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Fincash » Loans for Women » Bharatiya Mahila Bank Business Loan

Bharatiya Mahila Bank Business Loan

Updated on April 22, 2024 , 17898 views

The Bharatiya Mahila Bank was inaugurated on 19th November 2013 by Dr Manmohan Singh on the occasion of the 96th birth anniversary of former Prime Minister Indira Gandhi. The bank was set up with a special purpose of helping women gain loans easily to build their working Capital or for business expansion.

The bank is run by women and loans are exclusively lent to women. The establishment of this bank placed as one among the three countries including Pakistan and Tanzania to have a bank for women.

Bharatiya Mahila Bank Business Loan

The Bharatiya Mahila Bank offers loans up to Rs. 20 crores to women with Manufacturing enterprises. Special Business loans are available at good interest rates, while the bank also offers Collateral-free loans up to Rs. 1 crore under CGTMSE cover.

The Bharatiya Mahila Bank is now a part of the State Bank of India (SBI). The business loan interest rates offered are under the discretion of the SBI and the Reserve Bank of India (RBI).

List of Loans offered by Bharatiya Mahila Bank

Here is the list of loans offered by the Bharatiya Mahila Bank-

1. BMB Shringaar

Bharatiya Mahila Bank (BMB) Shringaar loan is for the purchase and construction of shops and purchase of equipment for women’s businesses like a beauty parlour, Saloon and SPA. Women aged between 20 years and 60 years can avail these loans. The repayment tenure is up to 7 years and no collateral is required.

2. BMB SME Easy

BMB SME Easy loans are for women with small and medium enterprises. The loan is provided as per the profile and requirement of the small and medium enterprise. The loan repayment tenure is up to 7 years. No collateral is required for a loan up to 1 crore. Maximum loan of 20 crores can be availed under this category and it is mainly for traders, manufacturers and services.

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3. BMB Annapurna

BMB Annapurna is for women with food catering services. Women between the age of 18 and 60 can avail the loan. The loan repayment tenure is up to 3 years. There is no requirement for collateral. Women wanting financial assistance for the establishment of a catering unit for selling lunch an application for this loan.

4. BMB Parvarish

BMB Parvarish is for women who want to set up a day care centre. Women between the age of 21 and 55 can avail this loan. The loan repayment tenure is up to 4 years and no collateral is required. The loan can be availed for the purpose of the establishment of a child day care centre, purchase of utensils and other equipment.

Bharatiya Mahila Bank Business Loan Details

Feature Description
Interest Rate 10.15% p.a. to 13.65% p.a.
Loan for Retail and Service Enterprises Up to Rs. 5 crores
Loan Amount for Manufacturing Enterprises Up to Rs. 20 crores
Loan Tenure Up to 7 years
Processing Fees As per bank norms

Documents Required for Availing BMB Loan

There is a certain variation for salaried women and self-employed women when it comes to the submission of documents.

1. Salaried Women

  • ID Proof: Salaried women have to provide PAN Card, Voter’s ID card, Valid Passport and Driving license as an identity proof.
  • Income Proof: Last three months’ salary Receipt, bank statement for 6 months, the latest Form 16.
  • Address Proof: Telephone bill, electricity bill, property tax bill, Aadhar card, Passport, utility bill.

2. Self-employed Women

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Conclusion

Bhartiya Mahila Bank Business Loan is a great place for women to start off with their dreams. Read all the loan related documents carefully before applying for a loan.

FAQs

1. When was the Bhartiya Mahila Bank started?

A: The Bhartiya Mahila Bank (BMB) was started by former Prime Minister Manmohan Singh on 19th November 2013. It was merged with the State Bank of India (SBI) by Prime Minister Narendra Modi on 1st April 2017 as a part of banking and financial reforms.

2. What are the loans given by BMB?

A: The BMB grants the following loans:

  • BMB Shringaar
  • BMB Annapurna Loan
  • BMB SME Easy
  • BMB Parvarish

Each of these loans are gives for a particular type of enterprise started by women. For example, the BMB Shringaar is given to women who wish to start a beauty parlour or spa while BMB Annapurna Loan is given to start a catering service.

3. Are the loan criteria of the different types of BMB loans different?

A: Yes, depending on the type of BMB loan you have applied for, the criteria you have to fulfil will be different. For example, if you apply for the BMB Shringaar loan, you have to be aged between 18 to 60 years, but for the BMB Parvarish loan, you have to be aged between 21 to 55 years. The repayment tenures are also different for the loans.

The BMB Shringaar has repayment tenure of up to 7 years, whereas the BMB Parvarish loan has a repayment tenure of up to 5 years.

4. Do the loans require collaterals?

A: No, the BMB loans do not require collaterals as these are given to help women become self-reliant. However, in the case of the BMB SME Easy Loan or the loan that women can take to start a small or a medium-sized business, women do not have to provide any collateral for a loan amount of up to Rs. 1 crore. Beyond this, collateral is necessary.

5. Do I have to specify why I am taking the loan?

A: Yes, it is necessary to specify why you want to take the loan and give the purchase details. For example, if you take the BMB Shringaar loan, you will have to use the money to purchase the equipment necessary to start a beauty parlour. The money can also be used for the construction of the shop. Similarly, if you take the BMB Annapurna loan, the money must be utilized to set up a catering unit and purchase equipment for setting up a commercial kitchen.

6. What are the documents that I will need when I apply for a BMB loan?

A: If you are a self-employed person, you will have to provide identity proof, address proof and your salary slips of the past 6 months. If you are self-employed, you will have to provide identity proof, business address proof and bank statements of 6 last months along with other similar documents.

7. What is the prime objective of the BMB?

A: The primary focus of the BMB is to help women become self-reliant. It provides women with financial help to promote self-dependency and entrepreneurship.

8. What are the interest rates for the loans?

A: The interest rates for the loans vary, and these depend entirely on the SBI.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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