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 was launched by HDFC Bank to meet their rising business demands or to cover a variety of expenses incurred
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 services
What’s on offer?
I. Product
- Term loan, Overdraft facility
- Term Loan Ticket Size: upto ₹75 Lakhs
- Dropline Overdraft Facility Ticket Size: ₹1 Lakh to ₹25 Lakhs
II. Purpose:
- Acquisition of fixed assets
- Working capital requirements
III. Borrower Type:
- Individuals, Sole Proprietorship, Partnership, Limited Liability Partnership (LLP), 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: For more information around this, please contact the Bank via means mentioned below
V. Interest Rate
- Term loan: typically ranges from 10.75% to 22.50% per annum
- Dropline Overdraft Facility: 18 per annum
- There may be interest rate concessions offered to women entrepreneurs. For more information on this, please contact the Bank via means mentioned below
VI. Processing Fee
- Upto 2.00% of the loan amount
- Nil processing fees for loan facility up to ₹5 Lakhs availed by Micro and Small Enterprises subject to URC submission prior to disbursal
VII. Margin Money Requirement
- For more information around this, please contact the Bank via means mentioned below
VIII. Tenure, Repayments & Pre-Closures
- Tenure: 12 months to 36 months
- Repayments: EMIs. You may use this calculator to calculate your EMIs
- Pre-payment & Foreclosure Charges: for both term loans and dropline overdraft facility, please refer here
IX. Turnaround Time
- Scheme requires minimal documentation
- Loan processing and disbursement will take at least 7 working days post submission of all requisite documents and information
- No Paperwork & 10-second disbursals for pre-approved HDFC Bank customers
Interested? Read ahead to check your eligibility…
I. Are you at least 21 years of age?
II. Will you be 65 years of age or less at the time of loan maturity?
III. Have you been running your current business for atleast 3 years?
IV. Is your total business experience (including current business) atleast 5 years?
V. Is the turnover of your business at least ₹40 Lakhs?
VI. Has your business been profit-making for the previous 2 years?
VII. Does your business have a Minimal Annual Income (ITR) of ₹1.5 Lakhs?
If your answers to the questions above are an emphatic YES, you are all set to avail loan under HDFC Bank’s Business Loan For Women!
You may also check your eligibility here.
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
So, now, how should you go about it?
I. For submitting application,
- Apply online on the HDFC Bank’s website here
OR
II. For information on documentation requirements, please refer here
III. For any queries, please contact HDFC Bank via:
- Web form: Submit your query here
OR
- WhatsApp Chat: please connect here
OR
- Call on toll free number 1800 1600 OR 1800 2600
OR
Go on then…and do spread the word!
Sources:
1. About HDFC Bank’s Business Loan for Women
2. About HDFC Bank’s Business Loan
3. HDFC Bank Limited Investor Presentation April 2024
4. HDFC Bank Limited Annual Report 2022-23
