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Shriram Finance Women Entrepreneur Loan

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Status: Active

Classification: Private Sector Scheme

Release Date(s):
16th April 2024

Offering: Loan/Credit

Entity Type: NBFC

Reading Time: 5 Mins

Ticket Size: ₹1 Lakh to ₹30 Lakhs

Entity Name: Shriram Finance Limited

#Views: 24

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…

Shriram Finance Women Entrepreneur Loan, was launched by Shriram Finance Limited (SFL), a Non-Banking Financial Company (NBFC) registered with Reserve Bank of India (RBI), to provide women-owned businesses with the financial resources needed to start, grow, or expand their ventures so that they can run their businesses independently.

 

How is it being implemented?

Under this Scheme, direct financial assistance in the form of loans is given to,

  • Women who are professionals, self-employed individuals or run a business in trading or manufacturing or services sector

 

What’s on offer?

I. Product

  • Term Loan
  • Ticket Size: ₹1 Lakh to ₹30 Lakhs

 

II. Purpose:

  • Investment/acquisition of fixed assets to upgrade technology, expand product lines etc.
  • Working capital requirements

 

III. Borrower Type:

  • Individuals, Sole Proprietorship, Partnership, Limited Liability Partnership (LLP), Private Limited Company, Public Limited 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
    • However, women who do not have a steady source of income can qualify for a secured loan
      under this Scheme if they own property. In this case, the loan-to-value ratio for unemployed
      women will be lower than those with a steady income source
  • Guarantee: Nil
  • Insurance: For more information around this, please contact SFL via means mentioned below

 

V. Interest Rate

 

VI. Processing Fee

  • Typically, upto 5% of loan amount
  • SFL may consider lower than its normal processing fee (2 – 3% of loan amount) especially for women entrepreneurs. For more information on this, please contact SFL via means mentioned below

 

VII. Margin Money Requirement

  • For more information around this, please contact SFL via means mentioned below

 

VIII. Tenure, Repayments & Pre-Closures

  • Tenure: 12 – 60 months
  • Repayments: EMIs, can negotiate more flexible repayment terms. You may calculate potential EMIs using this calculator
  • Foreclosure Charges:
    • 4% of principal outstanding if the account is foreclosed within 12 months
    • 3% of principal outstanding if the account is foreclosed between 12 – 24 months
    • 2% of principal outstanding if the account is foreclosed after 24 months
    • For SFL’s latest foreclosure policy, please refer here
    • However, there may be no penalties charged from women entrepreneurs on early repayment of the loans. For more information around this, please contact SFL via means mentioned below
  • Part Pre-payment Charges: For more information around this, please contact SFL via means mentioned below

 

IX. Turnaround Time

  • Typically, loans are disbursed within 2 – 3 business days, depending on the credibility of the information furnished, fulfilment of the eligibility criteria and submission of relevant documents.
  • Loan applications from women-owned businesses are processed on a priority basis

 

Interested? Read ahead to check your eligibility….

I. Are you a woman between 20 and 70 years of age?

 

II. Will you be 70 years of age or less at the time of loan maturity?

 

III. Do you have atleast 3 years of business experience?

 

OR

Have you been operating your business for atleast 3 years?

 

IV. In case of professionals or self-employed individuals, is your annual turnover atleast ₹10 Lakhs?

 

OR

For others, does your business generate an annual turnover atleast ₹20 Lakhs?

 

If your answers to the questions above are an emphatic YES, you are all set to avail loan under Shriram Finance Women Entrepreneur Loan!

 

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,

 

OR

 

II. For information on documentation requirements, please refer here or here or here

 

III. For any queries, please contact GCL via:

 

OR

  • Call toll free number: 1800 103 4959 or 1800 103 6369

 

OR

 

Go on then…and do spread the word!

 

Sources:

1. About Shriram Finance Women Entrepreneur Loan 1

2. About Shriram Finance Women Entrepreneur Loan 2

3. About Shriram Finance Women Entrepreneur Loan 3

4. Shriram Finance Limited Corporate Presentation December 2023

5. Shriram Finance Limited Annual Report 2022-23

6. Shriram Finance Limited Latest Credit Rating Report February 2024

7. Latest News on the Scheme: Interview | Our MSME lending AUM of Rs 19,600 cr likely to double in 3 years: Shriram Finance’s Y S Chakravarti

 

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