For women who are seeking business loans to expand their business in India, there is a ray of hope now – they can apply for business financing without any co-applicant. Until recently, almost every bank required co-applicant(s) if the main applicant was a woman. Co-applicant can be the spouse of the applicant, or her parent(s). Reputed and established banks ask for co-applicants mainly because they don’t consider women creditworthy enough, so in case they default or lack money, their co-applicant can pay on behalf of them. HDFC and ICICI banks have provided a huge relief to women entrepreneurs in this matter by doing away with the need of any co-applicant, especially for independent women.
ICICI bank provides Business Loans to their existing customers who are seeking a loan of 30 Lakhs or more at the interest rate of 15-15.5% while for new customers who need a loan of lesser amount, the interest rate is 17.5%. HDFC extends business financing to their existing women customers who need a loan of 15 Lakhs and above at 15.5% interest rate, and 16%for new customers who need a loan of lesser amount. Borrowers can apply online for these loans through online lending platforms such as www.mymoneymantra.com to make the whole process easy and quick.
In the modern era where women are capable of taking all big decisions of their life themselves, and when they are courageous enough to start a business and take control of it all alone, they surely understand the importance of timely repayment of credit to the bank. Taking these important factors into consideration, ICICI and HDFC banks are making great efforts in providing hassle free access to business financing to independent women as they understand that women are creditworthy too and should be given equal financial support.
These loans will prove to be extremely helpful for independent women as well as women who do not have anyone to be presented as a co-applicant. With timely funding, fempreneurs can take their businesses to new heights of success.
To avail these business loans or other type of financing at competitive interest rates and favorable terms without any hassle, call us at our toll free number 18001034004. With its swift online processes and experienced loan representatives, MyMoneyMantra can make the entire loan process effortless for you.