Growing woman power and rapidly developing economy are now significantly supporting women entrepreneurs. The banking sector has also stepped up in this direction proving itself as a strong contributor to women empowerment. Special loans with attractive interest rates are now being offered by banks to support women entrepreneurs. Some of these schemes are:
Women who wish to set up a food catering business are supported in this scheme. The bank provides a maximum loan amount of Rs. 50,000 on a composite term which needs to be repaid in 36 monthly installments. The bank also offers one month EMI free period
after the loan is disbursed.
Stree Shakti Package
Women who have 50% ownership in a business can apply for this loan. This package is offered by most of the State Bank Branches in which women get 0.50% concession on interest rate if the loan amount is over Rs. 2 lakhs.
Bharatiya Mahila Bank
All women entrepreneurs who wish to start a new business can avail this scheme. Sectors supported by this scheme include retail, loan against property, MICRO loans, as well as SME loans.
Dena Shakti Scheme
Dena Bank offers this loan assisting all women entrepreneurs
who wish to start their own business. It provides a 0.25% reduction on the overall interest rate and supports occupations such as agriculture, micro-credit, manufacturing, small enterprises, and retail stores.
Mahila Udyam Nidhi Scheme
Punjab National Bank launched this scheme to support the small-scale sector. Being one of the softest schemes, it offers loan amount up to Rs. 10 lakhs which can be repaid within 10 years. Its interest rates change regularly depending on the market rates and are different from other schemes. The supported businesses include beauty parlors, buying autorickshaws, and day care centres.
Mudra Yojana Scheme For Women
Launched by Govt. of India for individual woman / group of women wanting to start small new enterprises and businesses like beauty parlors, tailoring units, tuition centres, etc. No collateral security required and can be availed as per 3 schemes – i. Shishu, loan amount is limited to INR 50,000 meant for businesses that are in their initial stages. ii. Kishor – loan ranges between INR 50,000 and 5 lakhs for well-established enterprise. iii. Tarun – loan amount is 10 lakhs for established businesses that needs additional funds for expansion.
Apart from the schemes mentioned above, other banks such as the Central Bank of India and Punjab Sindh Bank also provides financial loans to support women entrepreneurs. These schemes help women fulfill their dreams of running a successful business
and having a lucrative career.