An increasing number of women are venturing into entrepreneurship. From manufacturing to food services to technology, women entrepreneurs are succeeding across diverse sectors. Financial institutions and the government are playing their part. A host of financial schemes and programs have been instituted to encourage women to be financially independent.
Here are some of the benefits women can avail in the financial services space:
1. Savings Bank Account
Several banks and financial institutions offer special savings accounts for women which offer them a combination of discounts and cash back when they spend on shopping, wellness, food, entertainment, travel and others through the bank’s debit card. Such cards also enable them to avail extra rewards, thus they can earn more while they spend. Additionally, banks may also offer additional discounts to women on specific expenses such as health tests designed for women’s health, helping them prioritize their health and well being.
2. Loans for Entrepreneurs
In a bid to encourage women entrepreneurs, the government has launched several incentives and schemes. For instance, a recent scheme introduced by the government entitled “Stand Up India” aims to encourage and allow female entrepreneurs to get easier access to loans of Rs. 10 lakh and Rs. 1 crore. These loans can be availed by female entrepreneurs in both the manufacturing and trading sector. Similarly, the government has also launched a Mudra Yojana Scheme for women to grant loans ranging from Rs. 50,000 to RS. 10 lakh for women. These are specially designed for women who want to start small new enterprises. In addition to this, many banks and lending institutions also offer specialized loans for women entrepreneurs with attractive rates of interest, flexible loan tenures and other lucrative benefits. If you opt for a business loan online through Finserv MARKETS, you can get approval in 3 minutes and money in your account in 24 hours. Through Finserv MARKETS you can avail a business loan that is completely hassle-free. There is no requirement for any tedious paperwork, all you have to do is log in, choose a Bajaj Finserv Business Loan that suits your need and apply.
3. Health and Life Insurance Premiums
Another benefit that women can avail in the financial services sphere is on special medical insurance schemes and life insurance schemes including more attractive premium rates. Both health and life insurance providers offer a range of women-friendly schemes to help provide additional coverage for women-centric diseases such as reproductive healthcare and wellness, breast cancer and countless others.
4. Cent Kalyani Scheme
Provided by the Central Bank of India, the aim of the scheme is to provide financing to women entrepreneurs who manage small and medium enterprises in the agricultural sector or retail trading. The loan aims to help women in procuring new machinery or equipment, meet fixed or working capital requirements or simply meet day to day expenses. Under the scheme loans of up to RS. 100 lakhs can be sanctioned. The loan aims to help out self-employed women in cottage industries, agriculture, government-sponsored programs, SMEs and retail trade and empower them to generate more jobs and contribute to the economy. The rate of interest will be applied on the loan is according to the current market rates.
5. Annapurna Scheme
This loan is provided by Bharatiya Mahila Bank and State Bank of Mysore for women entrepreneurs wishing to open a business in the food and catering industry. They offer loans up to RS. 50,000 without any requirement in collateral and a repayment period of up to three years. While the interest rate charged on such loans is dependent on market rates, customers do not have to pay any EMI for the first month of the loan tenure.
These and countless other policies in the financial services space have been designed to encourage more female entrepreneurs and for women, in general, to take advantage of the services offered by the financial services industry. If you are looking to start your own business consider opting for a business loan on Finserv MARKETS online. Business loans offered through digital platforms such as Finserv MARKETS can help you access leading products for affordable access to money.
Read more about Government Loan Schemes for Women
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