How business loans are working towards women empowerment?

by Finway FSC Empowering People Financially

Women empowerment has been a common theme over the last decade. With the rise of feminism all over the world, more and more women have started stepping into the business domain and are getting success. This sudden rise of women entrepreneurs has brought great diversity into the business fields and has opened new avenues for innovation. Seeing this positive change and wanting to encourage more women to actively participate in building the country’s economy many government and private banks have eased lending policies for women. There are even certain government schemes that encourage women to become entrepreneurs.

Regardless of gender, if you want to take your business forward, you’re going to have to take a business loan in Delhi or any other city where you reside in. This is where NBFCs come into play. They disburse the loan quickly and efficiently and often at lower interest rates compared to conventional banks. You can either take a loan against property or you can go for unsecured loans as well. Let’s take a look at some of the advantages women get when it comes to borrowing business loans.

Disbursement of larger loan amount: The great news for aspiring women entrepreneurs is that the maximum loan amount they can withdraw goes up to 30 lacs. With such a substantial sum of money, they can not only start their own business, but they can start their business with the latest, state-of-the-art machinery and equipment that is necessary for a modern day business to bloom.

Flexible repayment structure: Another benefit that women get in repayment that might encourage them to take the business loan in Delhi is that the lending institutions allow a longer tenure for repayment, ranging between 12 to 96 months. Also, no collateral is required for the disbursement of loans in case of women entrepreneurs.

Easy approval and quick disbursement: It has been found that for women entrepreneurs, the loans can be approved as swiftly as 24 hours from the time of application. Quick disbursement of loans is especially necessary if someone is already running a business and needs money for an immediate financial need.

Alterable loan facilities: Women these days are getting great flexibility when it comes to the repayment of loans. To encourage these aspiring entrepreneurs, all restrictions have been lifted from the amount to be withdrawn and interest is charged only on the amount withdrawn and not on the entire loan.

Easy Documentation: One of the most dreaded steps in a loan approval process is documentation. But unlike other loans, when the loan is being given to a businesswoman, the process is relatively lenient and only a couple of documents are required – as is the case with loan against property in Delhi or other metro cities in the country.

With all these advantages, women should try to enter the business milieu more and take advantage of this favourable situation. The more diversity we have in the industrial sphere, the better it is for business.