It’s a well-known fact that the Indian economy is rapidly growing and making headlines around the globe. Everyone deserves to reap the benefits of a bustling market and there are many schemes designed to do just that. It’s inspiring to see the growing number of women entrepreneurs who are making a substantial contribution to the country’s growth and success. There are many financial institutions committed to the cause of empowering women, and hence are providing targeted business loans with special interest rates. Such offers are also devised to be flexible, convenient, hassle-free and easy-to-get.
Popular business and government loans for women in India and their features.
- This plan is provided by banks to women entrepreneurs wishing to open a business in the food and catering industry.
- The loan repayment period is three years.
- Aspirants can avail a maximum loan amount of Rs. 50,000.
- Certain assets along with a guarantor must be listed as collateral for availing this loan.
- Customers don’t have to pay EMI for the first month. This is essentially the holiday period on your EMI
- The rate of interest is determined by the current/prevailing market rates.
2.Stree Shakthi Package
- This loan is provided by State Bank and is available across all its branches.
- You can apply for this loan even if you own just 50% of the business.
- If the loan amount exceeds Rs. 2 Lakhs, then the rate of interest gets be reduced by 0.50%.
- This package is only available for women who have been a part of the Entrepreneurship Development Programmes (EDP), established by state agencies.
3.Bharatiya Mahila Bank
- This scheme is targeted towards women wishing to establish their own business.
- The plethora of business loans offered by this package includes SME loans, retail loans, MICRO loans and loan against property.
4.Dena Shakti Scheme
- As the name suggests, this scheme is provided by Dena Bank.
- The interest rate is reduced by 0.25%.
- The maximum loan amount is Rs. 20 lakhs for education, housing and retail trade.
- The provider of this financial assistance is Punjab & Sind Bank.
- The repayment tenure is flexible making this scheme extremely popular among women.
- This scheme is only for women engaged in retail, agriculture and small enterprises.
6.Cent Kalyani Scheme
- Central Bank of India is the provider of this scheme.
- This offering is specifically targeted towards self-employed women in cottage industries, agriculture, government-sponsored programs, SMEs and retail trade.
- The rate of interest will be applied according to the current market rates.
7.Mahila Udyam Nidhi Scheme
- This scheme was launched by Punjab National Bank.
- Small scale entrepreneurs will be highly benefited by this plan.
- The maximum loan amount offered is Rs. 10 lakhs.
- The repayment tenure is 10 years.
- According to the current market rates, the rate of interest will be applied.
- There are different plans available for day care centres, beauty parlors, purchase of cars, two-wheeler, etc.
This is one of the most comprehensive blogs that has been recently compiled. Now that you know the different schemes for women, select the one that fits your needs. You can get various benefits of business loan from a trusted partner like Finserv MARKETS. For more information, please visit our website. Apply for Business Loan at Finserv MARKETS today!
Also, read about SME loan meaning and its benefits for small business.
“Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!”