46 XX | Enlightener Series | A. Public Sector Schemes | C.13 Kinara Capital's HerVikas Scheme

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 this scheme…

HerVikas Scheme was launched in March 2020 by Visage Holdings and Finance Private Limited, an RBI registered non-deposit accepting NBFC that operates under the tradename Kinara Capital, with the aim of accelerating financial inclusion amongst women entrepreneurs.

How is it being implemented?
Under HerVikas Scheme, direct financial assistance in the form of loans is given to

Women-owned MSMEs engaged in services, trading or manufacturing activities

Currently, Kinara Capital operates in 6 states & 1 UT such as Puducherry, Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Maharashtra, and Gujarat across 3,400+ pin codes serviced through 125 branches in 100+ cities You may check out their reach here.

What’s on offer?

I. Product

Term loans
Ticket size: ₹1 – 30 Lakhs

II. Purpose:

Acquisition of machinery, equipment
Working capital requirements

III. Borrower Type:

Sole Proprietorship, Partnerships, Limited Liability Partnerships, Private Limited Companies

IV. Security or collateral or Guarantee or Insurance

Primary Security: Hypothecation of assets financed by Kinara Capital
Collateral: Nil
Guarantee: Nil
For information around insurance, please contact Kinara Capital via means mentioned below
Additionally, both an applicant and a co-applicant are needed in order to apply for a loan

V. Interest Rate

21% to 30% per annum on a reducing rate basis
This seems to be net of 0.5 – 1% upfront discount that Kinara Capital offers to women entrepreneurs under this Scheme

VI. Processing Fee

For information on processing fee, please contact Kinara Capital via the means mentioned below

VII. Margin Money Requirement

For information on margin money requirement, please contact Kinara Capital via means mentioned below.

VIII. Tenure, Repayments & Pre-Closures

Tenure: 12 – 60 months
For information on repayments, pre-closures, please contact Kinara Capital via means mentioned below

IX. Turnaround Time

Loan can be disbursed within as early as 24 hours given its minimal/flexible documentation requirement and online/doorstep application process

Interested? Read ahead to check your eligibility….

I. Are you between 25 and 65 years old?

II. Do you own or co-own your business?

III. Do you run or co-run your business?

IV. Has your business been operational for more than 2 years?

V. Does your business generate a monthly turnover of more than ₹50,000 and less than ₹2 Crores?

VI. Does your MSME business operate in one of Kinara Capital’s 300+ serviceable sub-sectors under Services, Trading and Manufacturing? For more details, check here in your local language

Note: Online eligibility check is only allowed once per mobile number. Hence, it’s important to choose and enter correct details about your business.

VII. Does your business operate in one of Kinara Capital’s 3,400+ serviceable pincodes? For more details, check here in your local language

Note: Online eligibility check is only allowed once per mobile number. Hence, it’s important to choose and enter correct details about your business.

If your answers to the questions above are an emphatic YES, you are all set to avail loan under HerVikas Scheme!

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

I. March 2020 till date, Kinara Capital has disbursed ₹414 Crores to 4,305 women-owned businesses under HerVikas Scheme. Furthernore, it has allocated an additional ₹400 Crores to lend to women entrepreneurs during 2023-24

II. However, you may read about the experience of some of HerVikas Scheme’s borrowers here by scrolling down to the section “Meet our VikasChampions”

So, now, how should you go about it?

I. For checking eligibility & submitting application:

Apply online via website here OR via app on Google Play store here

If eligible and post submission of documents online, a Kinara loan officer will get in touch with you as soon as possible to complete the rest of the formalities

II. For information on loan application & list of documentation required, click here to check under “Documents requirement for business loan for Women” or FAQs or contact Kinara Capital via means mentioned below

III. For any queries, please contact Kinara Capital: