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 is an unsecured online instant loan offering by Open Capital, a credit facilitation platform by Open Financial Technologies Pvt. Ltd., to help women entrepreneurs elevate their businesses.
Open Capital platform has in turn tied up with various Non Banking Finance Companies (NBFCs) registered with RBI to offer such loans.
How is it being implemented?
Under this Scheme, financial assistance in the form of loans is given exclusively to,
- Women-led businesses
What’s on offer?
I. Product
- Term loan
- Ticket Size: upto ₹30 Lakhs
II. Purpose:
- Acquisition of or investments in assets
- Working capital requirements
III. Borrower Type:
- Individuals, Sole Proprietorship
- For more information around this, please contact Open Capital via means mentioned below
IV. Security or Collateral or Guarantee or Insurance
- Security: First charge over assets created out of the loan disbursed under the Scheme. For more information around this, please contact Open Capital via means mentioned below
- Collateral: Nil
- Guarantee: Nil
- Insurance: For more information around this, please contact Open Capital via means mentioned below
V. Interest Rate
- Starting at 1.5% monthly (18% per annum) reducing interest rate
VI. Processing Fee
- 2 – 3%
- For more information around this, please contact Open Capital via means mentioned below
VII. Margin Money Requirement
- For information around margin money requirement, please contact Open Capital via means mentioned below
VIII. Tenure, Repayments & Pre-Closures
- Tenure: uptp 60 months
- Repayments: EMIs. You may calculate EMIs by scrolling here
- Pre-payment & Foreclosure Charges: Nil. For more information around this, please contact Open Capital via means mentioned below
IX. Turnaround Time
- Online application can be completed in 5 minutes
- Loan offer will be provided instantly post completion of loan application
- Post acceptance of loan offer and completion of documentation & KYC, loan disbursement of funds in 2-4 days
Interested? Read ahead to check your eligibility….
I. Is your CIBIL score 700 or higher?
II. Has your business been in operations for more than 2 years?
III. Can you provide 12 months bank statements?
If your answers to the questions above are an emphatic YES, you are all set to avail loan under Open Capital’s Business Loan for Women!
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
II. You may go through some of the customer’s testimonials here
So, now, how should you go about it?
I. For submitting application, apply online on Open Capital’s website here
II. For information on documentation requirements, please scroll here
III. For any queries, please contact Open Capital online: Raise a query here and someone from Open Capital will get in touch
Go on then…and do spread the word!
Sources:
1. About Open Capital’s Business Loan for Women
2. About Open Capital’s Unsecured Business Loans 1
3. About Open Capital’s Unsecured Business Loans 2
4. About Open Financial Technologies Pvt. Ltd.
5. Latest News on Open Financial Technologies: MSME neobank Open eyes profitability in a year and a half: Interview | CEO Anish Achuthan
