Available Personal Loans for Working Women in India

Available Personal Loans for Working Women in India 

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03 Sept 2020
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Overview

A multitude of hurdles are faced by women in India when they decide to embark upon their entrepreneurial journey. Working women still receive flank in some parts of the country. In such a scenario, the availability of funds can prove to be a game-changer.

Below are some of the schemes offered by financial institutions that can help women in different stages of their business venture.

1. Cent Kalyani Scheme by Central Bank of India

Under the Cent Kalyani Scheme, personal loans are extended to women who are looking to expand their existing business or wish to start a new venture in the manufacturing and service sector. The collateral-free loan is offered in the form of a letter of credit, cash credit, overdraft, or letter of guarantee. You can avail this personal loan, up to Rs 1 crore,  from Central Bank of India.

You are not required to pay any processing charges if you avail this loan. Besides, you can also go for optional comprehensive insurance in addition to this loan. The interest rate for the same is between 8.75% to 9.00% per annum.

2. Mahila Udyam Nidhi Scheme by Punjab National Bank

Mahila Udyam Nidhi Scheme is a business loan which is aimed at funding women entrepreneurs. These loans are offered by Small Industries Development Bank of India in collaboration with Punjab National Bank. Depending on your requirement, you can choose the plans to set up a beauty parlour, daycare centres, or purchase an autorickshaw.

The scheme is aimed at supporting women entrepreneurs by helping them modernise or upgrade existing projects. The interest rates vary depending on the market, and the repayment tenure is about 10 years.

3. Orient Mahila Vikas Yojana Scheme

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.

4. V Swashakti by Bank of Baroda 

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.

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5. Pradhan Mantri Mudra Yojana

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.

6. Star Mahila Gold Loan Scheme

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.

Conclusion

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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