Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Personal Loan BYTES FROM OUR KITCHEN

    Start-up Business Loans for Women in India

    Women-owned business start-ups have picked up popularity in the country in the last couple of decades. Although majorly related to service sector, growth and emergence of women-owned businesses is making a great contribution towards the country’s economic development. Apart from bringing on economic independence, these women-led businesses also created job opportunities for many. Women entrepreneurs, however have to struggle a lot to get business funding.

    Female entrepreneurs need to have adequate information about funding schemes and sources of the schemes to avail a business loan. Lack of financial support and knowledge of funding schemes is the main obstacle in starting up a business. Indian nationalised banks have started many attractive lending schemes for female entrepreneurs. The lending schemes have been initiated in an attempt to promote entrepreneurship among women. Women seem to less likely to default. They are also known to be more careful with their business with relatively lower chances of failure. Many funding schemes meant exclusively for women offer collateral security with interest rates ranging from 0.25% to 1%. Some banks such as Canara Bank and State Bank of India have exclusive cells for women entrepreneurs. These cells provide consulting, counselling, training as well as offer avenues for marketing or showcasing their products.

    There are various banks offering loans exclusively meant for women entrepreneurs. However it is important to a well-informed decision by understanding all calculations and clauses of lending schemes being offered by different banks. Some of the online business loans for women in the country are:

    Annapurna Scheme

    This scheme is meant for women entrepreneurs who are involved in partnership firms and individual businesses. Annapurna scheme offers financial support to women business owners who want to start a food catering business. According to this scheme, a composite term loan can be availed for up to a maximum of Rs.50,000. The maximum loan tenure for this loan is 36 months with a one month moratorium period. Annapurna Scheme can be obtained for generating working capital for buying kitchen equipment, utensils, water filters and other equipment needed for catering business. The interest rates towards this loan is available at prevailing market rates. A guarantor is needed when taking this loan and the woman entrepreneur is required to submit assets to the bank as collateral in order to secure the loan.

    Stree Shakthi Package

    The Stree Shakthi Package for women is for women who want to start small businesses and have 50% ownership in the firm. Only women who have pursued the EDP (Entrepreneurship Development Programmes) conducted by state level agencies are allowed to apply for this loan. The Stree Shakthi Package for Women Entrepreneurs offers all kinds of assistance required for starting a business. For loans higher than Rs.2 lakh, a concession on interest rate of up to 0.50% can be obtained.

    Dena Shakti Scheme

    The Dena Shakti Scheme offered by Dena Bank is for women who want business loans to be utilised in the agriculture, manufacturing sector as well as allied activities. This scheme promotes female entrepreneurship enabling women to avail financial services from the bank. Under this scheme, a concession of 0.25% is applied on the interest rate. The Dena Shakti Loan can also be utilised by owners operating micro-credit stores, retail stores or even small enterprises.

    Cent Kalyani Scheme

    Female entrepreneurs can avail the Cent Kalyani Scheme from Central Bank of India, where financial aid is provided for setting up a new business. This scheme is meant for experienced as well as new business owners, self-employed and professionals. This business loan for women can also be applied for, by owners of small scale industries, retail traders, cottage industries or women engaged in agricultural and allied businesses.

    Udyogini Scheme

    A Punjab and Sind Bank initiative, the Udyogini Scheme’s objective is to promote female entrepreneurship. This scheme can be availed at easy terms and affordable interest rates online. Using this loan, women owners can start business enterprises, agricultural set-ups as well as small scale industries. Self-employed female entrepreneurs and retail traders can also apply for the Udyogini Scheme.

    Mahila Udyam Nidhi Scheme

    The Mahila Udyam Nidhi Scheme or MUN is provided under Small Industries Development Bank of India. Under this scheme, women entrepreneurs can get maximum financial support of up to Rs.10 lakh for the purpose of establishing new industrial venture in the small scale sector.

    Aside from the encouraging fact that these lending schemes greatly encourage and support women, many are still unable to take advantage of these exclusive loans. This is due to lack of knowledge of the existence of these schemes and its features. Becoming a part of a woman’s network can prove helpful in availing these women-centric loans. Microfinance institutions, NGOs, government schemes and self-help groups can help women in interacting with fellow female entrepreneurs, enabling them to learn from their experience.

    Personal Loan Reviews

    • Axis Bank Personal Loan
      "Excellent service"
      0.5 4.0/5 "Great!"
      I have applied for Axis Bank Personal Loan through online .The agent clearly explained the process of the loan.The rate of interest was as ok and the processing fee was also ok. while submitting the documents not yet faces any issues .The documentation part was more.The loan amount got on time .The loan amt was sufficient s well .The Overall Service is Good.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 24, 2019
    • Bank Bazaar Personal Loan
      "Excellent service"
      0.5 4.5/5 "Excellent!"
      I came to know about Bank bazaar through advertisement only.Then i have checked for credit score .Bank bazaar is providing very good service as of now need to avoid calling the same person frequently.Then i have tried to apply for Tata Capital Personal loan .The agent clearly explained the process of the loan and not yet faced any issues as of now.The rate of interest was little bit high and the processing fee was acceptable .The Overall Service is Good .
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 24, 2019
    • Tata capital Personal Loan
      "Excellent service"
      0.5 4.5/5 "Excellent!"
      I have applied for Tata capital Personal Loan.I have not faced any issues. The rate of interest was littile bit high and the processing fee was little bit acceptable.The agent clearly explained the process of the loan.I have not faced any issues till now .The Overall Service is Good and satisfactory .
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 24, 2019
    • Bank Bazaar Personal Loan
      "GOOD PORTAL TO USE"
      0.5 4.0/5 "Great!"
      It is the first time experience with the Bankbazaar.com and i had a very good experience also i am using it through the mobile application as the application is user friendly and convenient to access. The customer service is very good and responsive. by explaining the details of the loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 24, 2019
    • ICICI Bank Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have been using the personal loan with the ICICI since from last few years the loan amount with them was good also the documentation process was simple and it was hassle free to use. The rate of interest with this nominal added on that the service is very good with this bank.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Mar 24, 2019
    • ICICI Bank Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have taken the personal loan with the ICICI BANK the loan amount with this bank what they have offered was satisfactory. The rate of interest with this bank was nominal also i am using it since from last one year and it is good to use.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Mar 24, 2019
    • Bank Bazaar Personal Loan
      "ONE STOP SOLUTION"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com i have been using it since from last few months and i have a very good experience i have been using it through the mobile application as the application is user friendly also it is convenient to access. The customer service is good and they are responsive.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Mar 24, 2019
    • IndusInd Bank Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      There is no particular reason for taking the personal loan with the INDUSIND BANK. The loan amount was good and the rate of interest was 10.5% which is nominal when compared to the others. The documentation process was easy and it is comfortable.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Mar 24, 2019
    • Bank Bazaar Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I came to know about Bank bazaar through online only .The Bank bazaar is the only online website giving all details about the banking products .I have applied for Tata Capital Personal Loan and not yet faced any issues .The agent clearly explained the process and not yet faced any issues as of now.The Overall Service is Good.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 24, 2019
    • Tata capital Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have applied for Tata capital Personal Loan. No clue on the rate of interest and charges levied by them,The agent clearly explained the process .I have not faced any issues till now .I have cancelled the plan of taking the personal loan since not require the personal loan .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 24, 2019
    • Kotak Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      The reason for taking the personal loan with the KOTAK MAHINDRA BANK is i am an existing customer customer with this bank. The loan amount was good also the rate of interest was 11.5% with this loan and the duration is for 48months for repaying he loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 24, 2019
    • Bank Bazaar Personal Loan
      "USER FRIENDLY PORTAL TO USE"
      0.5 5.0/5 "Blown Away!"
      It is the first time experience with the Bankbazaar.com and i had a very good experience with the Bankbazaar.com. I am using it through the mobile application as the application is user friendly and convenient to access. The customer service is very good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 24, 2019
    • Early Salary Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      It is the best loan that i have taken with the EarlySalary when compared to the other so i have taken this loan. The documentation process was simple and and also i got a loan within a day after the documents. The loan amount was lesser with this loan as they have given also the rate of interest was lesser.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 24, 2019
    • HDFC Bank Personal Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      I have applied for the personal loan with the HDFC BANK and have been using it since from last few years and the documentation process was simple and it is easy procedure to get the loan. I got the loan within 10-15 days with this bank. The rate of interest was lesser with 11.5% with 4 years of duration.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 24, 2019
    • Bank Bazaar Personal Loan
      "USER FRIENDLY PORTAL TO USE"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com i am using it from last one year and i have a good experience and i am using it through the mobile application as well as the website both are easy and user friendly portal to access. The customer service is good and they are responsive.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 24, 2019
    • Early Salary Personal Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      The loan amount was lesser along with that it is with lesser duration which is comfortable so taken the personal loan with the EarlySalary. The documentation process was simple and the documents collected at the doorsteps. I got the loan within 8-10days with this loan also, the loan amount is good with 12-13% of rate of interest.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 24, 2019
    • Axis Bank Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have applied for the consumer durable loan with the AXIS BANK they have offered with the good loan amount also the documentation process was simple to get the loan. I have taken the MOBILE PHONE with this bank, the duration for repaying the loan is for 9 months.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 24, 2019
    • Bank Bazaar Personal Loan
      "CONVENIENT PORTAL"
      0.5 4.0/5 "Great!"
      Bankbazaar.com this is the first time experience as i have been using it through the website the portal is convenient also it is user friendly to access.The customer service is good and also they are good by explaining the details of the loan.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 24, 2019
    • Early Salary Personal Loan
      "AVERAGE"
      0.5 4.0/5 "Great!"
      The documentation process was good with the EarlySalary where i have applied for the personal loan. The loan amount was good also the processing fee was nominal. The rate of interest was higher with this loan when compared to the other loans.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 24, 2019
    • Early Salary Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have applied for Personal Loan Early Salary. The agent clearly explained the process .The rate of interest was nominal and the processing fee was nominal. I have got loan amount on time .The loan amount was sufficient and not yet faced any difficulties.The Overall Service is Good and Satisfactory .
      Was this review helpful? 0
      , gurgaon
      Reviewed on Mar 24, 2019
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