When a woman turns up as an entrepreneur, there are some challenges faced by them that are different from the one faced by men. However, there is one problem which is faced by both – business finance.
However, if the business eligibility criterias gott matched, loan for woman entrepreneur of Rs.30 lakh can easily grab at lower rates. We will come to this part later in this post.
Few challenges faced by women entrepreneurs
- Tough competition against males
Since time immemorial, the field of entrepreneurship has been dominated by men, and while the scenario is surely changing with time, there still a long way to go. India is the third start-up base globally. During 2017-18, more than 1000+ new start-ups were added in India, still, the female start-up was a paltry 10%.
- Work-life balance
Across the world, women, on the other hand, play a larger part in household management including taking care of the family. When a woman gets into a business, it means longer business hours and then, managing a perfect work-life balance becomes an issue. The problem gets worse when a women entrepreneur is a new mother and also has a business to manage often giving time to infants. Men, on the other hand, have no such issues and can focus on their business as they have a secondary role to play in the household activities.
- Minimal support
When a female starts her business journey, the finding of support is needed. In many cases, women find themselves on their own with no one to guide them on the business front. It is vital to have mentors and role models to guide them. Women face more issues when they get no or minimal support from their family and friends. As a result, it becomes even more challenging when you are a woman entrepreneur.
- Lack of funds
Funds are the blood life of any business and if you don’t give funds to your business at the right time, it won’t march in the direction of success. Women don’t have many assets in their names and that makes them vulnerable to inject funds into their firms.
Keep off business finance issues with a business loan for women
When you have funds, you can take care of many other issues of your business. Hence, being a women business owner, you can avail the loan for woman owned business in India. Leading online lenders can let you grab up to Rs.30 lakh at lower rates and extended tenor to help you manage its repayment without issues.
Loan for women entrepreneurs: Benefits at a glance
- Higher loan limit – You can seize Rs.30 lakh as the funds for your business and fulfil the needs of your business without compromising on its growth.
- Flexi loan facility – You can pay only the interest as EMI on your used amount out of your limit. The remaining part of your loan gets adjusted once the tenor of your tenor ends. The facility lets you save up to 45% on EMI payments.
- Wider tenor payments – You can repay your loan for women entrepreneur over a wider tenor. You can get a flexible tenor between 12 and 96 months to spread the cost of your loan and repay in smaller EMIs.
- No collateral – Want a loan for women entrepreneur? You can apply for it and get an approval without providing any collateral. You will get the business finance if you have the required business loan eligibility set by your preferable lenders.
- Approval within 24 hours – The business loan for women is an easy financial product to grab with the hassle-free online application process. As a result, the loan is approved within 24 hours.
- Online loan account access – You can get access to your online loan for women entrepreneurs account right from anywhere and 24/7 via the digital customer portals.
The Bottom Line
You are now aware of the challenges faced by women and the funding option that can help your business march in the right direction, you can opt for a business loan online. All the best for your business growth!
Bajaj Finserv provides exciting pre-approved loan offers for multiple financial products such as personal loans, business loans, home loans and more. You can also explore your pre-approved loan deals after sharing your basic credentials.