In recent years, many women have chosen the entrepreneurial route and let go of their 9-to-5 jobs. Whether a small venture like a food truck or a big investment in the manufacturing and production of consumer goods; thanks to business loans by leading players like Tata Capital, women are no longer scared to experiment when it comes to their careers.
Giving wings to these brave and creative minds, the Government of India, along with other financial institutions, has launched several schemes to empower women entrepreneurs. Here are five such schemes:
Bharatiya Mahila Bank Business Loan
The loan is an initiative to support businesswomen in the field of manufacturing. The scheme offers loan for women for up to Rs. 20 crores with a rebate of 0.25% on the rate of interest. The Bharatiya Mahila Bank loan has a maximum tenure of seven years and does not require any collateral for up to Rs. 1 crore.
As the name ‘Annapurna’ suggests, this plan was specifically introduced for women in the food industry. This women entrepreneurs loan can be used to cover the costs of kitchen tools and utensils. Women can apply for a maximum amount of Rs. 50,000 with a guarantor. The loan tenure can be stretched for up to 36 months with fixed monthly EMIs. The scheme is offered by the State Bank of Mysore.
Dena Shakti Scheme
The Dena Shakti scheme offers a business loan for women in the field of agriculture, retail, manufacturing, etc. Women can avail loans up to a maximum of Rs. 50,000 and a 0.25% concession on the interest rate.
Cent Kalyani Scheme
Offered by the Central Bank of India, the Cent Kalyani scheme benefits women over the age of 18 in small, micro, and medium industries. Women in self-employed endeavors, cottage industries, agriculture sector, and retail can also apply for this business loan. The scheme offers a loan of up to Rs. 1 crore. There is no need for a third-party guarantee or collateral to avail the loan.
Stree Shakti Package
This is an initiative by the State Bank of India to empower women entrepreneurs with a loan up to Rs. 50 lakhs. The collateral-free business loan can be availed by women with a minimum of 51% stake in their businesses. The scheme also offers a 0.50% concession on the base rate for loans over Rs. 2 lakh.
To sum it up
There are several other schemes offered by banks and government institutions that can help women start their entrepreneurial journey. The relaxed rates of interest and the unsecured nature of the loans can be very profitable for small businesses. These schemes also allow them the breathing space to take risks in business.
If these schemes do not interest you or cover your requirements, you can always check out Tata Capital. Its business loan for women offers up to Rs. 75 lakh with a tenure of 12 to 36 months.