How Women Can Start a New Business, this Festive Season?
Diwali brings with it an aura full of joy, festivities, and celebrations. These festivities in India are also said to mark the best time for wealth creation and for starting something new, such as a new business. Entrepreneurship is no longer restricted to the men of the nation; women in India are also taking an active part in the business. There are many successful companies established solely by women. The government of India also gives a financial boost to women entrepreneurs in the form of special business loan schemes.
Let us talk about five of such schemes that support women entrepreneurs by offering them business loans-
Bharatiya Mahila Bank was established to help the women from the underprivileged sector and it was merged with SBI in 2017. It is a business loan scheme that helps women who are looking to start something new in the retail sector. A few key highlights of this loan are-
- Loans up to ₹ 20 Cr can be taken for setting up a manufacturing business.
- Under the CGTMSE, women can also avail collateral-free business loan of up to ₹ 1 Cr.
- The rate of interest on this loan is 12.25%.
- It can be taken for a maximum tenure of 7 years.
2- Orient Mahila Vikas Yojana Scheme
Under this scheme, women can avail of business loans to fund their small business. It can help them make up for the capital they need for starting a business. The borrower must have at least a 51% share in the business. Here are a few features of this loan-
- It comes with a repayment tenure of 7 years.
- No collateral is required if the loan amount is below ₹ 50 Lakhs.
- 2% concession is offered on the interest rate.
- If the loan is for a Small Scale Industry, no collateral is needed for loans up to ₹ 25 Lakhs.
3- Udyogini Scheme
Through this business loan scheme, women entrepreneurs can avail funds at lower rates of interest. The borrower’s age should be 18-45 years and the family income should be ₹ 45,000 or less. Some of its highlights are-
- Small business loans up to ₹ 1 Lakh can be taken.
- Subsidy of 30% of the loan or ₹ 10,000 (whichever is lower) is offered to widow, destitute, disabled or women belonging to the backward classes.
- For women of general category, 20% of the loan amount or ₹ 7,500 is offered.
Women or groups of women who are looking forward to opening a beauty salon or a daycare center or other such small ventures can avail business loan under this scheme. A few features of this scheme include-
- Business loan amount up to ₹ 50 Lakh can be availed.
- If the loan amount is under ₹ 10 Lakh, no collateral is required.
- This loan can be taken to start a venture and also for expanding an existing venture.
5- Annapurna Scheme
This business loan scheme helps women who wish to start a catering business. Collateral or guarantor may be needed for this type of credit. Some of its features are-
- Loans up to ₹ 50,000 can be availed under this scheme.
- The repayment tenure is up to 3 years.
- Interest rates may vary as per the economic conditions in the market.
Women can take the help of these business loan schemes to set up a new business during Diwali or to expand their existing businesses. Fill out the form, given above and we will contact you soon.