Top Schemes for Women Entrepreneurs in India
With the rise of the startup industry in India, not only men, but the women are also getting into entrepreneurship and creating jobs for others.
To help them in their endeavors, several banks offer special schemes such as:
- Bharatiya Mahila Bank Business Loans
The Bharatiya Mahila Bank was established keeping the needs of women in mind. Although it allows deposits from both genders, when it comes lending, it primarily focuses on the women. The two most popular loans offered under this scheme are – Annapurna and Shringaar.
The Annapurna loan is offered to the women who want to start a food catering business while the Shringaar loan is provided to the women who want to set up beauty parlors.
- Stree Shakti Package from SBI
The Stree Shakti Package is a special scheme offered by the largest public sector lender State Bank of India that aims at supporting women entrepreneurship through affordable loans. Under this, a woman who has more than 50% stake in a company can apply for a business loan while enjoying these benefits:
- No security required for loans up to Rs. 5 lakhs
- 0.5% interest rate concession for loans above Rs. 2 lakhs
- Lowered margin up to 5% for certain categories
- Synd Mahila Shakti from Syndicate Bank
The Synd Mahila Shakti aims at reaching over 20,000 women entrepreneurs in India to support their MSME businesses. Under this, women entrepreneurs can get concessional interest rates on their loans up to Rs. 5 crores. They can also get 0.5% rebate on the rate of interest if they are prompt with the loan repayment. In addition to that, they can also enjoy credit card facility without any paying any admission fee, and many other facilities.
Apart from these, some other popular schemes in the category include Cent Kalyani (Central Bank of India), Shakti Scheme (Dena Bank), etc.