Nowadays, more women entrepreneurs can be seen everywhere in our startup-up ecosystem. In India, Women entrepreneurship is now being recognized as an important source of economic growth. Stepping out of the confines of their home or leaving their high-profile jobs, women entrepreneurs create new jobs for themselves and others and also provide society with different solutions to economic problems. The major factor that discourages women to begin their entrepreneurial journey is capital and finance. If you desire to begin your own enterprise and are unaware that various banks offer specialized loans for women entrepreneurs, this blog is just what you need.
1. Stree Shakti Package For Female Entrepreneurs
The Stree Shakti Package is a unique scheme offered by the State Bank of India (SBI). This scheme is offered to women who have 50 percent share in the ownership of an enterprise or business and have taken part in the state agencies run Entrepreneurship Development Programmes (EDP). This scheme aims to support entrepreneurship among women by providing them certain concessions like no security requirement for loans up to Rs 5 lakh in case of small sector units or lowering the interest rate by 0.5 percent in case the loan exceeds Rs 2 lakh.
2. Annapurna Scheme:
The Annapurna Scheme is offered by the State Bank of Mysore. It focuses on providing loan schemes to women who are interested in setting up small businesses in the food and catering industry. It can vary from starting a small restaurant to selling packed snacks, meals etc. To acquire this loan, a guarantor is required along with the assets of the business being pledged as collateral security. ₹50,000 is the maximum amount of money that is granted which has to re-paid in monthly installments for 36 months, once the loan has been sanctioned the lender doesn’t have to pay the EMI for the first month. And also the interest rate required is determined to depend upon the market rate.
3. Dena Shakti Scheme:
This scheme is offered by Dena Bank, it provides financing to Women Entrepreneurs working in the fields of manufacturing, agriculture, retail stores, micro-credit or small businesses. There are the different amount of loan allotted to different categories as per the directives of RBI stipulations, such as:
- Loans up to Rs 20.00 lakhs under retail trade
- Rs 20 lakhs under education and housing
- Rs 50000/- under micro credit
There are also specific schemes circulated to branches or offices from time to time.
4. Bharatiya Mahila Bank Business Loan
This scheme is offered by Punjab National Bank, the scheme aims to meet the gap in equity. This loan assists budding women entrepreneurs looking to start new business ventures in the fields of the retail sector, loan against property, MICRO loans, SME loans or new projects in any small-scale sector. Under this scheme, the maximum amount granted is Rs 10 lakhs and the interest depends upon the market rates.
5. Mudra Yojana Scheme For Women
This scheme has been launched by the Government of India, it aims to improve the status of Indian women by providing them loans and encouraging them to start new ventures such as beauty parlors, tuition centers, tailoring shops etc. This loan doesn’t require any collateral security and can be availed as per 3 schemes –
- Shishu – Under this scheme, the loan amount is limited to ₹50,000 and can be availed by those businesses that have just begun and are looking for financial assistance in the initial stages.
- Kishor – A well-established enterprise can acquire loan amount that ranges between ₹50,000 and ₹5 lakhs under this scheme.
- Tarun – Well established businesses that require further funds for the purpose of expansion can acquire a loan amount of ₹10 lakhs.
There are hundreds of women out there who dream to start their own business but cannot make the next step because they are not aware of the financial assistance and schemes provided. Recognized institutions such as Centre For Management And Financial Assistance can help you with classes as well as financial loans to secure your steps in the world of homemade businesses. Goodluck!