“Empowering Women, Empowering India.
The bank started for the empowerment of the women’s to make them independent so that she should also have an equal status as that of man in the society of man leading society. To empower women means to give them the power by giving her the facility by funding her so that she could set up her own business can earn her livelihood of her own and no remain no more dependent on the male member of the society. For the same purpose, the government has started the providing the fund by providing women’s the loan to set up their own business.
Bhartiya Mahila Bank Initiation
Bhartiya Mahila Bank is an Indian financial service provided by the banks. The bank was launched in Mumbai by the former Prime Minister Manmohan Singh on 19 November 2013. The scheme was launched on the 96th birthday of the former prime minister of India, Indira Gandhi. The scheme came into implementation on the birthday anniversary of Indira Gandhi. Although the bank is for the women, they will allow the cash flow to everyone but the scheme of providing the loan to women at the low-interest rate. As now the Modi government reforms the government merged the bank on 1 April 2017 with the STATE BANK OF INDIA to boost the banking reach to the women’s. More than 103 branches of BMB were merged to the SBI.
The BMB( Bhartiya Mahila bank ) was started the scheme to provide the business loan to the women entrepreneurs. The loan provided can be used for setting up the business, providing the working capital and business expansion and many more related to the business. The loan can be taken from the banks or the NBFC(non-banking finance cooperations). The Mahila bank will provide the business loan of a maximum value of upto 20 crores. The loan would be provided to the women at the affordable interest rates and the loan will be provided without any collateral.
Apply Online Bhartiya Mahila Bank
You can get all the information on the official website whose link is given for your assistance. Make use of the link to apply for the Bhartiya Mahila bank loan scheme – APPLY FOR BMB LOAN
How to apply for a loan?
The candidate who wants to apply for the loan read the article below thoroughly and know each and every detail given on the page so that you will know that whether you are eligible for the loan or not and if eligible what documents would be required to apply for the loan. To know more about the Bhartiya Mahila bank you may also visit the nearby bank branch.
As discussed earlier in the article the loan would be provided at a minimum applicable interest rate of the bank so that it would create no burden on the women’s. The interest rate applicable will be ranging from 10.15% to 13.65% per annum.
The amount of loan differs to each of the applicant depending on the need and the type of business which is described below in a very easy manner for your assistance.
- The retailer, traders and the service enterprises can apply for a loan Upto Rs. 5,00,00,000.
- The manufacturing units or the enterprises associated in this work can apply for a loan of Rs. 20,00,00,000.
- Whereas the collateral free loan Upto 1 crore is also provided.
You can pay back the loan easily as the timespan of 7 years is provided so that the business entrepreneur gets enough span of time to set up the loan, start it well or can expand it according to the need of the business entrepreneur. So the time limit is good enough that you can easily pay back the loan and can also pay the interest on the loan easily and smoothly.
The processing fee applicable on the loan you apply for will be decided by the bank so you have to go and meet the bank official regarding the information for it and as it may differ the processing fee applicable on the normal loan so processing fee will be as per bank’s norm.
Eligibility for Bhartiya Mahila Bank
The following points are regarding the eligibility of a woman for the Bhartiya Mahila Bank scheme loan. To know more read the points listed below carefully.
- If you are a Sole Proprietor.
- If you have a Partnership Firms.
- If you own a Pvt. Ltd. / Ltd. Companies.
- If you belong to any Co-op. The society you are eligible to apply for the loan.
- Only the candidate whose age is between 21 – 60 Years can apply.
Documents for Bhartiya Mahila Bank
The documents which are needed to apply for the BHARTIYA MAHILA BANK loan scheme are mentioned as follows:
- You have to bring three passport size photographs.
- You should have an ID proof such as Passport, voter ID, Aadhar card or driving license.
- Residence Proof is also required to give the resident proof you can give your Passport, rental agreement or statement from the bank.
- Pan Card is also required to apply for BMB.
- Age Proof you should have a birth certificate or passport can be used for the same.
- Income tax details for the last three years is required.
- Statement of the bank account of last 6 months is also required.
- Proof or certificate of your minority.
BMB Customer Care Number
If you have any doubt or you want to inquire something you can do so on the number given below. The official on the phone will provide you with complete information and will clear all your doubts.
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