Table of Contents
Stree Shakti Yojana
The Stree Shakti package is a unique scheme offered by SBI that supports entrepreneurship among women who have the majority of ownership (at least 50%) in the business. These entrepreneurs should be enrolled under the Entrepreneurship Development Programme (EDP) organized by their respective state agencies to get the scheme’s benefits. The main aim of this scheme is to help rural women increase their income by allowing them to avail of an interest concession of 5% on loans more than ₹2 lakh.
Mahila Udyam Nidhi Scheme
The Punjab National Bank and Small Industries Development Bank of India (SIDBI) offer this scheme to support women entrepreneurs to set up a new small-scale venture by extending loans up to ₹10 lakh and needs to be paid back in 10 years. Mahila Udyam Nidhi Scheme aims at promoting and helping MSMEs run by women entrepreneurs and offer loan schemes for women for different purposes, including setting up beauty parlours, and for business purposes for women.
Cent Kalyani Scheme
The Cent Kalyani Yojana is offered by the Central Bank of India and can be availed by both existing and new entrepreneurs and self-employed women. It is a Collateral free loan, and women in the farming industry, retailing firms supported by the government and women whose work comes under the MSME category can avail of the yojana. The loan repayment tenure will be a maximum of 7 years, and the loan limit is ₹100 lakhs.
Synd Mahila Shakti Scheme
Syndicate Bank offers Synd Mahila Shakti Scheme and grants financial support to small business owners, retail traders, and self-employed women by credit facilities. Women looking to take their business a step forward or start a new business anew can apply for this loan. The loan limit of the Synd Mahila scheme is up to ₹5 crores and is one of the loan schemes for women that offers free credit cards to their applicants.
Mudra Yojana Scheme
The Government of India initiated the Mudra Yojana Scheme under the Pradhan Mantri Mudra Yojana to extend support to women entrepreneurs between 18 to 35 years. This yojana offers financial support for enthusiastic women entrepreneurs running MSMEs and SMEs and seeks a business plan like starting a beauty parlour, tuition centre, a stitching shop, etc. The loan limit for the Pradhan Mantri Mudra Yojana scheme is ₹10 lakhs and is completely collateral-free. The three plans of the Mudra Yojana are Shishu Loan (loan limit ₹50,000), Kishor Loan (loan limit ₹5 lakhs) and Tarun Loan (loan limit ₹10 lakhs) for businesses in the initial stage, improving services of businesses that are already established and planning and expansion of already established businesses respectively.
Dena Shakti Scheme
Dena Shakti scheme is provided by Dena Bank to women entrepreneurs with business in the field of manufacturing, agriculture sector and allied activities and women involved in MSMEs. The Dena Shakti Scheme provides loans up to ₹20 lakh and a concession of 25% on the interest rate for women entrepreneurs in agriculture, manufacturing, micro-credit, retail stores, or small enterprises. The maximum loan amount under the microcredit category is ₹50,000.
Udyogini Scheme
The Udyogini scheme promotes and motivates women’s entrepreneurship among the poor by providing financial support to women from rural areas and helping illiterate women living in rural and backward areas. This scheme is implemented by Women Development Corporation and focuses on supporting entrepreneurship, financial independence and self-reliance among women. The eligible age limit to avail of the loan is 18 to 55 years, and women with a family income of 1.5 lakh Or less per annum are eligible to apply for a loan of ₹3 lakhs.
Annapurna Scheme
Under the Annapurna Yojana, the Government of India offers women entrepreneurs in food catering businesses loans up to ₹50,000 for working capital requirements such as buying utensils, mixer cum grinder, hot case, tiffin boxes, working table, etc. After the loan is approved, the lender doesn’t have to pay the EMI for the first month, while the amount has to be repaid in 36 monthly installments.
Orient Mahila Vikas Yojana Scheme
This scheme has been launched by Oriental Bank In India for women with an ownership of 51 % share capital individually or jointly in a proprietary concern. No collateral fee is required for loans between ₹10 lakhs to ₹25 lakhs. Orient Mahila Vikas Yojana Scheme also provides a concession on the interest rate of up to 2%, and the period for repayment of the loan is 7 years.
Pradhan Mantri Rozgar Yojana
The Pradhan Mantri Rozgar Yojana scheme is offered to women entrepreneurs from all industries, new ventures and services to support them financially. The loan limit for the Pradhan Mantri Rozgar Yojana scheme for the business sector is ₹2 lakhs, and for services and industry-based startups and companies is up to ₹5 lakhs and provides a subsidy of 15% of project cost with the maximum amount of ₹12,500 per head.
Bharatiya Mahila Bank Business Loan
➢ Shringaar:
The Bharatiya Mahila Bank Shringaar loan applies to self-employed women or homemakers planning a startup in their beauty parlours or meeting their daily business expenses in the beauty industry. No collateral is required for this.
➢ Parvarish:
The upper limit of the Bharatiya Mahila Bank Parvarish loan is ₹1 Crore without any collateral security under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGSTSM) scheme and is for self-employed women or homemakers to set up day-care creches.
➢ Annapurna:
The Annapurna loan provides financial support to women food entrepreneurs who want to start or expand their small businesses without any collateral.
Conclusion
These are just some of the top schemes currently in place to assist aspiring women entrepreneurs in taking that first step in their entrepreneurial journey. There has long been no doubt that women are every bit as capable of business success as anyone else, and these schemes aim to assist with overcoming those hurdles and creating a stronger nation with an actual free-market economy.
FAQ'S
Q: How can a woman entrepreneur apply for a small business loan?
Ans: Women entrepreneurs can visit the bank’s official website if they prefer to apply for a loan or personally visit the bank to perform the loan formalities.
Q: What loan options are there to start a small business for women entrepreneurs?
Ans: Small Business Loans or Microfinance lending is offered by various NBFCs, Micro Finance Institutions (MFIs), Small Finance Banks (SFBs), Regional Rural Banks (RRBs), Co-operative Banks, etc. at concessional interest rates for women entrepreneurs to start a small business.
Q: How to choose the best loan options?
Ans: You can check and compare various business loan options at competitive interest rates and approval rates and choose the one that suits your business requirements the most.
Q: How much time do women’s business loans take to get approved?
Ans: While some women’s business loans get approval in just 24 hours, others can take as long as 90 days.
