BharatiyaMahila Bank Business Loan:
The Bharatiya Mahila Bank Business Loan is a assistance for growing women entrepreneurs planning to launch new ventures in the areas of the retail sector, loan against property, SME loans and MICRO loans.
The highest loan amount under this scheme goes up to Rs. 20 crores in case of manufacturing industries and 0.25% extent of concession is available on the interest rate. Usually interest rates range from 10.15% and more.
Moreover, for Small Enterprises and Micro Enterprises (CGTMSE) under the Credit Guarantee Fund Trust, there is no necessary of collateral security for up to Rs. 1 crore loans.
Eligibilty for BharatiyaMahila Bank Business Loan:
- Minimum 2 years of work experience. In case of self employment, Minimum two years of business continuity.
- 21 years of minimum age and 60 years of maximum age (loan completion age).
- Take home income of minimum Rs. 25,000/ month.
- Co applicant applicable in case of LAP & HL, Parents/ Spouse/ Children
BharatiyaMahila Bank Business Loan EMI Calculator:
Equated Monthly Instalment well known as EMI, is the maturity breakdown value of the loan that the borrower is responsible to pay to the lender. This amount is the combination of both Principal amount and interest amount.
Though the complex formula is used for the calculation but can be computed soon using the EMI calculator. To know you’re EMI, feed the necessary information like tenure, loan amount and the interest rate in the calculator.
List of Documents Required for BharatiyaMahila Bank Business Loan:
- Identity Proof as any one of the following
- Voter ID Card
- Driving License
- PAN Card
- If a company, signature identification from present bankers of partner, proprietor or Director.
- Residence Proof:
- Recent telephone bill
- Electricity bill
- Property tax receipt
- Voter ID Card of partner proprietor or Director
- Business Address Proof
- Minority Proof
- Balance Sheets of last three years of the units including sales/ income tax returns etc.
- Memorandum and association articles of the Company or Partnership Deed of Partners etc.
- Assets and statement of liabilities of guarantors and promoters along with latest returns of income tax
- If on rent, Rent Agreement and pollution clearance from board of pollution control if applicable
- MSME/ SSI registration if applicable
- Projected balance sheets for next two years
- In case of advances takeover, sanction letters of service es being received from Financial institutions or existing bankers including detailed terms and conditions
- Photocopies of title deeds/ lease deeds of all the properties being offered as collateral and primary securities
- Position of all accounts (in case of any takeover)
- If applicable, Manufacturing process details
Benefits of Bharatiya Mahila Bank Business Loan:
- Combo of term loan and working capital
- 25% concession in interest rate for women entrepreneurs
- Flexible repayment term which last up to seven years
- No guarantee required for the loan up to Rs. 1 crore.
Bharatiya Mahila Bank Contact Number: 011- 47472100
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