Women entrepreneurs face a lot of challenges when they enter the world of business. In India, many women come across unwanted and inappropriate situations that come along their way while they set their own enterprise.
These are such challenges that often result in almost a lot of misconceptions. Some of these misconceptions include,
The social attitude and mentality of the Indian patriarchal society. It views a working woman as a big disappointment and disadvantage to the family. In Spite of the fact that today, many women do not think about the restrictions and start working on their own, these are such stigmas that still exist in society. This is a very big roadblock to all the women aspiring to become an entrepreneur.
Looking in the financial sphere, woman entrepreneurs are often brought down by their ability to make decisions. Such exposure, when done constantly, forces a woman to question her ability, which is a very wrong mindset for any successful business person.
The whole ecosystem of startups in India is quite vibrant. Being a developing country, undoubtedly there are enormous opportunities in India. With this, comes the growth potential.
While men rule almost every sector of the world, in each start-up, and entrepreneurship, the rising number of businesswomen in India is seeing a great hype.
Other than that, many are quitting their full-time jobs with high income just to explore the world of entrepreneurship. Hopefully, many businesswomen are looking forward to running a successful business.
One of the most important reasons behind it is the availability of business loans. Women today are provided with a huge range of business loans. Consequently, this is what encourages them to try the business world!
However, if you are wondering how to start a business of your own, you are in the right place.
This guide is all about how women can start their businesses with financial loans.
How does small finance work for businesswomen?
Small finance firms or financial loans usually liberties and encourages women to face more challenges each day to shine brighter.
Today, women entrepreneurs are provided with swift business loans for meeting all their business requirements.
Benefits of financial loan for women entrepreneurs
There are many benefits to get women business loans or financial loans. Some include,
- Low rate of interest
This is actually one of the biggest advantages of taking a women’s business loan. All women entrepreneurs are provided with quite a low rate of interest. Many institutions and banks render loans to them at a comparatively low interest. This, therefore, makes it extremely easy for all such women entrepreneurs who are at their initial stage of business and have applied for loans.
- Hardly any processing fee
Taking financial loans that are meant for women entrepreneurs, gives immense benefits. The institutions that provide the loan charges around extremely low to zero processing fees. Many startups get enormous benefits as they do not require to spend anything additionally, to get the loan.
- Zero collateral
These financial institutions that offer loans do not need any sort of collateral for granting the amount.
- Great Tenure
Unlike other loans that are availed for businesses, these loans that are availed to woman entrepreneurs get a tenure of 10 years. Isn’t that amazing?
Financial Loans that women can take up for business
It is very challenging for a woman to get through all the stereotypes and run a successful setup.
Initially, funding was one of the challenges that women used to face. But, with so many institutions and banks availing loans for women, it is easy to overcome this challenge as well. Some of them that you can consider is,
- Small business finance
In this, you get a variety of loan options to choose from. In addition to it, this institution avails secured as well as unsecured funding. Not only, this you get an affordable rate of interest with it too. This can be a great advantage at the initial stage of your business. However, if you are searching for short term funding, small business finance fulfills all your needs.
- Commercial business loan
With commercial business loans, you can get secured as well as unsecured loans too. You can get a loan of up to 50 lakh and even more than that. The tenure for repayment in this is extremely easy. You get a tenure of 3-5years. You can avail of this financial loan by a simple online application with basic documentation.
- Loan against securities
One of the most known sorts of financial loans in India is the loan against security. This is a secured type of loan. It has a comparatively lower rate of interest and very minimal requirements in terms of eligibility. The loan process is fast and the repayment option is quite flexible.
- Personal loan
Those women who are willing to start up their business can take personal loans for meeting their financial needs as well. Personal loans are usually unsecured loans that you can avail of up to 50 lakhs with a tenure of 5years.
Regardless of the nature and size of the business, you must keep in mind to consider all the features and conditions that each institution or bank provides. In fact, it is better to select the one that suits your requirements best. However, give close attention to the interest rates, repayment options, tenure, etc before you agree or opt for any loan.
With a plethora of business and financial loans available in the market, it is easy on today’s date to get hold of one institution to achieve that dream of a successful women entrepreneur!
Are you ready to put your plans into action?