Starting a business is not as simple as it appears on the surface. Financing is critical to the success of any business. It is the foundation of any business. However, some people will not receive financial assistance in the beginning. That is why those who want to start a business are given business loan opportunities.
In this blog, we have discussed various business loan schemes for women that have been launched to assist women entrepreneurs in becoming financially independent and for those looking for opportunities to start or expand their businesses.
1. Cent Kalyani Scheme (Business Loan Scheme)
The Central Bank of India offers this scheme to help women entrepreneurs by providing loans for small businesses and startups. This loan is only for women who want to start their own small business or expand their existing business.
It is a loan with no collateral and no processing fees. Women in the farming industry, government-supported retailing firms, and women whose work falls under the MSME category are all eligible for this loan.
The Cent Kalyani scheme for Women Entrepreneurs would have a loan limit of 100 lakhs.
2. Bharatiya Mahila Bank (Business Loan Scheme)
Shringaar and Annapurna are the two loan options offered by Bharatiya Mahila Bank. These loan programs for female entrepreneurs provide large-scale assistance to their businesses.
This was created to assist them in the creation of a new startup brand as well as the expansion of their existing business. A female entrepreneur can apply for a loan of up to Rs 20 crore for her business.
The Shringaar loan is primarily for women in the beauty industry who want to open or expand their beauty salons.
The Annapurna loan focuses on providing financial assistance to women in the catering industry. This enables them to purchase necessary products and equipment for their catering business, such as utensils. Vehicle management, for example. This scheme also offers loans to women who sell packaged food items, which earns them a good living and is something that most housewives can do.
3. Mahila Udyam Nidhi Scheme (Business Loan Scheme)
Punjab National Bank offers this scheme. The Mahila Udyam Nidhi Scheme promotes and assists MSMEs, as well as small-scale industries run by female entrepreneurs.
They provide loan schemes for women for a variety of purposes, including the establishment of beauty parlors, auto-rickshaws, and other vehicles for women’s business purposes. The individual will be given up to ten years to repay the loan.
The loan limit for the Mahila Udyam Scheme is ten lakh rupees.
4 . Stree Shakti Package
This is one of the loan programs for women entrepreneurs provided by SBI in the majority of its branches. They should, however, own at least 50% of the company. The primary goal of this program is to assist rural women in increasing their income.
5. Pradhan Mantri Rozgar Yojana
The Pradhan Mantri Rozgar Yojana scheme provides financial assistance to women entrepreneurs. This program benefits women in all industries, new ventures, and services.
This scheme primarily focuses on providing women with self-employment opportunities and loans to help them become financially independent. The scheme covers all available business options, including agriculture. This scheme, most importantly, provides a 15% subsidy on project costs up to a maximum of 12500 INR per head.
The loan limit for the Pradhan Mantri Rozgar Yojana scheme is 2 lakhs for the business sector and up to 5 lakhs for services and industry-based startups and companies.
The Mudra Yojana Scheme was launched by the Government of India as part of the Pradhan Women to Mantri Mudra Yojana to assist women entrepreneurs. The loans are collateral-free to support MSMEs and SMEs. In addition, the Pradhan Mantri Mudra Yojana has three different schemes for different businesses called Shishu, Kishor, and Tarun. The applicant’s age should be between 18 and 35 years old.
The Pradhan Mantri Mudra Yojana scheme will have a loan limit of up to ten lakh rupees.