Small Business Loans for Women Entrepreneurs in India
Today’s generation is extremely enterprising in its thinking and ideas. So are women! The financial system looks to be pumping equality between men and women. A large portion of the women workforce is bending towards independent careers and making it big through startup ventures. Here, the Indian economy is greatly encouraging the women entrepreneurs to build an empire of their own.
Women have ventured into home-based businesses to fully tech-driven companies & are doing well for themselves. A huge number have come out to contribute to their best of abilities. This has been made possible with several women-centric small business loans. All the small business loans are specially packaged for aspiring women entrepreneurs to enable their long term business plans.
If you like to dream big and work hard towards it, then it’s time to consider a small business loan.
Below highlighted are the best small business loans for women to turn their dreams true in the most cost-effective way:
1. Stree Shakti by SBI
State Bank of India offers Stree Shakti. This package is
bundled up to financially help entrepreneurs anywhere in the country. Women with at least 50% participation in an
organization or active role play in Entrepreneurship Development Programs (EDP) organized by the government qualify
for a Stree Shakti Business Loan.
One of the primary features of Stree Shakti is that the female borrower can avail this loan at an overall discounted rate of interest. The rate of interest could be just as low as 0.5% less as compared to the current market rate (this is specifically if the loan amount exceeds Rs.2 lacs).
2. Dena Shakti Scheme
This business loan is offered by Dena Bank. Dena Shakti is
devised to financially allow women to fund their business idea. The business idea must belong to one of the
categories mentioned under:
1. Agriculture
2. Manufacturing
3. Education
4. Housing
5. Micro-Credit
6. Retail Shops
7. Small Firms
There are financial thresholds for different categories of women entrepreneurs. In the field of Retail Trade, housing and education, the threshold are about Rs. 20 lacs, whereas it is Rs. 50,000 for women in micro-credit businesses.
A cut of 0.25% in the interest rates makes it truly exceptional for the aspiring women under Dena Shakti scheme.
3. Udyogini Scheme by Punjab and Sind Bank
Udyogini Scheme offered by Punjab and
Sind Bank is devised to financially support women
entrepreneurs to start a small set. This could be related to an agricultural or retail fragment. This is
targeted especially at self-employed individuals.
The maximum loan threshold under the Udyogini Scheme is fully dependent on the purpose of the loan and the financial capacity to make timely repayments. The offered rate of interest depends on the disbursed amount at par with the competitive rates of interest provided to MSMEs.
No processing fees are applicable under Udyogini Small Business Loan for women. No such collateral is required for a loan amount equal to Rs. 25,000.
4. MahilaUdyam Nidhi Scheme by PNB
Mahila Udyam Nidhi scheme by the Punjab National
Bank can be used to provide financial security to aspiring females with a long-term vision for future as soft loans.
The maximum threshold amount under this scheme is nearly Rs. 10 lacs, which can be easily paid off in 10 years conveniently over a period of 10 years. This loan type can be made available for specific purposes like Two-wheelers, beauty salons, daycare centres, etc.
5. CentKalyaniScheme by Central Bank of India
Cent Kalyani Scheme by Central Bank of
India offers funds to women to start a new venture or expand their existing business. Women engaged in one of the
following fields of businesses can pursue a business
loan from a cent Kalyani scheme:
- Village and Cottage Industries
- Micro, Small and Medium Enterprises
- Self-Employed Women
- Agriculture
- Allied Activities
- Retail Trade
The maximum threshold under this scheme is about 1 crore. Women registered under Government-aided Programs also qualify for business loans under this scheme.
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