Are you a woman who aspires to become an entrepreneur? If yes, this blog is for you. Women have to struggle on many fronts to become entrepreneurs, especially challenges that are coming from their home and society. But government introduced many schemes that can uplift the entrepreneurial spirit of women and benefit them.
Here are some government initiatives that can help women set up and expand their businesses as female entrepreneurs in India.
1. Bharatiya Mahila bank business loan
Women who aspiration big despite their lack of resources came to realize that this scheme is available to them. Those women entrepreneurs looking to start a manufacturing business can apply for loans of up to Twenty crores. In the case of loans less than one crore, collateral will not be required.
The loan scheme launched in 2017 remains available after the Bharatiya Mahila Bank merged with the SBI. You can apply for a loan by visiting a bank branch or calling the bank.
2. Mudra yojana scheme
The Mudra Yojana is a scheme that can be beneficial for women who wish to start or expand a small business. Women cannot participate in this scheme, but it can be highly rewarding nonetheless. The loan amount can range from fifty thousand to ten lacs.
For example, it could be used to open a small shop, open a beauty salon, or expand a home-based business. For this loan, no collateral or guarantors are required.
The scheme consists of three categories;
- Shishu – up to fifty thousand rupees can be lent.
- Kishor – You can borrow between fifty thousand and five lacs rupees.
- Tarun – You can borrow between Five lacs and Ten lacs rupees.
Due to its ease of use, this scheme has been beneficial to many businesses. The application form for this scheme is available online, and you can also apply at your nearest bank branch.
3. Dena Shakti scheme.
Women entrepreneurs can apply for loans in particular sectors under this program;
- Housing
- Education
- Retail stores
- Agricultural businesses
- Micro-credit organizations
- Manufacturing sector
If you are planning to start any of the above, this scheme can help you. A maximum of Twenty lacs rupees is available in this scheme. You will be granted a loan depending on which sector you apply under. We will charge you an interest rate of 0.25% less than our base rate.
You can apply for the loan at your local Dena bank. In order to apply for the loan, you will be given an application form to fill out and submit along with the necessary documents.
4. Udyogini scheme
This scheme is for those who want to start their own business with nothing, to begin with. It is for families with low incomes with annual earnings of less than 1.5 lacs rupees. Women eligible for this program, including the destitute, widowed, and disabled, can receive benefits.
Low-interest loans are available for up to three lacs rupees. Small businesses can be initiated by women, enabling them to become independent. To help women who are economically disadvantaged, this scheme was created. In addition, women are also given loans at subsidized rates to help them expand their businesses.
First introduced by the Karnataka state women’s development corporation, this scheme has now been adopted by a number of banks. Visit the website or a nearby branch of a bank that offers this scheme to apply. In this scheme, Punjab and Sind Bank, Bajaj Finserv, and Saraswat Bank offer loans.
5. Cent Kalyani scheme
This scheme is for you if you wish to expand your SME. This is a scheme for women like you launched by the Central Bank of India. Through this scheme, you can get a loan of up to Rs. one crore that is approved. There are no collateral or processing fees associated with this loan.
Under this scheme, all types of businesses are eligible. The exceptions are retail stores, self-help groups, and educational and training institutions. Women entrepreneurs can call on 02266387777 to get more information and details about this program. Central Bank branches can also be visited for more details.
Women entrepreneurs in India have access to some of the most prominent schemes on the market. They can offer women an equal opportunity to compete. Women can be successful entrepreneurs too, without a doubt. The first step to removing these hurdles is through these schemes.