Business Loans for Women

Disclaimer….before you read ahead!

The information contained herein is of a general nature and for information purposes only, with the intent of raising awareness around various resources, schemes etc. available for women entrepreneurs in India. It is not intended to address the circumstances of any particular individual or entity. It does not purport to be all-inclusive or necessarily contain all the information that may be relevant for the reader, and may be subject to updation, revision or amendment. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to remain accurate in the future. The reader, therefore, is required to exercise their discretion; and not act on such information without appropriate professional advice after a thorough examination of the particular situation.

Furthermore, we are not a lender and are not authorized by the Reserve Bank of India to act as one. By disseminating the information contained herein, we are not soliciting any borrower or customers for the company or organization mentioned herein nor do we intend to syndicate any capital for the reader of this email.

About this scheme…

Business Loans for Women was launched by IIFL Finance Limited (IIFL Finance) with the aim of helping women entrepreneurs raise immediate capital for their businesses and fulfil their entrepreneurial dreams.

How is it being implemented?

Under IIFL Finance’s Business Loan for Women, direct financial assistance in the form of small business loans is given to women entrepreneurs

What’s on offer?

I. Product

• Term Loan
• Ticket size: ₹50K to ₹30 Lakhs

II. Purpose:

• Acquisition of fixed assets
• Working capital requirements

III. Borrower Type:

• Sole Proprietorship Firm, Partnership Firm, Limited Liability Partnership, Private Limited Company, One Person Company
• Charitable organisations, NGOs, and trusts are not eligible

IV. Security or Collateral or Guarantee or Insurance

• Primary Security: First charge may be created on assets financed by IIFL Finance. For more details on this, please contact IIFL Finance via means mentioned below
• Collateral: Nil
• Guarantee: Nil
• Insurance: For more information on requirement of insurance, please contact IIFL Finance via means mentioned below

V. Interest Rate

• Interest rates on IIFL Finance’s Business Loans ranges from 12.75% to 44.00% per annum
• For any applicable interest concessions to women entreprenuers, please contact IIFL Finance via means mentioned below

VI. Processing Fee

• Up to 2% – 6% plus GST
• Additionally, upto ₹500 will be charged as Convenience Fees

VII. Margin Money Requirement

• For more information on margin money requirement, please contact IIFL Finance via means mentioned below

VIII. Tenure, Repayments & Pre-Closures

• Tenure: flexible from 1 – 5 years. Average duration for IIFL Finance’s Business Loans for Women is 2 – 4 years
• Repayments: monthly
• Pre-Closures: forecloasure charge of 7% plus GST is levied if loan is prepaid within 1-6 months of EMI repayment
• For more information on this, please contact IIFL Finance via means mentioned below

IX. Turnaround Time

• Post review of application, loan approval and sanction in under 30 minutes and disbursement of amount within 48 hours into the borrower’s bank account

Interested? Read ahead to check your eligibility….

I. Does your business fall outside the category of blacklisted/excluded businesses? For more information on blacklisted/excluded businesses, please contact IIFL Finance via means mentioned below

II. Does your office/business location fall outside the the negative location list? For more information on negative location list, please contact IIFL Finance via means mentioned below

III. Is your credit score above 750? Check your CIBIL Score here

IV. Has your business has been operating for more than least 6 months at the time of application?

V. Is the turnover of your business at least ₹90,000 in the last 3 months from the time of application?

If your answers to the questions above are an emphatic YES, you are all set to avail IIFL Finance’s Business Loans for Women!

So…how big is this scheme and what has been done so far?

I. Latest details on the Scheme don’t seem to be available in the public domain

So, now, how should you go about it?

I. Submit your application online along with required documents here

II. For information on indicative list of documentation required, please scroll down here

III. For any queries, please contact IIFL Finance via: –

• Online 24X7 Customer Support: Click here to chat with IIFL Finance’s Customer Support on Right Hand Bottom Corner to chat with IIFL Finance’s Customer Support
• Phone: 1860-267-30000 OR 7039-050-000

Monday to Friday 9:30 am to 6:00 pm, Saturday 9:30 am to 4:00 pm

(Closed on Sundays & Public Holidays)

• Visit any of its 4,596 branches across 1,486 cities/towns
• Check out the FAQs by scrolling here  or  here

Go on then…and do spread the word!

Sources:

1. About the Scheme 1
2. About the Scheme 2
3. About the Scheme 3
4. About the Scheme 4
5. IIFL Finance Ltd.’s Annual Report for FY 22-23
6. IIFL Finance Ltd.’s Latest Investor Presentation
7. IIFL Finance Ltd.’s Latest Credit Rating Report
8. Latest News on IIFL Finance Ltd.: IIFL plans to increase co-lending book to Rs 15,000 crore by March