These days, Indian women are able to run everything on their own and they don’t actually require men in the household for dealing with household expenses, for running a business, or for paying the bills. They can deal with every type of work are very determined when it comes to showing the society that they are able to manage everything. Lenders have understood this are providing small business loans for Indian women who are running a business successfully but require a little financial backup.
The financial institutions in India have designed some exclusive schemes for businesswomen. These schemes have an interest rate and collateral security and relaxed T&C. In case you are a woman entrepreneur who wants to kickstart her dream business, here is a compiled list of small business loans for women in India to help you meet your dream conveniently.
- Cent Kalyani Scheme
Provided by the Central Bank of India, this scheme gives financial support to women willing to launch a new business or to maximize the current one. Women belong to the following fields are eligible for this scheme:
- Retail business
- Allied activities
- Agriculture
- Self-employment
- MSMEs
- Cottage and village industries
Businesswomen registered under government-sponsored programs can also apply for loans under this scheme. The maximum amount is Rs. 1 Crore. This loan can be availed without collaterals.
- Stree Shakti Package
Offered by the State Bank of India, this scheme is given to women who own 50% in the small businesses. To get this loan, a businesswoman requires pursuing the EDP (Entrepreneurship Development Programs) organized by the state agency. The required support will be given alongside an interest concession of 0.05%. This concession can be availed on a loan amount above Rs. 2 lakhs.
- Udyogini Scheme
Provided by the Punjab and Sind Bank, this scheme is to encourage female entrepreneurs to borrow loan on a low rate of interest and on liberal policies to establish small scale industries. This loan is also accessible by the self-employed businesswomen and retail traders.
- Orient Mahila Vikas Yojana
Provided by the Oriental Bank of Commerce, this loan scheme is framed to help female entrepreneurs who own almost 51% of ownership in a business, either jointly or individually. Generally, a woman can borrow up to Rs. 10 lakhs collateral-free loans and up to Rs. 25 lakhs for small scale industries. They can repay this loan feasibly over a period of 7 years. This loan provides a considerable concession of up to 2% in the interest rates to female borrowers.
- Annapurna Scheme
A businesswoman should run individual partnership firm or business to get this loan. Women having an established food catering unit can also borrow this loan. The maximum amount they can avail is Rs. 50000. Female entrepreneurs can repay this loan in 36 installments. The loan amount can be utilized for buying kitchen equipment like water filters, utensils, etc. Nevertheless, you will require a guarantor for securing this loan. The rate of interest is fixed according to the prevailing rates and you will need to show your assets as collaterals to the lender.
- Dena Shakti Scheme
Provided by Dena Bank, this loan is framed to motivate women financially for business in the fields of retail shops, housing, micro-credit, agriculture, education, manufacturing, and small enterprises. The maximum amount to be availed by the businesswomen from the fields of education, housing, and retail business is Rs. 20 lakhs, whereas that for women in micro-credit trades is Rs. 50000. This loan scheme is really noteworthy because it provides a concession of 0.25% in the rates of interest.
Windup
So, this is a list of few small business loans for businesswomen in India. To apply online for unsecured business loans, merchant loans, or business line of credit, contact us at Indifi, the leading online lending marketplace which provides different types of financial products and has numerous happy clients also.
