Are you a women entrepreneur? Looking for business loan schemes for starting a new business or expanding an existing venture? If yes, read this article to know the list of business loan schemes for women offered by various financial institutions.
Women entrepreneurs are an important source of economic growth in India. They create new openings, for themselves and others and also provide society with different solutions to management, organization, and business problems. The efforts of the government and its different agencies are supplemented by NGOs and associations that are playing an equally important role in facilitating women’s empowerment.
A recent Global Entrepreneurialism Report conducted by international Bank BNP Paribas has ranked India on top of the highest percentage of women entrepreneurs. The survey found that 49% of the entrepreneurs in India are women.
Technological innovation enabled female entrepreneurs to grow their businesses faster in exponentially growing industries. With the advent of innovations like wireless internet, cloud technologies, and intelligent mobile devices, entrepreneurs could work flexibly and collaborate seamlessly. In India, there are certain women entrepreneur loan schemes that are designed to support only female entrepreneurs.
List of 9 Small Business Loans for Women in India
1. Stree Shakthi Package – Women Entrepreneur Loan Schemes
The Stree Shakthi Package is applicable for entrepreneurs who run small businesses and have 50% of firm ownership. Women entrepreneurs who have pursued Entrepreneurship Development Programmes (EDP) organized by state-level agencies are only eligible for this loan.
Under this scheme, you will get all the necessary assistance for establishing your business. Interest concession of 0.50% can be availed only if you obtain a loan above Rs. 2 lac under this scheme.
2. Annapurna – Women Entrepreneur Loan Scheme
The Annapurna Scheme is applicable for women entrepreneurs running individual businesses or partnership firms. The main motive of this scheme is to provide financial aid to female business owners for establishing food catering units. This is a composite term loan and you can avail a maximum amount of up to INR 50000.
You can repay the loan in 36 monthly installments with a moratorium period of one month. These online business loans for women can also be used as working capital for purchasing utensils, water filters, and other kitchen equipment required for the food business.
You need a guarantor for securing this type of loan. The interest rate for these loans is applicable as per the prevailing rates. For securing this loan, you need to submit assets as collateral to the bank. This business loan for women entrepreneurs is provided by the State Bank of Mysore.
3. Cent Kalyani – Women Entrepreneur Loan Schemes
This scheme is provided by the Central Bank of India for the benefit of female entrepreneurs. Under this scheme, a women entrepreneur can get adequate financial assistance for starting a new venture.
Cent Kalyani provides loans to new as well as experienced business owners, professionals, and self-employed. Besides, these business loans for women can also be availed by retail traders, small-scale industry owners, and women entrepreneurs engaged in agricultural and allied activities as well as in village and cottage industries.
4. Dena Shakti – Women Entrepreneur Loan Schemes
Dena Shakti Scheme under the Dena Bank has promoted female women-owned businesses by providing various financial services to them. You can avail of loans under this scheme at a concession of 0.25% on the interest rate.
This scheme provides business loans for women engaged in the manufacturing sector as well as agriculture and allied activities. Besides, business owners running small enterprises, micro-credit, or retail stores can also avail of this loan.SIDBI Mahila Udyam Nidhi
5. SIDBI Mahila Udyam Nidhi
Mahila Udyam Nidhi Scheme (MUN) under the Small Industries Development Bank of India provides financial assistance up to Rs. 10 lakhs to female entrepreneurs for setting up the new industrial venture in the small-scale sector.
6. Udyogini – Women Entrepreneur Loan Scheme
Udyogini is a scheme of Punjab and Sind Bank that motivates female business owners to obtain loans online at liberal terms and low interest rates. This loan is taken for establishing small-scale industries, business enterprises as well as agricultural activities. Moreover, this loan is also available for retail traders and other self-employed female entrepreneurs.
7. Bharatiya Mahila Bank
Bharatiya Mahila Bank supports women to start their own businesses. Some of the popular business loan products for women offered by this institution are microloans, SME loans, retail loans, and loans against property.
One can avail a loan amount of up to 20 Crores under this scheme by mortgaging properties.
8. Stree Shakti Business Loan for Women Entrepreneurs
Stree Shakti loan package is provided by the State Bank of India specifically for women. Women having at least 50% ownership share in a company are eligible to receive this fund.
In addition, one has to provide the completion certificate of attending an Entrepreneurship Development Program(EDP) that is organized by industrial training centers of a state.
9. Mudra Yojana Scheme for Women
This loan is provided by the Government of India for setting up small-scale businesses. The business can be a small manufacturing unit, beauty parlor, retail shop, etc.
There are three types of loans that are disbursed in the Mudra Yojana Scheme depending on the loan amount They are as follows:
- Shishu – Upto Rs. 50,000
- Kishor – Rs. 50,000 to Rs 5 Lacs
- Tarun – Upto Rs. 10 Lacs
Orient Mahila Vikas Yojana
The above-mentioned business loan schemes for women are available as per the norms of the Indian government.
Editorial Staff at NextWhatBusiness is a team of Business Consultants having years of experience in small and medium scale businesses.