The role of women has changed drastically in the past few years for the better. A lot of women are entering the business to earn bigger and better. There are over 8 million women entrepreneurs in India, with Tamil Nadu having the highest share. India needs more Women Entrepreneurs to grow economically, socially and culturally. Women constitute around half the total (48%) Indian population but their participation in the economic activities is only 25%. To facilitate this growth, better access to finance has been offered especially for women in India.
Here is a list of various small business loans offered exclusively for women to promote women entrepreneurship.
1. Annapurna Scheme
✔ Offered by State Bank of Mysore.
✔ Available for women who’re setting up the food catering industry in order to sell packed meals, snacks, etc. ✔ The loan amount can be used to buy utensils and other kitchen tools and equipment.
✔ Under this loan, you must pledge the assets of your business as collateral security along with a personal assurance from a guarantor. ✔ You will get up to a maximum amount of ₹50,000 which has to re-paid in monthly installments for 36 months.
✔ You don’t have to pay EMI for the first month.
✔ The interest rate depends upon the market.
2. Stree Shakti Package For Women Entrepreneurs
✔ Offered by most of the SBI branches to women entrepreneurs who have at least 50% share in the ownership of a firm or business. ✔ Also, they should have taken part in the state agencies run Entrepreneurship Development Programmes (EDP).
✔ If the loan amount is more than ₹2 lakhs, the interest will be reduced by 0.50%.
3. Bharatiya Mahila Bank Business Loan
✔ Women entrepreneurs can claim up to ₹20 crores in this scheme. This loan will be given against one’s property.
✔ This is a loan for women entrepreneurs looking to start new ventures in the fields of the retail sector, manufacturing industries.
✔ There is no requirement of collateral security for a loan of up to ₹1 crore.
4. Dena Shakti Scheme
✔ Offered by Dena bank to those women entrepreneurs in the fields of agriculture, manufacturing, micro-credit, retail stores, or small enterprises.
✔ A maximum loan of ₹20 lakhs for retail trade will be given under this scheme.
5. Udyogini Scheme
✔ Offered by Punjab and Sind Bank to provide women entrepreneurs involved in agriculture, retail, and small business enterprises.
✔ This loan has flexible terms and concessional interest rates.
✔ The maximum amount of loan under this scheme for women between the age bracket of 18-45 years is ₹1 lakh
6. Cent Kalyani Scheme
✔ Offered by the Central Bank of India with the aim of supporting women in starting a new business or expand an existing one.
✔ This loan can be availed by women who are involved in village and cottage industries, micro, small and medium enterprises, self-employed women, agriculture and allied activities, retail trade, and government-sponsored programs.
✔ No collateral security required, no guarantor needed, no processing fees.
✔ The maximum amount that can be granted under the scheme is Rs. 100 lakhs.
7. Mahila Udyam Nidhi Scheme
✔ This scheme is launched by Punjab National Bank and aims at supporting the women entrepreneurs involved in the small scale industries.
✔ These loans can be repaid over a period of 10 years. ✔ There are different plans for beauty parlors, daycare centers, purchase of auto-rickshaws, two-wheelers, cars, etc.
✔ The maximum amount granted under this scheme is ₹10 lakhs.
✔ Interest depends upon the market rates.
8. Mudra Yojana Scheme For Women
✔ This scheme is launched by the Govt. of India for individual women wanting to start small new enterprises and businesses like beauty parlors, tailoring units, tuition centers, etc. as well as a group of women wanting to start a venture together. ✔ No collateral needed.
There are 3 schemes under this Yojana–
Shishu – loan amount is limited to ₹50,000 for businesses that are in their initial stages.
Kishor – loan amount ranges between ₹50,000 and ₹5 lakhs for the well-established enterprise.
Tarun – loan amount is ₹10 lakhs for purpose of expanding the business.
9. Orient Mahila Vikas Yojana Scheme
✔ This scheme is provided by Oriental Bank of Commerce to those women who hold a 51% share capital individually or jointly in a proprietary concern.
✔ No collateral security is required for loans of ₹10 lakhs up to ₹25 lakhs in case of small-scale industries and the period of repayment is 7 years.
✔ A concession on the interest rate of up to 2% is given.
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