[PDF] Bharatiya Mahila Bank Personal Loan 10.15% to 13.65% PA | Features, Benefits, Eligibility, Ways To Apply, Characteristics

Bharatiya Mahila Bank Personal Loan: The Bharatiya Mahila Bank offers personal loans to women who are looking forward to supporting their finances. Their goal is to empower women and help them get associated with the banking institutions.

In this writing, we talk about the eligibility, repayment, EMI and all the other details about Bharatiya Mahila Bank Education Loan, personal loan and business loan.

The bank’s business loans help women establish themselves as entrepreneurs. The Bharatiya Mahila Bank Business Loan Eligibility will help you determine if you will be granted a loan from the Bharatiya Mahila Bank.

In this writing, we have also provided the link to the Bharatiya Mahila bank business loan website, which will help you apply for the loan.

Want to compare Bharatiya Mahila Bank Personal Loan with other bank personal loans for lowest interest rates and extra offerings? Just keep an eye on our Complete Guide on Personal Loan & choose the suitable bank to apply for the loan.

Bharatiya Mahila Bank

What is the Bharatiya Mahila Bank?

The Bharatiya Mahila Bank Limited is an Indian public sector bank. Its headquarters are situated in Delhi. The Bharatiya Mahila Bank Limited organisation was founded in the year 2013. It has 107 branches spread all over the country.

It offers all the financial assistance to its customers such as fixed deposit, saving deposit, recurring deposit, personal loans, home loans, car loan, education loan, PPF account, lockers, gold loan, holiday loan, Atal Pension Yojana, net banking, mobile banking, RTGS, E-Wallet, Pradhan Mantri Jeevan Jyoti Bima Yojana, NEFT, IMPS, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, and many more.

Find details related to the Bharatiya Mahila Bank Limited, such as the Official Website of the bank, ATMs across the country, Contact Numbers of the bank, official EmailID. You will also find information about loan purpose, Eligibility criteria, Margin, Repayment of Personal Loan, Document needed for Personal Loan from below.

Features and Benefits of the Personal Loan of Bharatiya Mahila Bank

  • The maximum amount of loan
  • Multiple options for loan repayment are available
  • Quick & easy sanction and processing of personal loan application
  • Easy loan approval
  • The bank does not insist upon a guarantor
  • Attractive & competitive rates of interest
  • Offers unique schemes as well as discounts for employees of companies
  • Generally, no security is needed for availing of a personal loan

Ways to Apply for a Bharatiya Mahila Bank Personal Loan

One can apply for their loan by both – online or offline mode. Listed below are the ways in which one can choose from one way, whichever suits them.

How to Apply Online?

One can apply online via the official website of Bank and fill up their personal information as well as work information & upload all the necessary documents. One can use it after checking their loan eligibility.

How to Apply Offline?

One can visit any of the Bank branches personally along with all the needed documents, properly fill-up the form and get their loan sanction process started.

Purpose of Bharatiya Mahila Bank Personal Loan

To meet all types of financial needs such as a holiday trip abroad, marriage in the family, household shifting, repayment of an existing loan, payment of credit card bills, medical emergencies and many more without worrying about having any collateral or property.

Eligibility for Bharatiya Mahila Bank Personal Loan

  • Age limit from 21 to 58 years.
  • The individual must be a permanent employee of State/Central Govt., Corporations, Private Sector Companies, Public Sector Undertakings, and reputed establishments.
  • Individuals who are Salaried or Self – Employed who have a regular income.
  • Number of years in the current job or business or profession: up to 3 years

Documents Needed for Bharatiya Mahila Bank Personal Loan

  • Properly filled up and signed application form for the personal loan.
  • Passport-sized photographs of the individual taking the loan.
  • Identity proof – Driving License, Passport, PAN card, Voter ID Card, Government department ID card, Aadhar card.
  • Income Proof – Latest salary slip that shows all deductions or Form 16 accompanied with the recent salary certificate (for salaried individuals)
  • Address proof – Latest electricity bill, bank account statement, latest credit card statement, latest mobile or telephone bill, Existing home lease agreement.
  • Bank passbook or bank statement of having entries of previous six months.

Amount Allowed for Bharatiya Mahila Bank Personal Loan

The minimum amount of Rs. 10,000 to the maximum amount up to 12 times Net Monthly Income for salaried people and pensioners subject to a ceiling of Rs.10,00,000 in all centres.

Repayment of Bharatiya Mahila Bank Personal Loan

Maximum 60 EMIs are permitted for repayment of one’s loan. It begins with 12 EMIs. The repayment time is also dependent upon one’s credit score.

Bharatiya Mahila Bank: Repayment of loan via Equated Monthly Instalments (EMI)

Any one of the following ways can be used for repaying the loan:

  • Standing instruction registration at one’s bank
  • Via Internet Banking solution
  • Automated Payment by ECS (Electronic Clearing Service)
  • Through Mobile Banking Application, if offered by the bank

What is Needed for Creating Banking Opportunities for Women?

In the Indian subcontinent, only 26% of females have an account registered with a formal financial organisation, compared to 46% of males.

This has altered after the initiative of Pradhan Manthri Jan Dhan Yojana – accounts of females jumped radically to around 60%. That implies an account in either a bank, a co-operative, post office, a credit union, or a microfinance institution, as per a study by the World Bank.

Along with this, for females, per capita credit is 80 per cent lesser than males.

Furthermore, the research using a global dataset with 350 Microfinance Institutions (MFIs) in 70 countries showcases that more female clients have been associated with lower write-offs, lower portfolio-at-risk, and lower credit-loss provisions ceteris paribus provision.

Key Characteristics of the Management

Bharatiya Mahila Bank (BMB) was owned entirely by the Indian Government. Firstly, the bank consisted of a board of directors having eight women. Mrs Usha Ananthasubramanian is the managing director as well as the chairman of the bank, and SM Swathi is the executive director of the bank.

One of the main objectives of this Bank is to focus on the banking requirements of women and encourage economic empowerment via women’s growth and development.

Bhartiya Mahila Bank Business Loan

The bank promises a platform for female entrepreneurs to get loans for their businesses. These business loans have been intended for various business purposes for meeting the need for working capital or the expansion of the business.

Bharatiya Mahila Bank provides loan amounts to a maximum amount of Rs. 20 Crores for manufacturing enterprises. Outstanding business loans with a profitable interest rate have been offered by the BMB and grant collateral-free loans up to Rs. 1 crore under the CGTMSE cover.

Business Loan Details At Bhartiya Mahila Bank

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

Type Details
Interest Rate 10.15% per annum to 13.65% per annum
Loan Amount for Retail Trader as well as 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