Business Loans

How to Apply for Bharatiya Mahila Bank Business Loan?

The Bharatiya Mahila Bank Business Loan (BMB) was established with the intention of facilitating women's economic empowerment and advancing their access to the workforce.

A public sector bank called Apply for Bhartiya Mahila Bank Business Loan was founded in 2013. Bharatiya Mahila Bank (BMB) was founded with the goal of advancing women’s access to the workforce and paving the way for economic empowerment.

The bank establishes a platform for female entrepreneurs to obtain business loans. These business loans are meant for most business needs, such as meeting the need for working cash or expanding the business. Bharatiya Mahila Bank provides manufacturing firms with loans up to Rs. 20 crores. Bharatiya Mahila Bank offers special business loans with attractive interest rates and also provides collateral-free loans up to Rs. 1 crore under CGTMSE protection.This article provides a detailed analysis of the Bhartiya Mahila Bank Business Loan.

Bhartiya Mahila Bank Business Loan Details:-

Details regarding Bhartiya Mahila Bank’s business loan interest rates, fees, and commissions are provided below.

Required Documents 

The documents required by Bhartiya Mahila Bank at the time of business loan applications are listed below.

Income Documents

Documents for Salaried:

  • Identity proof options include a PAN card, an Aadhar card, a driver’s license, a voter identification card, and others. 
  • Aadhar cards, valid passports, utility bills, property tax bills, etc. are examples of address proof. 
  • three months’ worth of paystubs 
  • two passport-sized photos 
  • sixty days Bank statement for a salary account,
  • most recent year Form 16.

Documents for Self-Employed

  • PAN Cards, Aadhar Cards, Driving Licences, Proprietor Voter ID Cards, Partner Voter ID Cards (if a Company), etc. are examples of identity proof. 
  • Address verification options include utility bills, property tax bills, valid passports, and Aadhar cards. 
  • Your current obligations, such as the other installments (EMIs) that you are currently paying, the number of credit cards you have and their associated limits, and the most recent two years’ worth of ITR filing financial documents, including the P&L account, balance sheet, schedules to balance sheet, and tax audit report.

Proof of Employment/Business Continuity

Paid: Form 16 or an appointment letter that is at least two years old. 

ITR or a Sales/Service Tax registration certificate that is at least two years old is required for self-employed people.

Property Documents (In case of HL/LAP)

  • Under-construction property – Allotment letter, payment schedule, and proof of booking amount paid 
  • Sale Deed, Parent Documents, Property Tax Paid Certificate (Latest), Khatha (7/11 extract), and Latest EC for Ready Property 
  • Sale Deed, Parent Documents, Khatha (7/11 extract), and Latest EC for Plot and Self-Construction

Eligibility Criteria

The following individuals are qualified to apply for a business loan from the Bhartiya Mahila Bank:

  • Public and private limited companies, sole proprietorship partnerships, and cooperative societies 
  • 2 years minimum work experience, 2 years minimum business continuity if self-employed 
  • 21 as the minimum age and 60 as the maximum (loan completion age) 
  • a monthly minimum take-home pay of ₹25000 
  • In the case of HL and LAP, a co-applicant may be a spouse, parent, or child.

Features and Benefits of Bhartiya Mahila Bank Business Loan

Some of the key characteristics and advantages of trying to apply for a commercial loan with Bhartiya Mahila Bank Business Loan are listed below.

  • The interest rate concession of 0.25 percent was made available by the female business owners. 
  • a working capital and term loan combination 
  • The repayment period is adjustable and can last for up to seven years. 
  • For loans up to ₹1,000,000, collateral is not required.

Business Loan Application Procedure

Approach the Branch

Step 1: To apply for a business loan, head over to the closest BMB branch in one area.

Get Application Form

Step 2: After that, you must obtain a request form from the bank and complete it in accordance with the guidelines.

Fill in the Right Credentials

Step 3: Complete the company loan application with the correct information without making any mistakes. Fill out the application form with the information requested below.

  • Organization Name and Address 
  • (SC, ST, OBC, or Minority) Caste Certificate 
  • Mobile or phone number 
  • Inbox address 
  • PAN Card and Aadhaar Card Constitution (Proprietary, Partnership, Limited Company, Co-operative Society) 
  • Loan information Establishment date 
  • Name, address, and PAN information for the company’s owners, partners, and directors 
  • Financial information and credit history 
  • Specifics of the offered collateral security

Submit the Application Form

Step 4: You must give the business loan application to the appropriate bank representative in the format required, along with the aforementioned supporting documentation.

Attach Required Documents

Step 5: After submitting your application, you must include the required KYC documents with your Business Loan application. 

Note: For verification purposes, please carry original copies of all necessary KYC documents, including PAN, Aadhaar, etc.

Conclusion

If you need legal advice or to know more about Bhartiya Mahila Bank Business Loan. Contact Vakilsearch 

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