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Business Loans For Women

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Status: Active

Classification: Private Sector Scheme

Release Date(s):
13th August 2022
10th February 2021

Offering: Loan/Credit

Entity Type: NBFC

Reading Time: 5 Mins

Ticket Size: Upto ₹50 Lakhs

Entity Name: Fullerton India

#Views: 59

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…
Business Loan for Women was launched by Fullerton India Credit Company Limited (Fullerton India) to support women entrepreneurs to meet their financial needs in recognition of their unique approach to management, organization and solving business problems.

 

How is it being implemented?

Under Business Loan for Women, direct financial assistance, in the form of loans, is given to

  • Women entrepreneurs engaged in manufacturing, trading, or service activities
  • Self-employed women (professionals or non-professionals)

 

What’s on offer?
I. Product: 

  • Term loans
  • Ticket size upto ₹50 Lakhs
  • Click here to check the loan amount you are eligible for
  • Your CIBIL score would play a key role in determining the loan amount you are eligible for. For instance, you are likely to be eligible for a higher loan amount should your score be 700 and above vis-à-vis if your score is less than 700

II. Purpose:

  • Acquisition of fixed assets
  • Working capital requirements

III. Borrower Type

  • Individuals (22-65 years), Sole Proprietorship, Partnership, Limited Liability Partnership (LLP), Limited Liability Company (LLC), Private Limited Company, closely held Limited Company

IV. Security or Collateral or Guarantee or Insurance

  • Nil security or collateral or guarantee
  • For information around hypothecation of assets created out of Fullerton India’s finance, please contact Fullerton India via means mentioned below
  • There is an insurance cover offered by Fullerton India on the said loan. For information around this, please contact Fullerton India via means mentioned below

V. Interest Rate

  • Fullerton India’s business loan rates typically range between 17-21% depending on several factors including location, net income, business stability, collaterals, existing monthly obligations, etc.
  • However, Business Loan for Women are offered at preferential rates of interest are offered for. For information around this, please contact Fullerton India via means mentioned below

VI. Processing fee

  • Upto 6.5%

VII. Margin money requirement

  • For information around margin money requirement, please contact Fullerton India via means mentioned below

VIII. Tenure, Repayments & Pre-Closures

  • Tenure ranges from 12 – 60 months
  • Option to foreclose loans, at any given time, for a charge. For more information around charges on foreclosure, please click here
  • For more information on other charges that may be levied during the course of the loan like penal interest charges, miscellaneous charges; please scroll through here 

IX. Turnaround Time

  • For information around turnaround time, please contact Fullerton India via means mentioned below

 

Interested? Read ahead to check your eligibility….

FOR INDIVIDUALS

I. Have you been engaged in the current business for at least three years with a total of five years of business experience?

FOR ENTERPRISES

I. Does your enterprise have a minimum annual turnover of ₹10 Lakhs?

II. Has your enterprise been making profits for the past two years?

III. Does your enterprise 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 loans under Fullerton India’s Business Loan For Women!

 

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

I. Details for Fullerton India’s Business Loan for Women don’t seem to be available in the public domain

 

So, now, how should you go about it?

I. For submitting application:

  • Apply online here following which a Fullerton India’s executive will get in touch to inform about next steps involved in the process
  • Visit Fullerton India’s nearest branch. They have 648 branches located pan-India. Find one here

II. For information on indicative list of documentation that would be required, please click here

III. For any queries,

Please contact Fullerton India on phone at 1800 103 6001 Monday through Saturday 9am to 7pm (except 4th Saturday of the month and public holidays)

OR

Raise a query online here

OR

Write to them at namaste@fullertonindia.com

OR

Visit their nearest office. They have 648 branches located pan-India. Click here to find an office nearest to you

 

Go on then…and do spread the word!

 

Sources:

  1. About the Scheme
  2. About the Scheme’s Eligibility Criteria
  3. Fullerton India’s Latest Credit Rating Report

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