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 updating, 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 article.
About this scheme…
Business Loan for Women is an unsecured loan offering by SMFG India Credit Company Limited (SMFG India), a Non-Banking Finance Company (NBFC) registered with RBI, to support women entrepreneurs to meet their financial needs in recognition of their unique approach to management, organisation and solving business problems.
SMFG India was earlier known as Fullerton India Credit Company Limited. And this Scheme is a revamped version of Fullerton India’s Business Loan for Women.
How is it being implemented?
Under this Scheme, direct financial assistance in the form of loans is given exclusively to,
- Women entrepreneurs engaged in manufacturing, trading, or service activities
What’s on offer?
I. Product
- Term loan
- Ticket Size: ₹50K to ₹75 Lakhs
- Click here to check the loan amount you may be eligible for
II. Purpose:
- Acquisition or investments of assets
- Working capital requirements
- Refinancing existing loans for better interest rates
III. Borrower Type:
- Individuals, Sole Proprietorship, Partnership, Private Limited Company
IV. Security or Collateral or Guarantee or Insurance
- Security: First charge over assets created out of the loan disbursed under the Scheme
- Collateral: Nil
- Guarantee: Nil
- Insurance: There is an insurance cover offered on the said loan. For more information around this,
please contact SMFG India via means mentioned below
V. Interest Rate/Coupon Rate
- 17% per annum onwards
- For information on concessions offered on interest rate under this Scheme, please contact SMFG India via means mentioned below
VI. Processing Fee
- Upto 6.5%
VII. Margin Money Requirement
- For information around margin money requirement, please contact SMFG India via means mentioned below
VIII. Tenure, Repayments & Pre-Closures
- Tenure: 12 to 48 months
- Repayments: EMIs. You may calculate EMIs here
- Pre-payment & Foreclosure Charges: For more information on these charges, please refer here
IX. Turnaround Time
- For more information around turnaround time, please contact SMFG India via means mentioned below
Interested? Read ahead to check your eligibility….
I. Do you own & manage your business?
II. Wil you be atleast 22 years of age at the time of loan application and less than 65 years when the loan matures?
III. Do you have a minimum CIBI score of 750?
IV. Have you been engaged in your business for at least 3 years?
V. Do you have a total business experience of at least 5 years?
VI. Does you business make an annual turnover of at least ₹10 Lakhs?
VII. Has your business been profit making for the last 2 years?
VIII. Does your business have a minimum annual income (ITR) of ₹2 Lakhs?
If your answers to the questions above are an emphatic YES, you are all set to avail loan under SMFG India’s Business Loan for Women!
So…how big is this scheme and what has been done so far?
I. Details of progress under this Scheme do not seem to be available in the public domain
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So, now, how should you go about it?
I. For submitting application,
OR
- Call on toll free number 1800 103 6001
OR
- Apply online on SMFG India’s website here: Currently, this option is unavailable which you may come back and check later
II. For information on documentation requirements, please scroll here.
III. For any queries, please contact SMFG India via:
- Online: Raise a query here
OR
- Call on toll free number 1800 103 6001 9.00 am to 7.00 pm Monday to Saturday excluding public holidays and 4th Saturday every month
OR
- Email: namaste@smfgindia.com
OR
Go on then…and do spread the word!
Sources:
1. About SMFG India’s Business Loan for Women
2. SMFG India Credit Company Limited’s Latest Credit Rating Report
3. SMFG India’s Corporate Presentation 2023-24
