The number of women-owned businesses has nearly doubled in the last two decades in India thanks to economic development and a growing focus on ‘woman power’. The good news is that banks have simultaneously stepped up and launched special loans at attractive interest rates to promote women entrepreneurs in the country.
If you’re a woman entrepreneur or an aspiring one and you aren’t aware of the special loans that are exclusively available to you, then this article is for you. These special schemes offer flexibility in terms of collateral security as well as interest rates. Many banks even offer proper counselling sessions for women entrepreneurs and show them proper avenues of growth and ways to promote their businesses.
We’ve put together an informative and exhaustive list of these loans, just for you.
- The scheme is meant for women entrepreneurs who want to set up food catering units.
- The maximum loan amount provided on this composite term loan is Rs. 50,000.
- The loan needs to be repaid in 36 monthly instalments.
- There is a one month ‘EMI free’ period after the loan is disbursed.
- This loan requires a guarantor and assets to be submitted as collateral.
- The interest rate applicable on this loan is as per market rates.
Stree Shakthi Package:
- This package is available for women entrepreneurs who have 50% ownership in a firm or business.
- Most State Bank branches offer this scheme.
- You are eligible for a 0.50% concession on the interest if the loan amount exceeds Rs. 2 lakhs.
- Only women entrepreneurs who have taken part in Entrepreneurship Development Programmes organised by state level agencies are eligible to apply.
Bharatiya Mahila Bank
- This bank supports and encourages women entrepreneurs to start their new ventures.
- This bank offers loans for the retail sector, loan against property, MICRO loans, and SME loans.
Dena Shakti Scheme
- This scheme offered by Dena Bank and aims at providing financial assistance to women entrepreneurs.
- Women benefit from a 0.25% reduction on the interest rate.
- This loan is available for entrepreneurs engaged in agriculture, manufacturing, micro-credit, retail stores, or small enterprises.
- This scheme is promoted by Punjab and Sind Bank.
- This loan is available at lower interest rates and on flexible terms.
- This loan can be used for agricultural activities, retail, and small-business enterprises.
Cent Kalyani Scheme
- This scheme has been launched by Central Bank of India.
- It is available for women employed in village and cottage industries, micro, small and medium enterprises, self-employed women, agriculture and allied activities, retail trade, and government sponsored programmes.
- The interest rate varies from one sector to another and is based on market rates.
Mahila Udyam Nidhi Scheme
- This scheme has been launched by Punjab National Bank.
- This scheme is mainly targeted towards the small-scale sector.
- You can get a loan up to Rs. 10 lakhs.
- This soft loan is repayable within 10 years.
- The interest rates are dependent on market rates and are revised from time-to-time.
- There are special loans catering to beauty parlours, day care centres, buying auto rickshaws, two-wheelers and cars.
- The rate of interest varies for each of these loans.
Now that you have some idea about the kind of loans available for women, perhaps it’s time to take that step and start your own business. After all, you’ve got everyone including the banks rooting for you.
Additional reading: Top 5 Savings Account Schemes for Women