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Top 8 Small Business Loans for Women in India

We are in the 21st century and the women of this century are nowhere behind the men in any aspect. A lot of women have started entering the business world to earn bigger and better.

Sugandh Bhatnagar
Women Entrepreneurs
Women Entrepreneurs

We are in the 21st century and the women of this century are nowhere behind the men in any aspect. A lot of women have started entering the business world to earn bigger and better. In order to further increase the number of women entrepreneurs, there are various schemes that offer business loans at attractive interest rates.  

Shree Shakti business loan by SBI: 

  • The Stree Shakti package can provide a loan in the form of a term loan or working capital. The amount of the loan will be determined by the borrower's profile.

  • The majority of SBI offices give this loan to women entrepreneurs who control at least 50% of a firm or business.

  • For a loan of up to Rs 10 lakh, you do not need to put up any collateral. However, for any loan exceeding Rs.1 crore or based on the borrower profile, collateral is required.

  • Interest Rate: 11.20% onwards 

Bhartiya Mahila Bank business loans: 

  • This scheme allows you to apply for a company loan of up to 20 crores. The loan is secured by the property.

  • This loan is for female entrepreneurs who want to launch new businesses in the retail and manufacturing industries.

  • For loans up to Rs.1 crore, no collateral is required.

Annapurna scheme by State bank of Mysore: 

  • It is intended for female entrepreneurs who want to launch a food catering company or unit. They can get a loan of up to Rs.50,000 under this scheme, which would be repaid in 36 monthly installments. The rate of interest is determined by the market.

  • The first month's EMI will not be required to be paid. This loan can be used to acquire kitchen supplies such as utensils, gas connections, raw materials, and water filters, among other things.

  • For this loan, you'll need to put up your company's assets as collateral, as well as a personal guarantee from a guarantor.

  • Age limit: 18 to 60 years

Synd Mahila Shakti Scheme by Syndicate Bank: 

  • Under this scheme, the bank grants financial assistance to women entrepreneurs for those who are engaged in small business, professional or self-employed, and retail trade through credit facilities. 

  • To start a new business, the bank offers a loan amount of up to Rs.5 Crores at a concessional rate of interest to the women entrepreneurs.

  • The scheme is available as either a cash credit to meet the working capital requirements of new and existing business units or as a term loan scheme of up to 10 years.

Cent Kalyani Scheme by Central Bank of India: 

  • The Indian central bank is offering this loan with the goal of assisting women. Village and cottage businesses, such as micro, small, and medium firms, self-employed women, agriculture and allied activities, retail trade, and government-sponsored programs, all employ women.

  • No collateral is required, No guarantor or processing fees.

  • The maximum business loan that can be granted under this scheme is Rs.100 Lakhs.

 

 Dena Shakti Scheme by Dena Bank: 

  • This scheme is for financing to women entrepreneurs rendered by Dena Bank. Under this scheme, women looking forward to initiating their businesses in sectors such as microcredit, manufacturing, agriculture, retail, and more would receive loan benefits.

  • A maximum of Rs.20 lakh loan can be availed under this scheme.

  • It is a combination of the term loan and working capital. 

  • Women entrepreneurs are eligible for 25% concessional rates in the loan.

Mahila Udyam Nidhi Scheme by Punjab National Bank: 

  • This scheme is for supporting the women entrepreneurs involved in small-scale industries. A maximum of Rs 10 Lakh of loan can be availed under this scheme.

  • The business loan under this scheme can be repaid over a period of 10 years. 

Mudra Yojana for Women:

The Government of India has launched this scheme for individual women who wish to develop modest new businesses such as beauty parlors, tailoring units, tuition centers, and so on, as well as a group of women who want to start a venture together. This strategy also does not necessitate the use of collateral.

(Also read: Udyogini Scheme For Women)

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