Contribution of women in the business sector is increasing rapidly in India. Now they are running successful businesses. Also, if you are planning to start your own business then the first thing that you should consider that is to take a loan that fulfills your business needs. Here I am sharing some good options to take small business loans for women entrepreneurs.
Loans Provided by Public Sector Bank
Public sector banks provide small business loans for women with lower interest rates but the process of taking loans from these banks is a lengthier one. To avoid any kind of hurdle you should prepare your document file according to their requirements in advance. They will lookout your application and will provide you funds once approved. Here I am sharing some major public sector banks that are providing small business loans for women entrepreneurs.
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Indian Overseas Bank
- Central Bank of India
- Punjab & Sind Bank
- UCO Bank
- State Bank of India
Loans Provided by Private Sector Bank
Private sector banks are a very good option to get the funds as they are having a transparent and easy process to disburse the loan. You should submit the required documents and the idea of business and they will fund your business once approved. Here I am sharing some major private sector banks that are providing small business loans for women entrepreneurs.
- Development Credit Bank
- Axis Bank
- HDFC Bank
- IndusInd Bank
- ICICI Bank
- Yes Bank
- Kotak Mahindra Bank
Government Schemes
State governments as well as the central government are running multiple funding schemes and plans to encourage young women to develop their own business. You can contact your local government employment office to get the latest offers and schemes. You can apply for the one and will get the funding once they approve your application.
Others
There are multiple funding organizations that are helping young ladies to develop their businesses. These include NGOs and financial service providers that provide loans but with higher interest rates. So, you should be very careful while choosing this option and choose the best one by comparing options.