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 Loans For Women, an online business loan for women, was launched by Lendingkart Finance Limited (Lendingkart), a non-deposit taking Non-Banking Finance Company (NBFC) registered with Reserve Bank of India (RBI), with a view to make it easier for women entrepreneurs to get business loans. As being a tech-enabled platform affords the loan approval process to be devoid of any bias, and primarily bases it on data and financial health of an enterprise using business analytics and Big Data technologies.
How is it being implemented?
Under Business Loans For Women scheme, direct financial assistance, in the form of loans, is given to
- Women entrepreneurs
What’s on offer?
I. Product:
- Term loans from ₹50K upto ₹2 Crores
II. Purpose:
- Acquisition of fixed assets
- Working capital requirements
III. Borrower Type
- Not Registered (Read: Individuals), Proprietorship Concern, Partnership Firm, LLP, One Person or Private or Public Limited Company
- Trusts, NGOs and Charitable Institutions are NOT included
IV. Security or Collateral or Guarantee or Insurance
- Nil security or collateral or guarantee
- For information on exclusive charge on assets, stock, book debts etc. created out of Lendingkart’s finance, please contact them on phone at 1800 5720 202 or write to them at info@lendingkart.com
- For information around requirement of insurance, please contact Lendingkart on phone at 1800 5720 202 or write to them at info@lendingkart.com
V. Interest Rate
- 15 – 27%
- Customized interest rates based on health of the business, revenues and annual turnover
VI. Processing fee
- 2-3%
- No other costs involved in addition to processing fee
- Such a fee is charged by Lendingkart after disbursement of loan amount
VII. Margin money requirement
- For information around requirement of margin money, please contact Lendingkart on phone at 1800 5720 202 or write to them at info@lendingkart.com
VIII. Tenure
- Upto 3 years
- Option to pay loan installments monthly or bi-weekly
- Pre-closures are only allowed after the first EMI is paid in full; no penalties on early repayment
IX. Turnaround Time
- Once the documents are uploaded online, loan is approved and disbursed within 72 hours to 3 working days
Interested? Read ahead to check your eligibility….
I. Has your business been in operations for more than 6 months?
II. Has your business generated a minimum turnover of ₹90K or more in 3 months preceding your loan application?
III. Does your business fall outside the scope of blacklisted/excluded list for SBA finance? Check here under “Help Centre/Eligibility/What kind of loans does lendingkart give/ what businesses does lendingkart lend to?”
If your answers to the question above is an emphatic YES, you are all set to avail loans under Union Nari Shakti!
Alternatively, you may also check your eligibility online here
OR
So…how big is this scheme and what has been done so far?
I. Details for Lendingkart’s Business Loans For Women don’t seem to be available in the public domain
So, now, how should you go about it?
I. Submit application & upload documents online here
II. For information on list of documentation, click here
III. For any queries, please contact Lendingkart on phone at 1800 5720 202 or write to them at info@lendingkart.com
Go on then…and do spread the word!
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