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5 Loan Schemes for Women Entrepreneurs in India

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As the Indian economy is growing at a rapid pace and creating its own unique image across the world, there are a lot of opportunities and schemes aimed at helping everyone reap the benefits of the bustling economy. Today a lot of women entrepreneurs are starting their own businesses or play a substantial role in many businesses and are contributing to the growth and success of the Indian economy. 

To further help them to meet various supply chain management processes such as the purchase of raw materials or even managing the cash flow, a lot of financial institutions are offering business loans for women with special interest rates and attractive offers to help with and promote women empowerment in the nation. 

Let’s know more about a few business loans for women being offered by financial institutions:

  1. Annapurna Scheme: The Annapurna loan scheme is provided to women who wish to open a food and catering business. Under this scheme a loan of a maximum of Rs. 50,000 if offered with a repayment tenor of three years. While it is required to put some assets as collateral along with a guarantor, women availing this loan need not pay the EMI for the first month, the rate of interest is decided on the prevailing market rates.
  2. Dena Shakti Scheme: This loan is offered by Dena Bank to women who want to open their own business and loans like retail loans, SME loans, loans against property, and microloans are offered under this scheme, highlights of this scheme are a reduced interest rate of 0.25% and the maximum loan amount of up to Rs. 20 lakhs.
  3. Cent Kalyani Loan Scheme: Offered by the Central Bank of India to self-employed women looking to either open a new business or expand their old business, this scheme is aimed towards women working in the agricultural, cottage, retail, and government-run programs. This loan is offered as a working capital loan mainly with interest rates depending on the prevailing market rates.
  4. Stree Shakthi Package: Offered by the State Bank Of India, this loan scheme can be availed not just by independent women entrepreneurs, but also women who own 50% of a business., although this loan is only available to women who are a part of the Entrepreneurship Development Programmes (EDP) run by the state agencies.
  5. Mahila Udyam Nidhi Scheme: Launched and run by the Punjab National Bank, it is mainly aimed to benefit small-scale entrepreneurs. PNB offers a maximum loan amount of Rs.10 lakhs under this scheme and payable over a tenure of 10 years with rates of interest depending on current market rates. 

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Alternative Business Loans

Other than the credit facilities mentioned above, women entrepreneurs also have the option of availing of unsecured business loans for women offered by various lenders to help them meet their supply chain management process and maintain the cash flow. These loans do not require any collateral or guarantee and are offered at attractive rates of interest with flexible repayment terms.

Features of Collateral Free Business Loans:

  • Flexible: Collateral free business loans offer business owners to repay and borrow as per their cash flow and business needs.
  • Loan Amount Up to Rs.45 Lakhs: Businesses can avail loans for large amounts of up to Rs.45 lakhs under this scheme. 
  • Flexible Repayment Tenor: These loans have a tenor of up to 84 months, which allows women entrepreneurs to focus more on their business. 

Following are the general eligibility criteria that women entrepreneurs looking to avail a business loan must meet, they are as follows:

  • Applicants must be women between the age of 25-65
  • Applicants must be resident Indians
  • Applicants must have at least three years of business experience
  • The applicant business must have filed Income Tax Return for at least the past year

These are the basic eligibility criteria that might differ from lender to lender. In order to avail of a business loan without any hassles, you must check all the required eligibility parameters.

Leading financial institutions like Bajaj Finserv offers business loans for women of up to Rs.45 lakh to women entrepreneurs running to manage their supply chain management process. For hassle-free processing, women entrepreneurs can check your pre-approved offers online by giving only their name and contact number. 

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