Sairee Chahal who is the founder of the women-first community platform, Sheroes is striving to help women entrepreneurs by providing them the finance and resources they need. To help women entrepreneurs in a better way she has recently launched Mahila Money which is a digital women’s bank.
Sairee has seen an opportunity when the pandemic has hit the small business. She helped the business to fulfill its financial needs. During a pandemic, she gave loans to businesses and understand how the system works. She then decided to launch Mahila Money. Mahila Money target good borrowers. Sairee believed that women are good borrowers, and this is the encouragement for her n launch a new way to fulfill the financial needs of women entrepreneurs.
Furthermore, the platform does not offer service to farmers, artisans, or women from rural India. Instead, it helps women who are not getting help from microfinance. Her aim behind the launch of Mahila is to help women businesses by providing them resources at right time. Mahila Money provides micro-loans with ticket sizes between Rs 10,000 and Rs 2 lakh at present.
Mahila Bank platform not only helps women in providing them with necessary resources but also a large community of other women entrepreneurs who help each other in growing their businesses. Moreover, Mahila Bank has also joined hands with banks and NFBCs like Transcorp, visa, My Shubh Life, Avail Finance, and Shivalik bank.
The process to get financial help is easy and stress-free. It takes just 10 minutes to fill a form and upload scans of the user’s Aadhaar Card, PAN Card, and other documents. They get a ‘yes’ or ‘no’ answer within 48 hours. The main advantage of this for women is that it is 100 percent digital and there is no necessity to bring in a family member or a male member, which most banks often ask for. Most importantly, women can take loans in their name through this platform.