Mahila Money is a fintech platform that gives collateral-free loans to Indian women.
It helps in the empowerment of women and allows them to start their own businesses with ease.
We will be reviewing the platform briefly and discussing whether it is a good pick for the businesswomen of the country or not?
Let’s get started.
What Is Mahila Money?
Mahila Money offers multiple services focused solely on the females of the country. From giving business loans to conducting wellness programs, Mahila Money has a lot of features.
You can apply for a prepaid card, join expert sessions on business for women entrepreneurs and get to interact with thousands of talented women of the community.
You can even set different financial goals on the app and Mahila Money will assist you in achieving those goals.
Let’s briefly discuss the app’s features in the next section.
Founder’s Mission
Mahila Money was founded in 2021 by Sairee Chahal along with its two co-founders, Vaibhav Kathju and Siddhika Agarwal.
The main purpose, as we know by now, was to uplift the women entrepreneurs of the nation. Sairee Chahal, who is the founder of Sheroes, has a network of over 25 million women entrepreneurs. Now, with Mahila Money’s community, she aims to connect over 100 million women entrepreneurs who want to run their own businesses.
According to her, this is not for women living in rural areas, farmers or artisans. Instead, it targets the women who do not enjoy the benefits of microfinance.
With Mahila Money, the founders have a clear vision of connecting all the women entrepreneurs of the nation. This will not only help them meet like-minded people but will also guide them on the right path.
Similarly, they aim to bridge the gap between talented women’s resources and sharp-business minds by giving them collateral-free loans, which helps them in scaling their businesses.
Features Of Mahila Money
It is safe to say that Mahila Money is a complete package for women. Let’s break down all of these features and review them.
1. Mahila Money Loan
The best and the most widely used feature, the Mahila Money Loan, helps women start their own businesses.
The best part of this loan is the 100% paperless process and the no-collateral policy, which gives a sense of security.
You can easily avail of a loan of up to Rs.5 lakhs on your own merit, without your partner’s or your father’s signature.
There is no co-guarantor needed to sanction this loan, and you get the amount directly into your bank account without going anywhere physically.
The processing fee is 2%, and the interest rates are reduced by 20% per annum.
2. MM Medic
An easy way to book a medical appointment in your own house, MM Medic offers great medical services to its users at a very affordable price.
It is a quick 2-minute procedure of onboarding, and it requires no lengthy paperwork.
Book a blood/ urine test from your house and even consult a gynecologist after booking an appointment from the helpline number.
Get all this at just Rs.94, valid for the entire year.
3. Prepaid Visa Card
Mahila Money also offers an exclusive Visa Card that the women can use easily to shop anywhere online.
There is no need for a bank account prior to applying for this card. You can top up the card up to Rs.10,000.
The best part about this?
It is a zero-balance card. So, you don’t need to worry about keeping a dedicated fund for your card. You also get to enjoy over 200 offers on this card.
4. Dedicated Community For Women
With Mahila Money, you get to learn a lot from the country’s experienced and successful women entrepreneurs.
Talk with these professionals in Mahila Money’s exclusive community. The most valuable topics in this community comprise business, money, and many other mandatory topics.
5. Setting Goals
Whether you want to buy a scooter or a new mobile phone, Mahila Money lets you make goal-based savings through valuable tips on money, business, and learning resources that help you achieve your goals faster and more efficiently.
Why Mahila Money?
Mahila Money is developed to empower the women of the country. As per reports, less than 10% of the women in the country are working. This shows the backwardness of our community.
The major reason behind this number is the high illiteracy rate and women’s dependency on their husbands. It is necessary to bring a change and deliver such products to the community, which is targeted especially to women.
Let’s check out why Mahila Money is a game-changer for the women entrepreneur of the country.
1. Gives Vast Opportunities To Women
Mahila Money gives tons of opportunities to women. From giving collateral-free loans to prepaid Visa cards, it does offer extensive merits to women.
They can easily ask for expert advice, book sessions with professionals, and easily pay off their loans with Mahila Money’s attractive offers. Overall, it is a complete package for every woman who wants to do her own business.
2. Medical Assistance
We all know how our Mother used to take care of us whenever we used to get sick. But what about the time when she got sick herself?
It is very common for women to have multiple health issues in their life because of negligence and continuous hard work. This is where Mahila Money comes in.
It allows a medical package to the women at a very cheap and affordable price. This means that now a woman can get herself tested in the comfort of her house, that too without spending a lot.
3. Removing Dependency
We’ve all seen this a lot in our country. Most women are still dependent on their partners for money. We are not talking about just earning it but also spending it.
On the one hand, where a man has multiple bank accounts, the woman of the house is still dependent on buying even the basic items for herself.
Mahila Money removes this barrier by giving zero-balance Visa Cards to women.
Now, you can use this card to make transactions online and even 200+ offers.
4. Giving The Right Vision
We all talk about exposure in career growth and how much it is important to interact with professionals who can show us the right direction.
However, with the majority of the population of the country still living in the rural areas, women continue staying back in their houses.
Mahila Money’s exclusive community for women helps them get a lot of exposure while sitting in their homes. With so many experts on the platform, it gets really valuable for the users to utilize their knowledge and wisdom.
All this eventually leads to giving the users a vision about how big they can get in their careers, keeping in mind the endless opportunities available through the internet.
Pros
- Attractive features and offers
- An exclusive platform for women
- Includes no joining fees or monthly subscription model
- Quick set-up and on-boarding
- Paper-less verification
- Tracks all the expenses
Cons
- It does not have a web app
- Not available on iOS
- Too many features make it complex to use. This creates difficulties for women who are not tech-savvy.
- Ir offers a digital card, which is difficult to use for women who are not very friendly with technology.
My Take
After carefully reviewing the entire platform, it is safe to say that Mahila Money offers many features and offers to the country’s female population.
Whether it is their instant loans or providing digital cards, all of these features do seem to add a lot of value to a women’s life.
However, it is still very early to say anything about the customer service of Mahila Money, and only time will tell whether they’re good at it or not.
Talking about the present time, the user’s testimonials do seem very good. This was it from this review of Mahila Money.
Do tell me in the comments whether you’ll suggest this app to anyone or not.
FAQs
How do I get a loan on Mahila Money?
Simply fill out all the required fields under the loan section and complete the documentation. Soon after, you will be getting a verification call from the team. After some time, the amount will reflect in your bank account.
What is the interest charged on these loans?
Mahila Money charges a 20% interest per annum on the loans.
What is the date for EMI payment?
Your EMI is due on the 5th of every month.
Does this loan affect my Credit Score?
Yes, it does affect your credit score. Like any other loan, you can improve your credit score by making monthly payments or reduce it by being careless and missing out on payments.
What is the Mahila Money Card?
The Mahila Money Card is a digital card that can be used anywhere to make payments online. It is issued by Transcorp and is powered by Visa.
What is a Goal?
A goal is anything that you wish to achieve in the future. Talking about the Goals feature in Mahila Money, you get to set up various financial goals on the app, and later on, it helps you achieve them.
Is it rbi registered and a safe app to use?