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Are there any Special Loan Schemes for Women?

By Finserv MARKETS - Nov 27,2019
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Special Loan Schemes for Women

As more and more women begin to enter the workforce, the government is also keen on pitching in and helping empower their lives. From setting up industrial parks meant especially for women entrepreneurs to launching special loan schemes for women, the government is making efforts to ensure that women are able to take proper advantage of the favourable business environment.

Government loans for women usually involve a grant of substantial funds which are intended for a specific purpose, such as business loans. Today, with a plethora of loans available to women, they can easily compare and opt for the best personal loans that can help grow their business or for meeting any other needs. If you are looking for a loan that can ensure capital without any collateral, apply for personal loans online on Finserv MARKETS, where loans up to Rs. 25 lakh can be availed within 24 hours with minimal documentation and can be repaid over a flexible repayment tenure.

Read on to learn about government loans for women that can help meet operational expenses and a host of other expenses that are required for the successful running of a business.

1. Annapurna Scheme:

Intended for women entrepreneurs operating in the food catering business, the Annapurna Scheme provides loans up to Rs. 50,000 which can be used for meeting the working capital expenses. However, the terms of this loan are quite strict since there has to be a guarantor while the business assets must be offered as collateral. The repayment period is only 36 months, which can cause quite a strain on the women availing this loan. Instead of opting for such strict conditions, women can easily avail the best personal loans which do not ask for collateral and offer flexible repayment tenures. Apply for personal loans online on Finserv MARKETS today and get up to Rs. 25 lakh which can be repaid over a period of 12 to 60 months.

2. Stree Shakti Package for Women Entrepreneurs:

This scheme is open for women who hold a majority ownership in a small business and are enrolled under the Entrepreneurship Development Programmes (EDP) in their respective states. No collateral needs to be provided if the loan amount is under Rs. 5 lakh, and for loans exceeding Rs. 2 lakh, an interest concession of 0.05% is available to women.

3. Cent Kalyani Scheme:

This scheme provides loans up to Rs. 1 crore to women across a range of industries, and does not require any collateral or guarantors to be availed. After a moratorium period lasting from 6 months to 1 year, this loan can be repaid over a period of 7 years.

4. Mudra Yojana Scheme:

This loan is offered by nationalised banks which do not require any collateral or guarantor for loan amounts under Rs. 10 lakh. The scheme itself allows women to avail loans ranging from Rs. 50,000 to Rs. 50 lakh, depending on the size of the business and the credit history of the borrower as well. The repayment period and the interest rate is also completely dependent on the sole discretion of the bank.

5. Mahila Udyam Nidhi Scheme:

This scheme is intended for women who are keen on setting up an entirely new business venture. Loan amounts of up to Rs. 10 lakh are available, with repayment tenures ranging till 10 years. A five-year moratorium period is available if the loan has been availed from the Small Industries Development Bank of India (SIDBI). However, if you require a larger loan amount, you should apply for a personal loans online on Finserv MARKETS where loans up to Rs. 25 lakh can be approved in under 3 minutes. You can withdraw the loan amount as per your requirements and pay only the interest amount as EMI for the initial period of your loan.

6. Dena Shakti Scheme:

There are two categories under this scheme. While women opting to start ventures in the microcredit category can avail loans up to Rs. 50,000, loans up to Rs. 20 lakh can be availed by women entrepreneurs wishing to set up small enterprises, or establish agricultural or manufacturing ventures.

7. Orient Mahila Vikas Yojana Scheme:

This loan is only available to women who either individually or jointly hold a proprietary concern with a 51% share capital. Loan amounts ranging from Rs. 10 lakh to Rs. 25 lakh can be availed for small-scale industries without providing any collateral, which can be repaid over a period of 7 years.

Government loans for women are proving almost as popular as the best personal loans in aiding women wishing to set up their own enterprises. While the best personal loans usually come with no collateral, the government loans have a few more restrictions in place. Apply for personal loans online today on Finserv MARKETS and avail up to Rs. 25 lakhs which can be repaid over a flexible repayment tenure of 12 to 60 months.

You can also read about Business loan Schemes for Women.

Read more about Government Loan Schemes for Women

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