Loans she can take, for her business

With start-ups mushrooming across the country, women entrepreneurs are not left behind. Today, women have a ray of hope when it comes to financing their dream. In order to promote entrepreneurship among women, many commercial and nationalized banks are willing to provide women entrepreneurs with finance for their businesses. Whether it is setting up a beauty parlour, restaurant, bakery, food catering, tailoring unit, etc., banks are very eager to provide women with finance to turn their aspirations to start a business into a reality.

The kinds of loans available for women entrepreneurs

Many banks are offering attractive lending opportunities for women entrepreneurs, these loans will be advantageous in terms of interest rates and provide them with relaxation with respect to collateral as well. Interest rates for these loans will be based at the bank’s discretion, but the will generally tend to be lesser than regular loans.

●   Bharatiya Mahila Bank (BMB), an all-women’s bank, provides women with collateral free loans, in order to promote their self-sustenance. Women can apply for loans from the BMB f or amounts up to Rs. 1 crore, without the need of collateral.

●    The Stree Shakthi Package for Women Entrepreneurs, provides loans to small businesses which are owned by women, with at least a 50% share. With this scheme women will receive assistance to start a business with a concession on the rate of interest of 0.50%  for a loan amount of at least Rs. 2 lakhs.

●    Cent Kalyani scheme, this is a loan scheme provided to women entrepreneurs, from Central Bank of India. With this loan women can start a new business venture or expand an existing one. It can be availed for retailers, women entrepreneurs in agriculture, village and cottage industry related, etc.

●   Annapurna scheme is applicable for women entrepreneurs who are running a business in the food industry. This can be applied for as individual business or partnership firms. The loan will be a term loan, and will be a maximum amount of Rs. 50,000, which can be repaid in 36 months. The women can use this finance as working capital for purchase of raw materials, small equipment’s like water filters kitchen equipment, utensils, etc. The purchases made with this loan amount will be considered the collateral for this loan.

●  Mahila Udyam Nidhi Scheme will provide women entrepreneur’s financial assistance up to Rs. 10 lakhs. This loan will be available under the Small Industries Development Bank of India. This will help with setting up of new small scale industrial ventures.

There are many more schemes, offered by various banks such as State Bank of India, Canara Bank, they have special cells to help women entrepreneurs get the required finance. If you plan to start a venture of your own or know any women who may need the assistance, go ahead and let them know of this option offered by almost any bank in the country.