How Quickly Can a Woman Get a Business Loan In India?

How Quickly Can a Woman Get a Business Loan In India?

Women in this age have shown path-breaking results being entrepreneurs. Female business leaders are increasing with time and taking crucial places by breaking the glass ceiling of societal norms. Some influential female entrepreneurs like Indra Nooyi and Falguni Nayar have curved footsteps for womens all over the country. They have eased the path to a bright future for aspiring women entrepreneurs to follow their dreams.

Their progress has inspired many, but still there is a long way to go. One of the most crucial struggles for women entrepreneurs is that they have  to fight through the stereotype that continues to exist. Women leading a path of business is not at all a cakewalk as it needs constant diligent effort. However, many schemes aim to encourage and assist women-led companies.

Several loan providers have come up to show their support in making it easy to avail  business loans for women in India.   So, are you an aspiring businesswoman looking for fund coverage for your business expansion? Then you should log in to the Buddy Loan website to get an instant personal loan for your business expenses. 

As we know, the biggest hurdle for any new entrepreneur is facing business financing. This article will help you understand how women entrepreneurs  can expand their flourishing businesses as you read about it in detail. 


1. Credit score improvement 

While providing a loan application to a lender, the lender first looks at your credit score. The credit score is analyzed to understand one credit worthiness. These credit scores are used to indicate how well you will recoup the loan amount.

Therefore, women searching for business financing should take conscious steps to improve their credit scores. Because improving credit score improves one’s chance of getting quicker loans. There are several ways mentioned below to improve your credit score.

  • Building credit history by utilizing various credit options.
  • Repaying your debts on the stipulated time.
  • To create a long credit history, one should keep old credit cards.
  • Ensure to repay your loans on time.

A credit score is important as every lender will rely on your credit report before providing any loan. However, if you are planning to build a credit score, it can take time, but the constant effort will serve the purpose of getting a loan. 

2. Ensure an established business

A lender will also analyze your business status as an applicant. Along with evaluating your business, they will also make sure your business’s finances are in the right place. Therefore, you must ensure you have fulfilled the following criteria to apply for a business loan. 

  • How has your business been running l for a long time?
  • What is the monthly or yearly turnover of your business?
  • Is your business running in profit? 

To understand if you fulfill the basic criteria for a business loan, you can follow the table below for reference. 

Eligibility criteria for a self employed individual 

  • Identity proof – PAN card/ Adhaar Card/ Driving License,Passport. 
  • Address proof – Aadhar Card/ Water bill/ Passport 
  • Income proof –   Salary slip for one month

                           -Bank statement for the past three months

                                       -ITR returns for the past three months

                                       -Profit & Loss Statements for the last three years audited by C.A 

So, if you fulfill all the criteria, then you have constructed an established and trustworthy business. But if your business is new, make sure you work to meet the basic requirements. Planning out a feasible strategy should help you establish a strong business.

3. You can search for women-specific business loan offers 

Many financial facilities are available to cater to the specific business needs of women entrepreneurs. The main aim of providing these loan amounts is to encourage women to expand their businesses and promote entrepreneurship. 

These kinds of loans provided to women prove that time has changed, and urgent calls should be taken to encourage women towards development and financial independence. The government offers major schemes such as Annapurna Scheme, Stree Shakti Yojna schemes and , etc. Also, there are other ways to have fund coverage for business expenses. One  of them is opting for assistance from third-party loan aggregators like Buddy Loan, as they help you get a loan at the best interest rate.

End note 

There are various ways to get business loans for women in India for women entrepreneurs to promote their businesses. Suppose you are not provided with the loan as your application might not be accepted. In that case, you should improve your application by following the tips mentioned in the article above. 

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