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 the scheme…
Bharatiya Mahila Bank Business Loans was launched by erstwhile Bhartiya Mahila Bank (merged with SBI in 2017) on 5th August 2013 with an objective to help women entrepreneurs develop their on-going business or to help them provide finance to start their business to grow financially independent.
How is it being implemented?
Under Bharatiya Mahila Bank Business Loans, direct financial assistance, in the form of loans at affordable rates, is given to
- New as well as existing women entrepreneurs operating Micro, Small or Medium Enterprise (defined as per MSMED Act, 2006) that is engaged in manufacturing or service activity
- Self-employed women
- Salaried women
What’s on offer?
I. Product:
Term loan or working capital facility:
- Upto ₹20 Crores in case of manufacturing enterprises
- Upto ₹5 Crores in case of retail or service enterprises
Across following loan types/categories:
- BMB Shringaar: Loans for Beauty Parlour/Saloon/Spa
- BMB Annapurna: Loans for Food Catering
- BMB SME Easy: Loans for Small & Medium Enterprises
- BMB Parvarish: Loans for Day Care Centre
II. Purpose:
- Capital expenditure requirements
- Working capital requirements
III. Borrower Type
- Individual (for age see below), sole proprietorship, partnership firm, private limited company, public limited company or co-operative society
Individual’s age requirements across loan types/categories:
- BMB Shringaar: 20-60 years
- BMB Annapurna: 18-60 years
- BMB Parvarish: 21-55 years
IV. Security or Collateral or Guarantee or Insurance
- Nil on loans upto ₹1 Crore as covered by guarantee CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises)
- However, first charge on all assets created out of the loan extended or assets which are directly associated with the business/project for which loan has been extended
- For information around requirement of collaterals on loans in excess of ₹1 Crore, please contact your nearest SBI branch
- For information around requirement of insurance, please contact your nearest SBI branch
V. Interest Rate
- At sole discretion of SBI and RBI Less Interest Concession of 0.25%
- Interest rates are estimated to range between 10.15% – 13.65% per annum
VI. Processing fee
- As per Bank’s norms
VII. Margin money requirement
- Details don’t seem to be available in the public domain. Contact your nearest SBI branch
VIII. Tenure
- Upto 7 years
Across following loan types/categories:
- BMB Shringaar: upto 7 years
- BMB Annapurna: upto 3 years
- BMB SME Easy: upto 7 years
- BMB Parvarish: upto 4 years (this seems to have been revised from tenure of upto 5 years)
Interested? Read ahead to check your eligibility….
I.
Are you setting up or running a Micro-enterprise or Small-enterprise or Medium-enterprise defined per MSMED Act, meaning Investment in Plant & Machinery or Equipment of your Enterprise does not exceed ₹50 Crores and Turnover does not exceed ₹250 Crores?
OR
If you are salaried or self-employed, do you have a minimum of 2 years of work experience and a take home income of minimum ₹25,000/- per month?
OR
If you are part of co-operative society, can you showcase minimum of 2 years of business continuity and a take home income of minimum ₹25,000/- per month?
II.
Are you the sole owner of your business or hold stake more than 50% in your business?
If your answers to the question above is an emphatic YES, you are all set avail loans under Bharatiya Mahila Bank Business Loans!
So…how big is this scheme and what has been done so far?
I. Details don’t seem to be available in the public domain
So, now, how should you go about it?
I. To apply for this loan, reach out to a SBI branch nearest to you – https://sbi.co.in/web/home/locator/branch
II. For information on list of documentation required, please refer here, here or here
III. For any queries, you may call SBI on the following numbers:
Toll free number: 1800 1234, 1800 2100, 1800 11 2211, 1800 425 3800
Toll number: 080-26599990
Go on then…and do spread the word!
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