The number of businesses where the owner is a women has risen in past two decades. This has greatly contributed to the financial development of our country. Most Women-owned businesses in India are in service sectors. Women-owned business has given economic independence as well as newer job opportunities for others. Indian Government is also taking a special interest in promoting women entrepreneurs. Several Enterprise level and small business development programs have been launched in last few years, giving women a great insight on how they can become successful business women in India.
When we talk about business, finance is the first thing that comes as a hurdle that an entrepreneur must first take care of. Same goes with women entrepreneurs as well. Not all women entrepreneurs are that lucky to get the funds easily. A female entrepreneur should have a complete knowledge about funding schemes and their sources before planning to get a business loan. Keeping this thing in mind, Government and other Non-Government organizations are working to provide these women entrepreneurs with adequate financial support to make their business run properly.
Schemes Available for Women-owned Businesses
To help business women, several reputed Banks came in front with their attractive funding schemes specially designed for female entrepreneurs. These schemes provide women entrepreneur relaxation in terms of collateral security and R.O.I (Rate of Interest). The interest rates usually vary from 0.25 to 1 percent on applicable terms and conditions. Few banks have a separate department for female entrepreneurs as well and providing on-ground training and counseling to the women entrepreneurs as well and guide them to promote their business in their business market.
Below are some of the very popular Online Business Loans for Women in India.
Stree Shakthi Package for Women Entrepreneurs
Women entrepreneurs who are running their small business with a minimum of 50% of firm ownership are eligible for Stree Shakthi Package. One more condition to get this package is that only those women entrepreneurs who have pursued Entrepreneurship Development Programmes (EDP) organized by state level agencies are only eligible for this loan. This scheme offers you all the necessary assistance for establishing your business. Interest concession of 0.50% can be availed only if you obtain a loan Rs. 2 Lakhs under this scheme.
This scheme is available for women entrepreneurs running their business individually or in a partnership. The main objective of this scheme is to provide financial support to the female business owners for establishing food catering unit. It’s a composite term loan and you can avail a maximum amount of Rs. 50,000. The repayment of this loan is done in 36 monthly installments with a moratorium period of 1 month. This online business loan for women can be used as working capital for purchasing utensils, water filters and other kitchen equipment required for the food business. It’s a secured loan and needs a guarantor. The interest rate for these loans is applicable as per the prevailing rates. For security reasons, you need to submit assets as collateral to the bank.
Cent Kalyani Scheme
Powered by Central Bank of India, the Cent Kalyani scheme is for the benefit of female entrepreneurs. One can get sufficient funds for starting a new business. Cent Kalyani provides loans to new as well as experienced business owners, professionals and self-employed. Besides these small business loans are also available to retail traders, small-scale industry owners and women entrepreneurs engaged in agricultural and allied activities as well as in village and cottage industries.
Dena Shakti Scheme
Offered by Dena Bank, Dena Shakti scheme promotes female business owners by offering them financial freedom with this loan program. Women can get the loan under this scheme at a concession of 0.25% on the interest rate. This scheme is offered to women engaged in the manufacturing sector as well as agriculture and allied activities. Besides business owners running small enterprises, micro-credit or retail stores can also get funds from Dena Shakti scheme powered by Dena Bank.
Mahila Udyam Nidhi Scheme
Mahila Udyam Nidhi scheme (MUN) under Small Industries Development Bank of India offers financial assistance up to Rs. 10 Lac to female entrepreneurs to start their business in small scale sector. You can apply for this program by visiting here.
Powered by Punjab and Sind Bank, Udyogini scheme helps female business owners to obtain an online business loan with moderate terms and low-interest rates. It’s provided for small scale industries, business enterprises as well as for agricultural activities. Retail traders and self-employed female entrepreneurs can also apply for Udyogini Scheme.
The above-mentioned schemes are available as per the terms of the Government of India in order to enhance women-oriented businesses across the country and support women empowerment to build a better tomorrow.
If you are willing to go for business loan online then click here to get a quote as per your profile.