Orient Mahila Vikas Yojana Scheme, is another scheme for women entrepreneurs under which they can get an affordable personal loan. A concession of 2% on the normal interest rates is offered under this scheme. The loan amount of up to Rs. 25 Lakhs can be availed with repayment tenure of about 7 years. For personal loans ranging between Rs. 10 Lakhs to Rs. 25 Lakhs, no collateral is required. However, in order to be eligible for the loan, you would be required to have either a partnership of 51% in a capital or a proprietary concern.
V Swashakti is another loan for women which was offered by Vijaya Bank and continues under BoB. A maximum of Rs. 5 Lakhs can be availed via this loan. The scheme offers term loan and working capital. The repayment period for the term loan is 5 years (max) and that of working capital is 18 months. Bank of Baroda as such also offers a variety of loans for small business aspirants.
Also read what are the personal loan tax benefit and how can you avail it only at Finserv MARKETS
The Pradhan Mantri Mudra Yojana is eligible for every citizen. These loans are offered by most of the commercial banks, regional rural banks, and even small finance banks. One can also avail such a loan at a co-operative bank, microfinance institutions, or a non-banking financial corporation.
The loans offered here are classified under three categories- Kishore, Tarun, and Shishu. This reflects the different stages of small and micro-enterprise business units. Loans are availed under Mudra Loan scheme cover the services, trading, and manufacturing sector.
Star Mahila Gold Loan Scheme is a concession scheme run by the state-run SBI to support women entrepreneurs. For availing this loan, an enterprise should have at least 50% of the share capital held by a woman partner. Nearly 5% reduction is made in the margin depending on which loan category you avail.
Loans above Rs. 2 Lakhs are eligible for a concession of 0.5% in the interest rates. Besides, you do not need any collateral or security for loans up to Rs. 5 Lakhs.
Women are increasingly becoming entrepreneurs and adding to the growth of small and medium enterprises (SMEs). Often these types of business ventures have unique fund requirements. Financial institutions offer special Personal loan for women that cater to women entrepreneurs. These types of loans have simple eligibility criteria, minimal documentation, and fast approvals. Women entrepreneurs can avail a personal loan on Finserv MARKETS at a very competitive interest rate and other charges. The interest rate usually starts at 12.99% p.a. The processing fee is up to 3.99% of the loan amount, whereas the foreclosure charge is up to 4% of the outstanding loan amount.
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