With more women choosing to build a career of their own, there has been a significant rise in the number of businesswomen in the country.
In the quest to become self-reliant, a large segment of women has stepped into the industrial domain.
For instance, so far, 14% of business ventures in India are operated by women entrepreneurs. It means that out of 58.5 million entrepreneurs in India, 8.05 million are women.
Though the proportion is still quite low when compared to most nations across the globe, it is likely to would undergo a significant surge in the coming years.
To encourage participation, the Indian Government and most financial institutions offer subsidies and business funding options to women entrepreneurs.
Such funding options do not just allow women business owners to jumpstart their business but also provide them with the required backing to expand their existing endeavors.
Successful Businesswomen entrepreneurs
Here’s a list of some women entrepreneurs in India who are an inspiration to millions of others and serve as a constant reminder to become financially independent and self-reliant.
Kiran Mazumdar Shaw
One of the wealthiest self-made businesswomen in India, Kiran founded a biopharmaceutical firm in the year 1978. According to Forbes, Biocon Limited is among the first companies to secure approval from USFDA. She holds the title of being the 54th richest person in India and is the 65th most powerful woman in the world.
Vandana Luthra is the chairperson of the Beauty and Wellness Sector Skill Council and is known for philanthropy. She founded the renowned beauty and slimming service center called VLCC in 1989. She runs an NGA named Khushi, which extends scholarships to underprivileged and physically challenged individuals. Owing to her contributions as a businessperson, she was awarded the Padma Shree in 2013.
Falguni Nayar began her career as an investment banker at Kotak Mahindra. Later she quit her job to pursue her dream of becoming an entrepreneur.
She started the popular online store Nykaa, in 2012, which sells cosmetics and wellness products.
The online portal with over 850 brands is a partner of Femina. It launched 35 physical stores across India.
She is the co-founder of MobiKwik, which is a fintech start-up. Over the years, MobiKwik emerged as a popular virtual wallet that is tied to a vast network of services and companies.
Her experience as a senior product manager at the famed PayPal paved her way to self-reliance and massive success in the business domain.
Notably, without adequate business funding, it would not have been possible for many of these talented businesswomen entrepreneurs to tap into their business potential.
In case, individuals plan to start a business venture but feel restrained due to lack of funding; they should avail assistance from financial institutions, which extend a business loan to women at feasible interest rates and terms.
Things to consider for availing of a business loan
Undoubtedly, a business loan for women proves beneficial for businesswomen entrepreneurs in more than one way. Regardless, they should factor in a few things before applying for a loan at a particular financial institution.
To begin with, one should check these –
- Application and approval process
- Documents required for a business loan
- Loan value, interest rate, and repayment options
- The requirement for collateral security
Also, one should opt for options that extend funding with minimal eligibility criteria. For instance, NBFCs, like Bajaj Finserv, extends business funding to applicants who are between the age of 25 years and 55 years and have a business vintage of at least 3 years.
They also provide pre-approved offers to customers, which makes the entire experience more fruitful. Generally, such offers apply to financial products like personal loans, business loans, etc.
Nonetheless, Businesswomen entrepreneurs need to know about financing business and the associated pros and cons beforehand to make an informed decision.
Concisely, there are thousands of women entrepreneurs in India who are role models in the real sense and inspire millions of women all over the country to become self-reliant.
Notably, business financing is one of the factors to fulfill the dream of becoming a successful business persona. This is why aspirants should be careful in choosing a suitable business loan option.
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