In India, Entrepreneur Venture is no longer a new concept, however, while many facilities are provided to startups today, it still has a very small number of women entrepreneurs. To promote women’s business, India’s major financial institutions, including nationalized banks, have introduced various loan schemes. To make such loans attractive to women, these schemes include low interest rates, zero processing fees, no third-party guarantee required in most cases and loan repayments up to 10 years. Below are the List of Business Loan Schemes 2021 for women entrepreneurs from where women entrepreneurs can expand their business by taking business loans.
9 Government Business Loan Schemes for Women
Comparing the figures of Startup India in India, there are only 8 million women entrepreneurs out of total enterprises in India and more than 50 million male entrepreneurs on the other hand. From these figures, we can find out how small number of women entrepreneurs exist in our country. In view of the women empowerment and entrepreneurship of women, many such schemes have been implemented by the Government of India, so that women entrepreneurs can be seen everywhere in India’s start-up ecosystem.
Women will now work not only within the four walls of the houses, but women will now be able to start their own business too, without any financial interruption.Apart from the Government of India, bank branches should also provide special loans to promote the encouragement of women, so that they can start the initial business very easily. Today we are going to tell you about the new schemes that are started by the government of India for women entrepreneurs, so let’s check about these schemes:
Orient Mahila Vikas Yojana Scheme
Women who hold 51% of the offer capital either exclusively or mutually because of a restrictive concern, are given loans by the Oriental Bank of Commerce.Under this scheme, loans ranging from 10 lakh to 25 lakh are given to women entrepreneurs in small scale industries and no type of guarantor is required to avail this loan. The woman entrepreneur can repay the loan, in the period of 7 years. Also, under this scheme, 2 Percent of loan interest rate concession will be given to women entrepreneurs.
Udyogini Scheme 2021
Under the Udyogini Scheme, women entrepreneurs of 18 to 45 years of age,can get the loans of up to one lakh rupees, who are doing their business in agriculture, retail and small entrepreneurs. If the annual income of a woman entrepreneur’s family is less than Rs 45 thousand, then only she can avail a loan through this scheme. The best part of it is that a subsidy of 30% is also provided on loans up to Rs. 10thousandto SC, ST categories, widows, destitute or disabled women. Women entrepreneurs can grow their startups very well through the subsidy provided under Udyogini scheme.
Sukanya Samriddhi Yojana
Under this plan worked by the Government of India, women who are going to start their business from little undertakings, for example, tuition centers, tailoring units or beauty parlors, can get the loans without any lateral guarantor. A Mudra card will also be given at the time of conceding the loan and this Mudra card will work similarly as your Mastercard and will be restricted to 10% of the loan amount.Through this Scheme you can avail the loan benefits from 50 thousand rupees to 10 lakh rupees.
Bharatiya Mahila Bank (BMB) Business Loan
The Bharatiya Mahila Bank commercial loan has been shortened to women entrepreneurs who want to start their new venture against retail property, and SMEs. Under this scheme a maximum loan amount of up to 20 crores will be given to Women entrepreneurs with a rebate of 0.25%. The interest rate is usually 10.15% or above. The most amazing aspect of the BharatiyaMahila Bank Commercialization Scheme is that it doesn’t need any superannuation for loans up to Rs. 1 crore under the Credit Guarantee Fund Trust for Small and Micro Enterprises.
The women entrepreneurs who are planning to set up food catering industry to sell packaged food, snacks etc can get the benefit of the Annapurna Scheme. Women entrepreneurs will get a loan amount of 50 thousand rupees by the State Bank of Mysore and in the monthly installments of 36 months. The interest rate of this loan will be determined according to the market rate and to get this loan, the woman entrepreneur needs a guarantor, because this loan will not be given to the woman entrepreneur without a guarantor.
Dena Shakti Scheme
If women entrepreneurs are planning to extend their business in the field of agriculture, fabricating, micro-loans, retail locations or micro enterprises and the individuals who need monetary help, such loans are given under the Dena Shakti Yojana. The female entrepreneur is given a maximum loan of Rs.20 thousand under this plan for retail business, at which the financing cost is 0.25%. Women entrepreneurs can reimburse this amount effectively by the monthly installment of the bank gave in the advance.
Cent Kalyani Scheme 2021
If women need loan to begin their new venture or for revising it, at that point they can get the advantage of DHS plan of loan by Central Bank of India. Under this plan, this loan can be benefited by women entrepreneurs who are engaged with undertakings like village, little and medium industries, independent work, agricultural retail trade. Under this plan, women entrepreneurs needn’t bother with any guarantor while taking loan and the maximum value of loan given under this plan is 1 lakh.
Mahila Udyam Nidhi Scheme
The MahilaUdyami Nidhi Yojana has been launched by the Punjab National Bank and the objective of the scheme is to support women enterprises involved in small scale industries by giving them loans. The loan amount given under the MahilaUdyam Nidhi Yojana can be repaid very easily by the women entrepreneur within a period of 10 years. Under the Mahila Nidhi Scheme, various loan schemes are also included to purchase beauty parlor, day care center, auto rickshaw two wheelerradhe and the maximum loan amount given under this scheme is Rs 10 lakh.
Stree Shakti Packages
This scheme makes women entrepreneurs get discount rate in the loan amount. Under this scheme, if the loan amount of a woman entrepreneur is more than 2 lakhs, then it provides a discount of 0.50% at that interest rate.
So this is the List of Business Loan Schemes 2021 For Women empowerment. If you are planning for a business or startup then you can check these schemes and avail the benefits.