In today’s market, women need to be financially independent. It helps them to fulfill their short-term financial requirements for travel, small business, education, wedding, and more. In India, there are so many lenders who have started offering specialized business loans for women at a low-interest rate. The certain Government schemes offered to women for their business, includes- SBI Stree Shakti Package, Bajaj Finserv, Vijaya Bank V Swashakti, and Fullerton India Nari Shakti personal loan.
SBI Stree Shakti Package
SBI offers this scheme called Stree Shakti Package that supports women entrepreneurs by providing certain concessions. This bank offers this scheme to those women who have their businesses. There is no need for any security for applying for the loan. Additionally, the loan is offered at competitive interest rates with 50% for accessories.
Features of SBI Stree Shakti Package
- The interest rate of 11.20% p.a. and above.
- This loan is not required for any collateral security
- The loan repayment tenure is a maximum of up to 36 months (including 1 month moratorium period)
Synd Mahila Shakti from Canara Bank
Syndicate Bank offers Synd Mahila Shakti targets both new and current women entrepreneurs which is available either as a cash credit to meet the working capital for new and existing business units or a term loan scheme of up to 10 years. This loan needs to have employed women of at least 50% of the financial holding.
Shakti Scheme from Bank of Baroda
The Shakti Scheme from Dena Bank supports women entrepreneurs with a wide range of sectors including agriculture & allied activities, retail trade, housing, education, microcredit, and more in the direct or indirect finance, manufacturing, and services sector. This loan is provided to the women entrepreneurs based on the sector in which the enterprise operates. There is zero processing fee and a rebate of 0.5% on the loan amount is required for up to 5 lakh.
Cent Kalyani from Central Bank of India – MSME Loan
This loan is offered by the Central Bank of India for women entrepreneurs who are looking to open a new business or want to expand their existing business. This is offered to those who are into rural and cottage industries, MSMEs, entrepreneurs, and women working in retail and government-backed firms can avail of this loan. The purpose of this loan is to meet day-to-day requirements like the purchase of plant & machinery/equipment, and more. The loan is required at zero processing fee applicable to the loan amount. The maximum limit of the loan amount is Rs. 100 lakh for women users.
Bharatiya Mahila Bank (BMB) business loan:
This loan is offered to women entrepreneur who wants to start their own business. However, the business loan is up to 20 Crores for manufacturing enterprises at an interest rate of 10.15% onwards. It also offers collateral-free loans up to 1 crore under Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE). The loan repayment tenure is 7 years.
This loan scheme is for financing women to establish a food Catering Unit for selling food/lunch/tiffin packs, and more. The Annapurna Scheme is providing loans up to Rs. 50,000. However, the amount is granted as a loan under this scheme can be used for buying utensils, kitchen tools, and other equipment. The repayment tenure of the loan is 3 years i.e. 36 monthly installments. After the loan approval, women don’t need to pay EMI for the first month.
Orient Mahila Vikas Yojana scheme
This scheme is launched by the Oriental Bank of Commerce by providing capital for women for starting small businesses. The scheme is offered to the women having 51% of the share in the business are eligible for the loan. There is no collateral required if the loan amount is starting from Rs. 10 lakh up to 25 lakh for small-scale industries. The loan repayment tenure is for 7 years. It also offers a concession of 2% on the rate of interest of the loan.
Udyogini loan scheme is offered to women having aged between 18 years to 45 years and who are involved in agriculture, retail, and similar small businesses. The maximum loan amount is up to 1 lakh for applying for a loan through this scheme. As well as the family income should be Rs. 45,000 or less. In the case of a widow, destitute or disabled women from SC/ST categories, a subsidy of 30% of the loan is a maximum of Rs. 10,000 and women of general category a subsidy of 20% of the loan or Rs. 7,500 whichever is lower is offered.
The main aim of providing Government Schemes for women is to help women for raising funds to fulfil their businesses. There are many cases that women can apply for any of these schemes such as the Annapurna Scheme, Bharatiya Mahila Bank (BMB) business loan, Udyogini scheme, and others. You can compare and select any of these government schemes for applying for a business loan at flexible repayment tenure and maximum loan amount according to your business needs.
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