Mahila Money Business Loan For Women

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 article.

About this scheme…

Mahila Money Business Loan for Women is a digital collateral free loan offering launched in 2021 by Mahila Money Private Limited (Mahila Money), a digital financial platform for women in India, designed exclusively for women business owners to unlock their entrepreneurial potential through seamless financing solutions.

Mahila Money offers these loans to women business owners through its tie-ups with various NBFC partners who are registered with RBI.

How is it being implemented?

Under this Scheme, direct loans are provided to,

Women-only owned businesses that are new, small to medium sized or established

What’s on offer?

I. Product

Term Loan
Ticket Size: ₹10,000 to ₹25 Lakhs
- My Business Starter Loan: ₹10,000 to ₹1 Lakh
- Grow My Business Loan: ₹1 Lakh to ₹5 Lakhs
- Sky Is The Limit Loan: ₹5 Lakhs to ₹25 Lakhs

II. Purpose:

My Business Starter Loan

Initial funds to get off the ground

Grow My Business Loan

Working capital requirements
Short term projects

Sky Is The Limit Loan

Acquisition of or investment in fixed assets
Working capital requirements

III. Borrower Type:

Individuals, Sole Proprietorship, Partnership Firm, Limited Liability Partnership (LLP), Private Limited Company, Public Limited Company
For more information around this, please contact Mahila Money via means mentioned below

IV. Security or Collateral or Guarantee or Insurance

Primary Security: There may be primary charge on assets financed under this Scheme
Collateral Security: Nil
Guarantee: Required. Nil
Insurance: For more information around this, please contact Mahila Money via means mentioned below

V. Interest Rate

16% – 25%

VI. Processing Fee

Upto 4% + GST

VII. Margin Money Requirement

For more information around this, please contact Mahila Money via means mentioned below

VIII. Tenure, Repayments & Pre-Closures

Tenure
- My Business Starter Loan: 6 months to 12 months
- Grow My Business Loan: 6 months to 12 months
- Sky Is The Limit Loan: 24 months to 60 months

Repayments: EMI. Please scroll here to get to Business Loan EMI Calculator to check your EMI amount
Pre-payment & Foreclosure Charges: For more information around this, please contact Mahila Money via means mentioned below

IX. Turnaround Time

Loan application to approval is 100% paperless. For more information around turnaround time, please contact Mahila Money via means mentioned below

Interested? Read ahead to check your eligibility….

I. Is yours a women-only owned business?

II. Are you an Indian citizen above 18 years of age?

III. Is your business at least more than an year old?

IV. Is your CIBIL Score above 700?

If your answers to the questions above are an emphatic YES, you are all set to avail Mahila Money Business Loan For Women!

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

I. Details around achievements of this Scheme don’t seem to be available in the public domain

II. However, you may go through some of the success stories here

So, now, how should you go about it?

I. For submitting application:

Download the Mahila Money app from Google Play store here
In the app, go to “Loans for your business”, fill in your loan application, share your documents and submit your application
Mahila Money team will review your business loan application and get back to you promptly

II. For indicative list of documentation required, scroll here to Documents Required. For FAQs, refer here

III. For any queries, please contact IKFL via: