Bank schemes for Female Entrepreneurs
In India,the entrepreneurship skills of women are always put to the test. As we all know, women are not allowed to study according to their wish, to pursue their desired career, and when it comes to business, women are trusted the less.
However, there are women of pride who have taken this barrier as a challenge and stood out and to name a few are Indra Nooyi and Ekta Kapoor. A little boost from the government and financial support can make many women showcase their entrepreneurship skills as it is believed that women are one of the best managers.
The Indian government has come up with different schemes for women entrepreneurs. Here are 5 such schemes which aspiring women entrepreneurs can take advantage of for building their business.
This scheme IS offered by the State Bank of India which is basically an Entrepreneur Development scheme.This scheme is for the women entrepreneurs who want to build or boost up their business. The scheme offers loans and financial support up to fifty lacs.
The interest rate decreases by 0.5% once you take a loan above 2 lacs which is great support for the budding entrepreneurs. The only criteria for eligibility for the scheme are that the woman entrepreneur has to own 50% or more of the business, she is taking the loan for. This is a great initiative for boosting the entrepreneurship spirit of the Indian women entrepreneurs.
Bharatiya Mahila Bank
This financial institution started with a determination to provide financial support to the women who have the courage to do something of their own and start venturing into business. The scheme offers financial loans for manufacturing firms up to twenty crores.
Interested women can also get a loan up to one crore under the Credit Guarantee Fund Trust for Micro and Small Enterprise. Loan up to 1 crore will be free of any collateral. However, the loan must be repaid within a period of seven years from the date of disbursement. The total interest rate is 12.25% out of which 10.25% is the base rate, and the remaining 2% is additional.
Cooking is an art and women know how to cook great food.So, if you are a woman with the great cooking skill which you want to en-cash, then to support your dream, here is the right scheme for your business.
You can get a loan up to fifty thousand, but you need a guarantor or collateral security to get this loan. The repayment period is of three years with a grace period of one month after which you have to start repayment. State Bank of Mysore provides this scheme and the interest rate is fluctuating as per the market interest rate.
This is another best scheme for women entrepreneurs. This scheme offers a loan with a low rate of interest and women are trained for different skills development. Any women within the age group of 18 to 55 can avail this loan with a proper business plan, and the loan amount can go up to three lacs.
The woman’s family income must not be more than INR 150000 in a year to be eligible for the scheme. If the woman is widowed or disabled, then the income limit doesn’t exist and the Government provide subsidy up to 30% on this scheme.
The scheme was by the Karnataka State Women Development Corporation (KSWDC) and the primary objective of the Udyogini scheme is to make the women self-reliant to start their own business at the micro-level.
Mudra Yojana for Women
Women with the aim to open their own business venturing, falling under small enterprises can avail this scheme. You can avail financial support up to INR 500000 starting from INR 50000. If the loan is less than 10 lacs, there is no need for submitting collateral security or guarantor.
Three Categories of this Scheme
- Shishu Plan which is for businesses just budding or in the initial stage. For this one can get financial support up to Fifty thousand.
- Kishor Plan is for businesses established in the market and can avail 5 lac loan for this.
- Tarun plan is for the businesses which are established and trying to expand where loan up to INR 50 lac can be sanctioned.
With the financial assistance and backing for the government, Indian women entrepreneurs are witnessing new vision and aiming for their individuality and financial independence.