Loan Schemes that will Make a Woman say YES to Entrepreneurship

The Indian government has initiated many constructive schemes for the benefit of women entrepreneurs. At a time when India stands at the third position with the most number of unicorns, the Indian start-up ecosystem has ensured equal contribution from women entrepreneurs in this matter. The Indian Government has thus developed schemes and loan options for them, which can help them start their own business ventures. 

Some such schemes that exist in India are:

Dena Shakti Scheme: The Dena Shakti Scheme facilitates loans for women entrepreneurs in the sectors of agricultural businesses, retail stores, manufacturing sectors, microcredit organisations, housing and education.

If you have plans to initiate a business in any of the mentioned industries, the Dena Shakti Scheme can be your go-to scheme. The upper limit of the loan provided by this loan is Rs 20 lakhs. Additionally, the sought loan is also dependent on the sector that it is applied for. This scheme has set the interest rate st 0.25 % below the base rate. To acquire this loan, one has to visit the nearest Dena Bank Branch. Following it, you need to collect the application form from the representatives who will also mentor you on the following procedure and documentation.

Mahila Udyam Nidhi Scheme: The Punjab National Bank launched the Mahila Udyam Nidhi Scheme with the intention of supporting Small Scale Industries (SSI). The scheme planned on facilitating smooth loan sanctions for small-scale industries so that they can experience modernisation and technological advancement in their businesses. The upper limit for the loan provided by this scheme is Rs 10 lakhs. The loanee gets a duration of 10 years to repay this loan, which is also inclusive of a moratorium period of up to 5 years. One can collect the application form and submit the duly filled form in the nearest Punjab National Bank branch.

Women Entrepreneurship Platform (WEP): Women Entrepreneurship Platform is another important platform for women entrepreneurs. The Government of India initiated this platform through their NITI Aayog. The initiative accumulates women entrepreneurs and sponsors who prefer supporting the cause, on one common platform. As a budding women entrepreneur, you can join this community to build connections and to learn and explore more.

WEP's facilities and features benefit such as Businesses in their initial stage get to enjoy the benefit of incubation and acceleration programmes; entrepreneurs on this platform can gain skill training and receive mentorship programs to enhance their knowledge of entrepreneurship and leadership; receive assistance in marketing; ensured compliance with laws and regulations and receive support for the same; assistance in terms of funding and finance; experience a community that features like-minded women.

Mudra Yojana Scheme: Women who are ambitious to commence their own small business or expand an existing one can resort to Mudra Yojana Scheme. This scheme is not specific to women, however, they can still gain many benefits from it. Woman entrepreneurs can opt for a loan amount ranging between Rs 50000 to Rs 10 lakh. Women looking towards starting business ventures such as beauty salons, small shops or home-based businesses can approach this scheme for a loan. This loan provides the option of moving forward without any collateral or a guarantor.

The scheme features three divisions of loans: 'Shishu' which provides loans up to Rs 50,000 ; 'Kishor' which provides loans up to Rs 5 lakh; 'Tarun' which provides loans above Rs 5 lakh up to Rs 10 lakh. One can opt for these loans by approaching any leading bank and applying under this scheme.

Udyogini Scheme: In spite of having innovative plans, there might be women who have nothing to begin their entrepreneurship journey. Aspiring women entrepreneurs whose family income is less than Rs 1.5 lakhs per annum have the option of the Udyogini Scheme. This scheme is specifically meant for women from such families. A female entrepreneur can seek a loan amount of up to Rs 3 lakhs under this scheme. Widows, destitute or disabled women can also apply for a loan under this scheme.

The idealogy of this loan scheme is to facilitate women from economically struggling backgrounds to gain opportunities that can help them become self-sufficient. Although the Karnataka State Women Development Corporation started this scheme, many banks adopted this scheme with certain variations. To opt for this loan you have to visit the website or office of any bank which offers this scheme.

Cent Kalyani Scheme: If you are a woman owning a Small and Medium-sized Enterprise, Cent Kalyani Scheme is the one for you. Whether you are looking forward to starting an SME or expanding the existing one, the Cent Kalyani Scheme offered by the Central Bank of India would support you in this matter. This scheme sanctions loans up to Rs 100 lakhs, that too without any collateral or processing fees. This scheme does not provide loans to self-help groups, retail trade, or educational and training institutions. One can call the Women Entrepreneur Cell on 022 66387777 to know more about the scheme. Additionally one can also visit the nearest Central Bank Branch for the same.

Apart from these 8 schemes, there exist other loan schemes both from private and government organizations that women entrepreneurs can choose to initiate their start-up plans.

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