9 Loan Schemes For Women Entrepreneurs In India

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9 Government sponsored scheme aiming for women entrepreneurs in India

According to data research, in total India’s festivals, women entrepreneurs are just 8 million, whereas number of male entrepreneurs is more than 50 million. With this huge difference in number, the Indian government has planned to sponsor some schemes that would boost women entrepreneurs and help them improve their condition from opening businesses to running them successfully. These schemes will also help women to open a business on their own and maintain a balance in India’s startup ecosystem. Moreover, this will create better opportunities for women who wish to earn something on their own and work even outside their home. However, it can be expected to curb financial problems.

women entrepreneurs

In addition to the successful implementation of the schemes, banks should also offer loans to women entrepreneurs so that they can open the business easily. The following part of the article will take through some government-sponsored schemes that are meant to encourage women to get sources of their livelihood.

Annapurna scheme

The scheme was started by the Indian government on the 31st of October 2015. The initial location of starting the business was Jaipur district in Bamori village. Under this scheme, women can sell packed food items along with snacks and others. The State bank of Mysore was tied up with this scheme as it will give loan facilities to women. It will give an amount of 50 thousand to the entrepreneurs with which they can start the business. However, they have to repay back the loan money within 36 months in the month’s installment process. With this money, women can buy utensils and equipment required in the business. But the interest rate for the loan will be the same as that of the market rate. Only women should have a guarantor when they wish to get this loan. Therefore, this step taken by the government will be of immense help for women.

Orient MahilaVikas Yojana scheme

The Oriental Bank of Commerce will give loans to women under the above-said scheme if only women have 51% share capital on proprietary grounds. According to this scheme, women can get loan amount varying form rupees 10 lakh to 25 lakhs. In this case, no loan guarantor is required. For repaying the loan amount, the women get a time of seven years. Also, women entrepreneurs are given a discount of 2% interest rate.

Mudra Yojana Scheme for Women

In Mudra scheme, women who are planning to start small scale business such as running coaching center, teller unit, beauty parlor, and the like can get easy loan without the need for a guarantor. Here, a currency card is given to women that they can use as a credit card. In this card, they will get up to 10% of the loan amount. However, three categories of people can apply for this scheme.

  1. Shishu– The loan amount for the infant opting for a loan under this scheme is rupees 50000.
  2. Kishor– Under this category, the loan amount can vary from rupees 50000 to 5 lakh. In addition, the ones who are running an enterprise can get better benefits under this category of the scheme.
  3. Tarun – In this case, the loan amount is rupees 10 lakhs. So, this monetary scheme can be of immense help for the women entrepreneurs.

Bharatiya Mahila Bank Business Loan

Women who are interested to start business in retail sector can apply for Indian Women Bank Business Loans.Under this,women can get loan up to rupees 20 crores with an additional discount of 0.25%. Other than this, it is 10.15% on the loan amount. However, the best part about women’s business plan is that they can get up to rupees 1 crore loan without the need of any collateral security for the loan.

Dena Shakti scheme

If women are planning to expand business in retail stores, agriculture, micro-credit, manufacturing, and related sectors can opt for loans under the power scheme. Here, the loan amount can be up to rupees 20 crores. However, women can repay the loan amount given to them in installments on a monthly basis.

Udyogini scheme

Women of 18 years to 45 years of age working in agriculture, small enterprises and retail stores can opt for loan facilities under the Udyogini scheme. Here, women can get up to rupees on lakh loan. But, there are certain eligibility criteria, and if the annual income of the woman’s family interested in opening the business is less than rupees 45000, they can apply for the loan. In addition to this, 30% subsidy is given to widows, disabled women belonging to ST and SC category. However, with the help of the subsidy facility women, entrepreneurs can grow their business strongly.

Cent Kalyani scheme

Whether women wish to start their business or expand their business, Central Bank of India will give loan benefits to women under DHS scheme. However, business entrepreneurs involved in sectors like small and medium enterprises, self-employment, and the agricultural sector and retain business. Also, under this scheme, no loan guarantor is required, and the maximum amount for the loan is rupees 1 lakh.

Mahila Udyam Nidhi Scheme

The Women Entrepreneur Fund Schemehas been initiated by Punjab National Bank for helping women starting small-scale business ventures. As per the rules of this scheme, women entrepreneurs can pay back the loan money within 10 years.As per the MahilaUdyamNidhi Scheme, loan schemes are also introduced for helping women entrepreneurs for buying beauty parlor, auto rickshaw, two-wheeler vehicle and the like. So, under MahilaUdyamNidhi Scheme, they can get up to rupees 10lakh of loan.

Stree Shakti Package for Women entrepreneurs

By the help of this scheme, the rate of exemption becomes better when providing loan to women entrepreneurs. In case, women are given a loan of more than rupees 2 lakh under the above-said scheme, women can get a 0.50% discount on the interest rate. In addition, this scheme is also available in most SBI bank branches as given by the government.

Closing words

Therefore, by effective implementation of the above-said schemes, the Indian government has helped women entrepreneurs along with creating employment opportunities. With help of different loan scheme facilities, women can start small-scale business. This in turn, will empower women and help them earn on their own.

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