Bhartiya Mahila Bank Business Loan

Bhartiya Mahila Bank Business Loan

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Bhartiya Mahila Bank Business Loan

Bhartiya Mahila Bank is a public sector banking company established in the year 2013. Bharatiya Mahila Bank (BMB) started with the vision of promoting economic opportunities for women and to set a path towards the women’s economic empowerment. The bank creates a platform for woman entrepreneurs to get business loans. These business loans are intended for most business purposes to meet the requirement of working capital or for business expansion. Bharatiya Mahila Bank offers loan amount to the maximum value of Rs. 20 Crores to manufacturing enterprises. Special business loans with a lucrative rate of interest have been offered by the Bharatiya Mahila Bank and also grants collateral free loan up to Rs. 1 crore under CGTMSE cover. In this article, we look at the Bhartiya Mahila Bank Business Loan in detail.

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Bhartiya Mahila Bank Business Loan Details

The below following are the details of Bhartiya Mahila Bank Business Loan Interests, charges, fees and Commissions.

Type Details
Interest Rate 10.15% per annum to 13.65% per annum
Loan Amount for Retail Trader and Service Enterprises Up to Rs. 5,00,00,000
Loan Amount for Manufacturing Enterprises  Up to Rs. 1,00,00,000
Loan Tenure Up to 7 years
Processing Fee As per bank’s norms

Documents Required

The below listed are the documents that need to be furnished at the time of applying for business loans in Bhartiya Mahila Bank.

Income Documents

Documents for Salaried:

  • Identity Proof: PAN CardAadhar Card, Driving License, Voter ID Card Proprietor, partner of Director (if a company), etc.
  • Address Proof: Aadhar Card, Valid Passport, Utility bill, Property tax bill, etc.
  • Payslip of last 3 months
  • 2 Passport size photographs
  • 6 months Salary account bank statement
  • Latest year Form 16.

Documents for Self-employed

  • Identity Proof: PAN Card, Aadhar Card, Driving License, Voter ID Card of Proprietor, partner of Director (if a company), etc.
  • Address Proof: Aadhar Card, Valid Passport, Utility bill, Property tax bill, etc.
  • Latest 2 years ITR
  • Financial Documents (P & L account, Balance Sheet, Schedules to Balance Sheet & Tax Audit report) & 6 months Company primary Current account statement
  • Your current obligations, i.e. the other instalments (EMIs) that you are currently paying, the number of credit cards and the limits you have or use.

Proof of Employment/Business Continuity

  • Salaried: Form 16 or Appointment letter, dated 2 years or earlier period
  • Self-employed: ITR or Sales/Service Tax registration certificate, dated 2 years or earlier period

Property Documents (In case of HL/LAP)

  • Under construction property – Allotment letter, Proof of booking amount paid and Payment schedule
  • Ready Property – Sale Deed, Parent Documents, Property tax paid certificate (Latest), Khatha (7/11 extract) and Latest EC
  • Plot and Self-construction – Sale Deed, Parent Documents, Khatha (7/11 extract) and Latest EC

Eligibility Criteria

The below following are eligible to apply for the Bhartiya Mahila Bank  Business Loan:

  • Sole Proprietor
  • Partnership Firms
  • Public and Private Limited Companies
  • Co-operative Society
  • Minimum 2 years of work experience; in case of self-employed, minimum of 2 years of business continuity
  • Minimum age of 21 years and maximum age for 60 years (loan completion age)
  • Minimum take home income of Rs. 25000/- per month
  • Co-applicant applicable in case of HL and LAP, Spouse/Parents/Childre

Features and Benefits of Bhartiya Mahila Bank Business Loan

The below following are some of the main features and benefits of applying for a business loan with Bhartiya Mahila Bank Business Loan

  • The women entrepreneurs offered with the concession of 0,25% in interest rate.
  • A combo of working capital and term loan
  • The repayment tenure is flexible as it can be lasting up to 7 years.
  • There is no need for collateral for the loan amount up to Rs. 1,00,00,000

Business Loan Application Procedure

Approach the Branch

Step 1: You have to approach the nearest BMB Branch in your locality for applying for a business loan.

Get Application Form

Step 2: Then you need to get the application form from the bank office and have to fill out the business loan application form in a prescribed format.

Fill in the Right Credentials

Step 3: You have to fill the business loan application form with appropriate details without any mistakes. Provide the given following details in the application form.

  • Enterprise Name and Address
  • Caste Certificate (SC/ ST/ OBC or Minority)
  • Phone/ Mobile number
  • E-mail address
  • PAN Card/ Aadhaar Card
  • Constitution (Proprietary /Partnership /Pvt. Ltd. Co./Limited Co. / Co.-op. society)
  • Loan details
  • Date of establishment
  • Name, address and PAN details of proprietors/ partners/ directors of the company
  • Banking and existing credit details
  • Details of collateral security offered

Submit the Application Form

Step 4: You have to submit the business loan form in the prescribed format to the concerned bank official along with all the supporting certificates mentioned above.

Attach Required Documents

Step 5: After applying, you have to attach the specified KYC proofs along with the business loan application form.

Note: Please carry originals of all relevant KYC documents such as PAN, Aadhaar, etc. for verification purposes.

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IndiaFilings is India's largest online compliance services platform dedicated to helping people start and grow their business, at an affordable cost. We were started in 2014 with the mission of making it easier for Entrepreneurs to start their business. We have since helped start and operate tens of thousands of businesses by offering a range of business services. Our aim is to help the entrepreneur on the legal and regulatory requirements, and be a partner throughout the business lifecycle, offering support at every stage to ensure the business remains compliant and continually growing.