Bhartiya Mahila Bank (Bhartiya Mahila Bank) is a public sector bank that was founded in 2013. The Bharatiya Mahila Bank (BMB) was founded to increase economic possibilities for women and to pave the way for their economic emancipation. The bank establishes a lending platform for female entrepreneurs. These business loans are designed to help most businesses fulfill their working capital needs or expand their operations. Manufacturing companies can get a loan from Bharatiya Mahila Bank up to a limit of Rs. 20 crores. The Bharatiya Mahila Bank offers special business loans at a low rate of interest, as well as a collateral-free loan up to Rs. 1 crore under the CGTMSE protection.
Documentation is required.
The documents that must be submitted while applying for a business loan with Bhartiya Mahila Bank are stated below.
Documents income
- Documents for Salaried Personnel:
- PAN Card, Aadhar Card, Driver’s License, Voter ID Card Proprietor, Director’s Partner (if a corporation), etc.
- Aadhar Card, Valid Passport, Utility Bill, Property Tax Bill, etc. are examples of address proof.
- Paystubs from the previous three months
- 2 photos (passport size)
- 6 month period Form 16: Salary account bank statement from the previous year
Self-employed Documents
- PAN Card, Aadhar Card, Driving License, Proprietor’s Voter ID Card, Director’s Partner (if a firm), etc.
- Aadhar Card, Valid Passport, Utility Bill, Property Tax Bill, etc. are examples of address proof.
- Financial documents from the previous two years’ ITR (P&L account, Balance Sheet, Schedules to Balance Sheet, and Tax Audit report) as well as a six-month company primary current account statement
- Your current responsibilities, such as any outstanding installments (EMIs), the number of credit cards you have, and the credit limits you have or utilize.
- Form 16 or Appointment letter, dated 2 years or an earlier period, as proof of employment/business continuity salaried
- ITR or Sales/Service Tax registration certificate, dated 2 years or an earlier period, if self-employed
Criteria for Eligibility
The following people are eligible for a Bhartiya Mahila Bank Business Loan:
- Co-operative Society Sole Proprietorship Partnership Firms Public and Private Limited Companies
- Minimum of 2 years of work experience; minimum of 2 years of business continuity if self-employed.
- The minimum age is 21 years old, while the maximum age is 60 years old (loan completion age)
- A monthly take-home pay of Rs. 25000 is required.
- In the case of HL and LAP, a co-applicant (spouse/parents/children) may be used.
Bhartiya Mahila Bank Business Loan Features & Benefits
Some of the primary characteristics and benefits of applying for a business loan with Bhartiya Mahila Bank Business Loan are listed below.
The women business owners proposed a 0.25 percent interest rate reduction.
A working capital and term loan combination
The repayment period is adjustable, extending up to seven years.
For loans up to Rs. 1,00,00,000, there is no need for collateral.
How to Apply for a Business Loan
Ascend to the Branch
Step 1: To apply for a business loan, go to the nearest BMB branch in your neighborhood.
Step 2: Next, you must obtain an application form from the bank and complete the business loan application form in an authorized manner.
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