents along with a business loan application. You can look for a lending institution which offers collateral-free business loan in Jaipur with minimal documentation.
Wait for the Approval
The business loan approval process includes checking the creditworthiness of the borrower. Most lending institution calculates the creditworthiness of the borrower on the basis of their CIBIL score. A 700+ CIBIL score is said to be an ideal one.
Business Loan Disbursement
Once your small business loan application is approved, the sanctioned business loan amount would be disbursed in a few working days after you sign a contract with the lending institution.
The women-owned businesses have generated more employment opportunities and have also become a reason for the development of Indian economy. The loan for a woman-owned business in Jaipur are helping the women entrepreneurs to turn their dream of running a successful a reality.