There has been a startup boom in our country in the recent past and another good thing with it is the participation of women in the field of new ventures. From the small, rural level to the big cities, women are making their mark everywhere.
You can read the stories of many enterprising women who have turned their ideas into reality by facing every difficulty and challenge. Also, they have also achieved success.
Whenever a woman thinks of doing something new, something business, society and family often do not support her. But even bigger challenge is where does the money for the business come from?
So today I am telling you on about some such schemes, which can be very helpful for women in solving these economic challenges!
1. Annapurna Scheme:
Under this scheme, the Indian government gives loans up to Rs. 50,000 to women entrepreneurs doing business of food catering. This money can be used by entrepreneurs to buy utensils, cutlery, gas connections, fridge, mixer less grinder, utensil stand, tiffin box, table, water filter etc. as per their requirement.
A guarantor is required to take a loan and at the same time, whatever property the business has, you have to keep a guarantee with the bank. After getting the loan, you have to pay it in 36 monthly installments (ie within 3 years). However, you do not have to pay any installment in the first month of taking a loan.
The rate of interest on the loan depends on the market rate and the bank. The State Bank of Mysore and Bharatiya Mahila Bank are currently offering this loan.
2. Stree Shakti Package for Women Entrepreneurs
Stree Shakti Package is a special scheme of State Bank of India, through which they give some concessions in loans to women entrepreneurs. First of all, under this scheme, loans are given only to those small scale industries, in which the share of a woman is more than 50%. Second, these entrepreneurs are required to enroll for entrepreneurship development program (EDP) by their state agency. Through this scheme, women get a discount of 0.05% in interest on loans above Rs 2 lakh. There is no need for any security for loans up to Rs 5 lakh for small sectors business.
3. Saint Kalyani Scheme
For this scheme of Central Bank of India, both new and old entrepreneurs and employed in farming, handicrafts, food processing, clothes making, beauty, canteens, mobile restaurants, circulating library, crèches, STD / Xerox booths, tailoring etc. Women can apply. (In other words, agriculture, cottage industries, small and medium industries, government run programs and retail trade.)
Under this scheme, loans up to Rs 1 crore are given at a margin rate of 20%. You do not need any kind of security or guarantor for this loan, interest on the loan is charged according to the market rate. The repayment time of the loan is 7 years, including the moratorium period ranging from 6 months to 1 year.
4. Mudra yojana scheme for women
This is a general scheme for small units which can also be availed by women entrepreneurs. The scheme offered by nationalized banks under the Pradhan Mantri Mudra Yojana can be used for beauty parlors, tuition centers, tailoring units, etc. Under this scheme, loans from Rs 50,000 to Rs 50 lakh can be applied. For loans below Rs 10 lakh, no guarantee or guarantor is required.
This scheme has three plans –
Shishu: In this you are given a loan for a new business up to a maximum limit of Rs 50,000, with an interest rate of 1 percent per month or 12 per year. You have to repay this loan within 5 years.
Kishore: In this, loans ranging from Rs 50 thousand to Rs 5 lakh are given for a well run business. The rate of interest varies from bank to bank as it depends on the guidelines of the scheme and the credit history of the applicant. The time limit for repaying this loan is set by the banks.
Tarun: Under this scheme you can apply for loans ranging from Rs 5 lakh to Rs 10 lakh to increase your business. The interest rate depends on the scheme guidelines and the credit history of the applicant. The banks also fix the time limit for repaying this loan.
5. Mahila Udyam Nidhi (MUN) Scheme
This scheme offered by Punjab National Bank and Small Industries Development Bank of India (SIDBI) is for women who want to start their own business at a small level. Under this, you can get a loan of up to 10 lakh rupees, which you will have to repay within 10 years. SIDBI also includes a five-year moratorium period. Interest also depends on the market rate.
Under this scheme, SIDBI offers different schemes for beauty parlor, day care center, buying auto rickshaws, two-wheelers, cars etc. Also, upgrades existing projects.
6. Dena Shakti Scheme
Under this scheme Dena Bank provides loans up to Rs 20 lakh to women for agriculture, manufacturing, micro-credit, retail stores, or small scale enterprises. A concession of 0.25 percent is also given on the interest rate. In microcredit category, loans up to Rs 50,000 can be applied.
7. Orient Mahila Vikas Yojana Scheme
Under this scheme of Oriental Bank of Commerce, women who are owners of 51% shares in the business get loans. For a loan of Rs 10 lakh to Rs 25 lakh, you do not need any security. The loan repayment time is 7 years. Also, it gets a concession of up to 2% in the interest rate.
8. Bharatiya Mahila Bank Business Loan
The scheme was launched by Bharatiya Mahila Bank but in 2017 it merged with State Bank of India. This public banking company, established in 2013, provides business loans of up to Rs 20 crore to women entrepreneurs for starting a business, expanding their business or a manufacturing enterprise.
It also offers a special business loan of up to Rs 1 crore under CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises) cover with attractive rate of interest and grant.
0.25% concession in interest rate is also given to women entrepreneurs. This includes working capital and term loan combo. The repayment deadline is 7 years. There are different plans under this scheme like Srinagar, Parivarish, Annapurna etc.