Our country held a low rank yet as the women’s entrepreneurship ambitions and business opportunities for them was concerned, till an important mandate NPSDE (National Policy for Skill Development and Entrepreneurship) in the year 2015, provides the facility to women who want to start their businesses to avail business loans. They can get business loans for various industries.
Loanbaba.com provides all the information about Business Loans for Women and business loans interest rates for women.
The women who want to open and run their beauty parlours, salons or spas in India can avail a business loan. These loans are provided for construction or for purchasing parlours, salons or spas. With this, the lender can also use the amount to purchase the tools or equipments required to run her business. She can also use the funds to meet the daily expenditures.
The age of the applicant should be a minimum of twenty years and a maximum of sixty years. Some of these loan schemes offer loan without collaterals. The interest rates and terms of repayment vary according to the bank.
A woman who wants to open her food catering or restaurant business can avail this loan to do the same. Either she wants to open a proper restaurant or start simple tiffin business; she can use the loan amount for this. The minimum age should be eighteen years and the maximum age should be sixty years to be eligible for availing the loan.
There is no need of any collateral. The duration of repayment is long considerably and interest rates on them are also lucrative. This makes it easy for the aspiring applicants to fulfil their dreams.
Women can avail loans to establish a preschool or day care centre for childeren. The lender can use the amount for setting up the nursery and also for purchasing equipments that are needed. The lender's age should be twenty-one years minimum and sixty years maximum to avail the loan.
SME (small & medium sized businesses) that are operated and owned by women are being boosted. For this purpose, SME business loans can be availed to help women fulfil their dream of having own business. The duration of repayment for these loans is generally high compared to other loans.
Women who are aged from twenty-one years to seventy years can avail these types of business loans at concessional rates of interest. These loans are generally extended in form of term loans or overdraft facilities for the businesses operated and owned by the women in the country.
The amount of loan offered by different banks may vary on the basis of the type of the concerned industry i.e. corporate, manufacturing, service etc. The rates of interest on this kind of loan are considerably low and the duration of repayment is also relatively long.