Starting a new business is never easy, specifically for women entrepreneurs in a country like India. Despite the rising trend of women entrepreneurs in India, they still face several challenges, chief among them being access to funding. Most conventional lending institutions still view women as risky borrowers and tend to reject their loan applications. However, emerging alternative finance companies can offer startup loans for women, enabling them to break the barriers to funding.
The State of Women Entrepreneurs in India
Over the past decade, India has witnessed an unwavering surge in the number of women breaking through the constraints of societal stereotypes to emerge as entrepreneurs. As per the latest figures, a staggering 8 million visionary women have donned the mantle of entrepreneurship, constituting a formidable 14% of the nation’s entrepreneurial landscape. Despite these inspiring numbers, women entrepreneurs continue to grapple with the acute challenges of securing startup loan for new business.
The Need for Startup Loans
For any business, getting adequate financing is the key to success. However, raising initial capital is often the biggest hurdle that entrepreneurs face. Women entrepreneurs often face difficulties in raising capital due to various reasons like lack of property ownership, societal stereotypes, or lack of knowledge about financing options. This is where SMFG India Credit, a Non-Banking Financial Company(NBFC), can help.
SMFG India Credit and Startup Loans for Women Entrepreneurs
SMFG India Credit is committed to empowering women entrepreneurs by providing flexible and customized startup loans. These loans are designed to help women overcome the challenges they face in securing business funding. With loan amounts ranging from Rs 50,000 to Rs 50 lakh, SMFG India Credit’s startup loans are ideal for small and large businesses.
Features of SMFG India Credit’s Startup Loans for Women
SMFG India Credit’s loan for women in India comes with several features. These features make the loan for women entrepreneurs more practical. Below are the features:
Collateral-free Loans
Collateral-free startup loan for new business for women entrepreneurs means that women entrepreneurs don’t have to worry about pledging their assets to secure loans. This feature makes these loans accessible to a larger group of women who might not have owned properties or have limited assets.
Easy Application Process
SMFG India Credit understands women’s challenges in navigating the procedural complexities of loan applications. Hence, the application process for startup loans is straightforward and hassle-free. Women can apply for loans online through the SMFG India Credit website, and the loans can be disbursed in 72 hours.
Customized Solutions
The customizable solutions for women entrepreneurs are meant to ensure that their financial needs are fulfilled according to their business needs. These customized solutions can include an extended repayment period, flexible interest rates, or partial prepayment options, among others.
Quick Disbursement
The quick loan disbursement to ensure that women entrepreneurs can access the funds they need timely. This can help entrepreneurs overcome their financial challenges and stay ahead in their business journeys.
Flexible Repayment
Every business venture is unique and requires customized repayment solutions that align with the business’s cash flow. With flexible repayment, women entrepreneurs can choose from various repayment options, including EMIs, variable payments, or even bullet payments, to match their cash flows.
Insurance Coverage
Startup loans generally come with optional insurance coverage that protects borrowers from unforeseen circumstances such as disability or loss of life. The insurance coverage ensures that the borrower’s outstanding loan amount is settled without putting undue burden on the family or the business.
Preferential Interest Rates
SMFG India Credit offers preferential interest rates to women entrepreneurs who meet specific eligibility criteria. These rates reflect the NBFC’s commitment to empowering women entrepreneurs, enabling them to overcome the various roadblocks they face.
Comprehensive Advisory Support
SMFG India Credit provides advisory support to women entrepreneurs who are seeking loans for women in India. It is to help them make informed financial decisions. The support includes various aspects such as business planning, financial forecasting, and budgeting. This support can help women entrepreneurs better understand their business finances and make informed business decisions.
Personalized Relationship Management
The relationship managers will work closely with women entrepreneurs, providing personalized attention to ensure they get support throughout their journey. The relationship managers work with the entrepreneurs to understand their business needs thoroughly and develop customized solutions that align with their goals.
Conclusion
SMFG India Credit offers business loan for women in India to promote entrepreneurship. It offers practical solutions to the challenges women entrepreneurs face in accessing funding. With collateral-free loans, a straightforward application process, customizing solutions, and quick disbursement,. This has paved the way for women entrepreneurs to access financing on their terms. As a leading NBFC, SMFG India Credit is committed to helping women entrepreneurs achieve their business goals.
