Despite coming from the small town of Gorakhpur, Reema was never held back. Dedicated to her dream of making it big, Reema worked very hard to establish her clothing brand. With timely financial support, Reema's journey to becoming one of Uttar Pradesh's most celebrated designers is nothing short of inspiring. Reema gives a lot of credit to the easy and accessible business loan options that helped turn her dreams into reality.

While women entrepreneurs have forever been contributing to the economy, their participation at the forefront has now increased more than ever before. Stories like Reema's reflect a growing trend. In order to assist in this commendable growth of women, various banks and NBFCs offer special business loans for women entrepreneurs. Some may even lend the loan at concessional rates. 

If you’re an aspiring entrepreneur, explore loan apps that offer quick, easy funding specially designed for women in business. The right support could be your first step toward achieving your business dreams! Here’s a quick insight into how you can access funds quickly through various loan applications!

What are loan apps for women entrepreneurs?

Loan application simply refers to the digital financial tool offered by various banks and NBFCs. These apps let you apply for different types of loans, including business loans, within a few clicks. You no longer have to rush to a nearby branch to check your loan eligibility, apply for it, or get a loan approved. All these can be done through a loan app.

Various banks like SBI, HDFC, etc., and NBFCs offer business loans for women entrepreneurs through their banking applications. For instance, Lendingkart also offers a quick loan app that can get you a loan approved within a day or two!

Read Also: Revolutionizing the Future of Cash Flow-Driven Financing and MSME Expansion in India

Business loan schemes

As a budding women entrepreneur or an existing businesswoman, you may seek different types of loans to expand your business. Here we have discussed a few business loan schemes by the government of India, banks, and NBFCs:

• Mudra Loan by PMMY

The government of India offers mudra loans under Pradhan Mantri Mudra Yojana. Launched in 2015, the scheme offers a business loan of up to ₹10 lakhs to women entrepreneurs.

Both urban and rural women can access mudra loans at concessional rates. No collateral is required for this loan.

• Cent Kalyani by Central Bank of India

The Central Bank of India is a central government bank. It offers a business loan scheme named Cent Kalyani for women entrepreneurs. This is a collateral-free business loan where you can access up to ₹100 lakh loan. The Central Bank of India has its own mobile application known as Cent Mobile.

• Stand-up India

Another popular business loan scheme by the government of India is Stand-up India. You can access loans from ₹10 lakh up to ₹1 crore with a repayment tenure of up to 7 years. Various government and private banks offer stand-up India loans.

• Mahila Udyami by Punjab National Bank

Mahila Udyami is a business loan scheme for women entrepreneurs who own at least 50% of the business. One can borrow a loan up to ₹10 lakh. Women entrepreneurs belonging to SC/ST/BPL cardholders are preferred. You can check the loan through the mobile app PNB, known as PNB ONE.

• Stree Shakti Yojana by State Bank of India

The State Bank of India also offers different types of business loans for women, one of which is the Stree Shakti Yojana. Women entrepreneurs with at least 50% ownership of the business can borrow Stree Shakti Yojana loans up to ₹25 lakhs. Concessions are also available under certain conditions. You can learn more about this loan on the mobile application of SBI, also known as YONO SBI. 

Conclusion

Women have always been the driving force of the economy. In recent times, the participation has increased. However, funding remains a hurdle in their way. To bring ease of access to business funds, the government and private institutions have come forward with various meaningful business loan for women entrepreneurs. If you are also dreaming of your own business idea, get financial assistance today!