As a woman, do you own a business? Would you like to use a business loan to finance the start-up or expansion of your business?
Learn more about the business loan programs for women offered by various financial institutions by reading this article.
Women entrepreneurs are primarily responsible for India’s economic growth. They contribute diverse management, organizational, and business solutions to society and create new opportunities for themselves. Along with the government’s efforts and the various government agencies, NGOs and associations play a critical role in enabling women’s empowerment.
BNP Paribas, the international bank, recently released a Global Entrepreneurialism Report in which it ranked India as having the highest proportion of female entrepreneurs. India has more female entrepreneurs than any other country in the world by 49 percent.
Technological innovation has benefited women entrepreneurs in rapidly growing industries. Entrepreneurs could collaborate seamlessly and work from anywhere in the years following the introduction of innovations such as wireless internet, cloud technology, and intelligent mobile devices. Numerous women’s entrepreneur loan schemes exist in India to assist female entrepreneurs.
Top 10 Business Loan Schemes for Women Entrepreneurs in India
The Central Bank of India administers this program, which provides financial assistance to female entrepreneurs. Under this strategy, women entrepreneurs may receive enough financial aid. Cent Kalyani offers loans to business owners, professionals, and self-employed individuals. Women entrepreneurs can also apply for these business loans for women whether they are retail merchants, small business owners, agricultural and related entrepreneurs, or participants in village companies.
Stree Shakti Package
Entrepreneurs who own at least 50% of their businesses qualify for the Stree Shakthi Package. A loan may be made only to female entrepreneurs who have completed state-sponsored Entrepreneurship Development Programs (EDP).
You will receive all the assistance necessary to start your own business under this scheme. A 0.5 percent interest concession is available under this scheme on loans exceeding Rs. 2 lac.
The Annapurna Scheme is open to female entrepreneurs who run their own businesses or partnership firms. This scheme would provide financial help to female company owners who wish to build food catering facilities. This composite term loan has a maximum loan amount of INR 50000.
There is a one-month moratorium period before you begin repaying the loan in 36 monthly payments. These loans can be used to finance the acquisition of utensils, water filters, and other kitchen equipment for a food business, as well as operating capital.
A guarantor is required to acquire this type of loan. This form of loan has a market-determined interest rate. Collateral is required by the bank as security for this loan. Women entrepreneurs received this business loan from the State Bank of Mysore.
SIDBI Mahila Udyam Nidhi
Mahila Udyam Nidhi Scheme (MUN) of the Small Industries Development Bank of India provides financial support of up to Rs. 10 lakh to female entrepreneurs establishing new industrial firms in the small-scale sector.
Dena Bank has given a range of financial services to women-owned enterprises through the Dena Shakti Scheme. You may be eligible for loans with a 0.25 percent interest rate discount under this program.
This program provides business loans to women entrepreneurs in manufacturing, agriculture, and related industries. Additionally, entrepreneurs with microcredits, retail establishments, or small businesses are eligible to qualify for this loan.
Bharatiya Mahila Bank
Bharatiya Mahila Bank provides loans to women entrepreneurs. This institution offers women business financing options such as microloans, SME loans, retail loans, and loans against property.
The property can be mortgaged to acquire a loan of up to Rs. 20 crores under this program.
The Punjab and Sind Bank’s Udyogini initiative provides low-interest loans to female company owners on favorable terms. Loans are utilized to start small companies, agricultural operations, and microindustries. This credit is also available to retail traders and self-employed women entrepreneurs.
Stree Shakti Business Loan
State Bank of India offers a credit package for women called Street Shakti. This fund is offered to women who control at least 50 percent of a company.
A completion certificate of participation in an Entrepreneurship Development Program (EDP) offered by a state’s industrial training centre does not sufficient as proof of completion.
In India, small enterprises can seek this loan from the government. Small manufacturers, beauty salons, retail businesses, etc., might be part of the business.
Orient Mahila Vikas Yojana
Oriental Bank has been sponsoring this Oriental Women Development Scheme in India for numerous years. Females are entitled to 51 percent of the scheme’s share. A woman can obtain a 25 per cent discount on her mortgage rate under this scheme. Loans of Rs.10 lakhs to Rs.25 lakhs are given to SSI (Small Scale Industries) without collateral. Repayment is scheduled over seven years.
I hope you have liked our post which is related to the Top 10 Business Loan Schemes for Women Entrepreneurs in India and if you have any doubts related to it then comment below to let us know.