Bharatiya Mahila Bank
Bharatiya Mahila Bank

Bharatiya Mahila Bank

Bharatiya Mahila Bank is a unique entity in India’s banking sector and was formed with a mission towards facilitating economic empowerment of women. It was incorporated under the Companies Act of 1956 on the 5th of August, 2013 and received the certificate for business commencement on 22nd August 2013. The RBI banking license came in on 25th September 2013. The Bank has its corporate office at Nehru Place in New Delhi and there is a wide spectrum of Bharatiya Mahila bank financial services dedicated exclusively to the needs of women.

About Bharatiya Mahila Bank

It has a pan Indian presence with 100 branches across the country and special emphasis is given to deprived, economically neglected, under-banked, discriminated and unbanked rural and urban women with a view towards ensuring sustainable and inclusive growth. There is a team of professionals with abundant experience who have designed inclusive Bharatiya Mahila Bank loan schemes and other services to suit needs of women across all segments including self help groups, entrepreneurs, HNIs, salaried women and corporates. The Bharatiya Mahila Bank interest rates on savings is 5% for INR 1 lakh and 4.5% for any amount less than the same. There are multiple women centric products keeping in mind the core strengths of the female populace in the country. The bank is spearheaded by SM Swathi who holds office as its Executive Director and it has been allocated an initial capital of INR 1, 000 crore. It has also received two prestigious awards, namely the Asian Banker Achievement Award 2015 for Technology Implementation in the category for Best Outsourcing Project (New Bank) and also the Core Banking Initiative Award 2014 from the Asian Banking and Finance, Singapore.

Bharatiya Mahila Bank Services

Apart from concessions by way of Bharatiya Mahila Bank loan interest rates, other value added services are offered under the umbrella of BMB Smart-Banking where fixed and recurring deposits can be opened online along with accessing the same. There is a mobile banking app that is readily available on Google Play Store and the Apple Store.

It is also one of the pilot banks for the introduction of the new UPI payment system that has been launched by NPCI. Several programmes are conducted with regard to skill development training and financial literacy in order to empower women with regard to jobs, generation of more income and other growth opportunities. The loan advantage for women with nominal bank charges is one channel for ensuring this objective.

Mission Statements

The bank aims at being the best option for women along with supporting women’s livelihood initiatives. There are several banking solutions tailored to suit women right from birth throughout their entire life and even beyond. All loan activities and financial services are also aimed at offering hassle free experiences for customers along with encouragement of women entrepreneurship, elimination of lending biases against women, catering to needs of all including the third gender and also men and also the adoption of low cost and super efficient delivery models and technologies. Joint liability and self help groups are also given priority here.

Bharatiya Mahila Bank Loans

While Bharatiya Mahila Bank lending rates differ from time to time, here are some of the major Bharatiya Mahila Bank loan types available:

  1. Home Loan- When it comes to Bharatiya Mahila Bank finance for home loans, there are no pre-payment penalties. The maximum loan tenure is 25 years and the Apna Ghar Scheme covers construction of flat/house, purchase of ready built new/old flat/house and also purchase of plots for construction. This also covers repair, improvement and renovation of existing house. 21 years is the minimum age limit with 70 years being the maximum threshold. Base Bharatiya Mahila Bank lending rates are offered to women for home loans up to a maximum of INR 1 crore. The margin is 10% and 20% respectively for loans up to INR 20 lakhs & INR 20-75 lakhs respectively while this goes to 25% for loans above INR 75 lakhs.
  2. Loan against Property- The Bharatiya Mahila Bank loan against property offers 50% concessions for MSME units by way of processing fees. There is term loan/overdraft facility and interest on daily reducing balance. The minimum loan mount is INR 5 lakhs with the maximum amount going up to INR 1 crore for individuals and INR 2 crore for proprietorships in the service industry. The tenure of the loan is 7 years at a maximum. INR 5 crore and INR 10 crore are maximum limits for manufacturing industries and corporates. The minimum & maximum age limits are between 21-70 years and the income should be a minimum of INR 3 lakhs per annum for at least three consecutive years.
  3. Business loans- There are several types of Bharatiya Mahila Bank business loans on offer for customers. The Shringaar scheme offers loans for beauty parlors/spas/saloons which includes purchase of tools, equipment, day to day expenses, etc.  The Annapurna loan covers food catering units for women and term loans are provided for the same purpose. The Parvarish scheme offers loans for establishing day care centres for children along with purchase of all essential equipment, utensils, etc.

There are loans for commercial vehicles and the SME Easy loan package covers traders, manufacturers, service providers and other enterprises. There are concessions for women entrepreneurs and collateral free loans are offered up to INR 1 crore. Loan repayment tenures are 7 years for the term loans. No third party properties can be taken into account. INR 5 crore is the maximum loan that can be obtained by service enterprises and retail traders while manufacturing enterprises can obtain maximum loans of INR 20 crore.

 Bharatiya Mahila Bank is on a mission to spark greater development of women entrepreneurs and trailblazers in diverse industries along with promoting greater inclusion with support for self help and joint liability groups, small scale entrepreneurs and basic banking needs of deprived, unbanked women across all age groups. From women centric loan services to other thoughtful banking solutions and low interest rates, there are several advantages lined up for women here.

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