There could never have been a better time for women entrepreneurs to spread their wings and take a leap into the world of entrepreneurship. With start ups being the flavour of season and various lending institutions and banks designing special business loans for women, it could not be easier to start a venture from scratch. A recent study on entrepreneurs by International bank BNP Paribas has revealed that 49% of entrepreneurs in India are women! Even government has been giving special preference and incentives to women in its schemes like Prime Minister’s Rozgar yojana and MSE Cluster Development programme.
If you are somebody who has a workable idea but funding has been keeping you from moulding your dream venture, then make this Independence Day count as we enumerate various loan schemes for women entrepreneurs in India.
Stree Shakti Package
This loan scheme is run by SBI and is available for women entrepreneurs who have participated in Entrepreneurship development programmes by state agencies. Salient features of this scheme are:-
- 50% of the share in ownership should be held by a woman eligible under this scheme;
- Margin provided is 5% lower;
- Interest rate charged would be 0.5% less than other loan in same category;
- No security required for loan up to 5 lakhs.
This product of Bhartiya Mahila Bank (BMB) specifically aims to assist women who want to start or have a small catering unit. Other features of the loan are:-
- Age bracket for eligibility is 18-60 years;
- It is strictly a term loan of 3 years duration;
- No collateral or security is needed to avail this loan.
Dena Shakti Scheme
Dena Bank has started this special business loan scheme for women entrepreneurs for activities like Agriculture, small enterprises, retail trade, education and housing.
- Maximum ceiling on loan is notified by RBI from time to time depending on the sector. Presently it ranges from Rs. 50,000 to Rs. 20,00,000;
- A rebate of 0.25% on interest rate would be extended under this scheme;
- The loan term is from 1- 3 years.
Punjab and Sind bank has designed this scheme to finance ventures of self employed women on liberal and easy loan terms. It covers agricultural activities, small scale enterprises, services sector and retail trade. Other eligibilities and terms are as follows:
- Not less than 51% share in ownership should be held by a woman or women jointly;
- Maximum loan limit is defined by the purpose for which it is being availed;
- No margin charged for loan up to Rs. 25,000;
- If the case is covered by MSE then no collateral or security is required for loan up to Rs. 25 lakhs;
- Both working capital and term loans are available under the scheme.
Cent Kalyani Scheme
This scheme is run by Central Bank of India and it aims to service the funding requirement of women who are engaged or want to start small business, professionally qualified women who want a set up of their own, retail trade, tiny and small scale industry and agricultural acitivites.
- The minimum age of applicant has to be 18 years;
- Rate of interest is 10.5% and no collateral is required for loan;
- Bank pays guarantee fee for the first year;
- Women helpline for dealing with problems of women entrepreneurs.
Mahila Udyam Nidhi Scheme
SIDBI runs this Soft loan scheme through banks like PNB and Canara Bank. It caters to new projects, existing establishments, and Sick units under MSE run by women entrepreneurs. Other salient features of this scheme are:-
- Maximum limit is 90%of the project cost with upper ceiling of 10 lakhs;
- No collaterals required for loan up to Rs. 5 lakhs;
- Loan tenure is 3-10 years;
- Soft loan upto the extent of 25% of the project cost with a ceiling of Rs.2.50 lakhs. No interest is charged on soft loan portion. However, service charge of 1% p.a. is charged.
- Rate of interest is notified from time to time.
Letzbank Stands for Women freedom!
Letzbank’s collaboration with the best and most reliable names in loan industry make it one stop solution for all of your funding needs. Women entrepreneurs can take a look at the various options under business loans for women that suit their needs. Comparative display of terms, conditions, rate of interest and charges further simplify the process of choosing a loan. Our helpline is also always ready to help you out with any doubts you might have or clarifications you need. So march ahead towards a secure future and bright career path with freedom loans at Letzbank!