India held a poor rank so far as the entrepreneurship aspirations for women and the ecosystem for women entrepreneurship were concerned, until a crucial mandate in the National Policy for Skill Development and Entrepreneurship in 2015 facilitated the provision of business loans for women who wish to run their own businesses. Businesswomen can avail loans across a variety of industries. Here are some of the loans that can be availed by aspiring businesswomen.
Women who would like to open and operate their own beauty parlours, spas or salons in India can take out a loan for the same. Loans are granted for the purchase as well as construction of spas, salons and parlours. In addition to the place of business, the loan can also be used to purchase equipment and tools that are needed to run the business. Funds can also be utilised for meeting daily expenses. The minimum age requirement for a Beauty Parlour Personal Loan is 20 years and the maximum is 60 years. There are schemes that grant loans without collaterals and repayment terms differ from bank to bank, as do the interest rates.
Women who wish to start their own restaurants or food catering businesses can get started with the help of special business loans that are designed especially to assist you in living your dreams. Whether it’s a proper restaurant or a simple lunch or tiffin business, women entrepreneurs who are above 18 years of age and under 60 years can apply for business loans without having to put up any collateral. The tenures are considerably long and the rates of interest on offer are also attractive, making it easier for women to now become their own bosses.
The establishment of child day care centres and preschools is now a lot simpler for women thanks to business loans designed for this specific purpose. The funds can be used to set up the nursery as well as purchase the required equipment. The minimum age for women who seek a similar loan should be 21 and the maximum is 60.
Small and medium sized businesses owned and operated by women have received a new boost so that term loans and capital can be accessed by service providers, manufacturers and traders to better help women entrepreneurs thrive in their field. The tenure for SME Loans is usually quite high in comparison with other loans.
Women between 21 and 70 years of age can take out business loans against property at concessional interest rates. These business loans for women are usually extended in the form of overdraft facilities or term loans for businesses owned and operated by women in India. The loan amounts offered by banks differs based on what kind of industry they operate in, viz. service, manufacturing, corporates, etc. The interest rates on these loans are considerably low with relatively long repayment periods.