While conditioning, patriarchy, and absence of social help from their own families may be a few reasons for numerous women entrepreneurs, for most people, lack of monetary capital may be the main roadblock on their entrepreneurial journey.
So, today we list down eight Government schemes delivered using economic establishments in India, which include nationalized banks, that everyone woman marketers want to be aware of:
1. Mudra Yojana Scheme
This is a general scheme for small devices that girls marketers can avail of too. Offered by nationalized banks under the Pradhan Mantri Mudra Yojana, this can be used to set up small scale industries. Loans between ₹50,000 to ₹50 lakh are sanctioned beneath this scheme. No collateral and guarantors are required for loans under ₹10 lakh.
2. Stree Shakti Package For Women Entrepreneurs
The Stree Shakti Package is a unique SBI-run scheme to guide entrepreneurship amongst women with the aid of offering positive concessions. This scheme is eligible for women who’ve majority ownership (over 50 percent) in a small business. Another requirement is that these marketers must be enrolled inside the Entrepreneurship Development Programmes (EDP) prepared by their respective kingdom organization. This scheme allows girls to avail of a hobby concession of 0.05 percentage on loans exceeding ₹2 lakh. No security is needed for loans up to ₹5 lakh inside the case of small sector gadgets.
3. Cent Kalyani Scheme
This scheme under the Central Bank of India may be availed using each current and new marketers and self-hired women for micro/small enterprises like farming, handicrafts, food processing, garment making, splendor, canteen, mobile restaurants, circulating libraries, day creches, STD/Xerox booths, tailoring and many others.
Under this scheme, loans up to ₹1 crore are sanctioned with a margin charge of 20 percent. You do now not require any collateral security or guarantors for this loan. Interest on loans relies upon on marketplace quotes. The loan tenure may be a maximum of 7 years together with a moratorium period of 6 months to at least one year.
4. Annapurna Scheme
Under this scheme, the Government of India offers women marketers within the food catering enterprise, loans as much as ₹50,000. The loaned amount may be used for running capital requirements together with buying utensils, cutlery, fuel connection, refrigerator, mixer cum grinder, hot case, utensil stand, tiffin containers, operating desk, water filter, and so forth.
A guarantor is required to avail the loan and the belongings of the enterprise should be pledged as collateral. Once sanctioned, it needs to be repaid in 36 monthly installments. After the mortgage is sanctioned, the lender shouldn’t pay the EMI for the primary month. The hobby rate is decided to depend upon the marketplace fee and the bank concerned. The State Bank of Mysore and Bharatiya Mahila Bank currently offers this scheme.
5. Mahila Udyam Nidhi Scheme
Offered by using Punjab National Bank and Small Industries Development Bank of India (SIDBI), this scheme supports women marketers to installation a new small-scale task with the aid of extending loans as much as ₹10 lakh to be repaid in 10 years. SIDBI additionally consists of a 5 12 months interim period. The interest relies upon upon the marketplace charges.
Under this scheme, SIDBI offers exceptional plans for beauty parlors, daycare centers, buy of vehicle-rickshaws, two-wheelers, vehicles, and many others. It also assists with upgrading and modernization of current initiatives.
6. Orient Mahila Vikas Yojana Scheme
Launched by using Oriental Bank of Commerce, girls, who keep a 51 percent share capital for my part or collectively in a proprietary challenge, are eligible for the mortgage. No collateral security is required for loans between ₹10 lakhs to ₹25 lakhs for small-scale industries. The repayment length is seven years. It additionally provides a concession at the interest price of up to 2 percentage.
7. Bhartiya Mahila Bank Business Loan
The scheme became applied by using Bhartiya Mahila Bank (BMB) which was later merged with the State Bank of India in 2017. A public area banking enterprise established in 2013, it offered women entrepreneurs business loans as much as ₹20 Crores for assembly working capital requirement, commercial enterprise expansion, or production firms.
It additionally gives special business loans with a profitable fee of hobby and offers collateral-unfastened loans as much as ₹1 crore below CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises) cover.
Women entrepreneurs also are presented a 0.25 percentage concession in interest rate. It includes a mixture of operating capital and term loan. The repayment tenure is flexible and needs to be repaid inside seven years.
8. Dena Shakti Scheme
It provides loans as much as ₹20 lakh for women entrepreneurs in agriculture, manufacturing, micro-credit, retail stores, or small businesses. It additionally affords a concession of zero.25 percentage on the price of interest. Loans up to ₹50,000 are offered beneath the microcredit class.