Top 7 Business Loan Schemes in India for Women

business loan in India for Women

With the rapidly growing economy in India, the business world has witnessed more women-owned businesses thriving to their full potential. Moreover, the financial institutions focusing on ‘woman empowerment,’ have provided female entrepreneurs with an opportunity to grow in self-owned businesses. Special business loans with lucrative rates have been offered by the banks to encourage women in becoming financially independent.

If you are an aspiring entrepreneur and sport all the potential of doing well with your business, then there are special loans offered by the banks solely waiting for you. The loans provided by the banks are flexible regarding interest rates and collateral. Below are the top 7 business loan schemes for women in India.

  1. Annapurna Scheme
  • This scheme offered by the banks is for women entrepreneurs pursuing the food and catering business.
  • 50, 000/- is the maximum loan amount offered.
  • Three years is the loan repayment period.
  • After the loan repayment, the scheme avails with the benefit of a one-month ‘free EMI’ period.
  • The guarantor and assets as collateral are required for availing of this loan.
  • As per the current market rates, the rate of interest is applied.
  1. Stree Shakthi Package
  • Every branch of State Bank offers this package.
  • It is only applicable if you own 50% of the business or the company.
  • If the loan you took is more than Rs.2 lakhs, you will get a 0.5% allowance on the interest rates.
  • Those who have been part of Entrepreneurship Development Programs can only apply for this package.
  1. Bharatiya Mahila Bank
  • Bharatiya Mahila Bank encourages women to start their own businesses.
  • It offers several types of business loans for women entrepreneurs like MICRO loans, retail loans, SME loans, and loans against property.
  1. Dena Shakti Scheme
  • Women entrepreneurs can be benefitted from the financial assistance provided by Dena Bank.
  • They have pay-to-play 0.25% less on their interests.
  • Those engaged in small enterprises, retail stores, agriculture, micro-credit, and manufacturing could avail of this loan.
  1. Udyogini Scheme
  • Punjab and Sind Bank offer this scheme.
  • With flexible tenures and lower returns, it makes it a favourite amongst women entrepreneurs.
  • Those engaged in small enterprises, retail and agriculture could avail of this loan.
  1. Cent Kalyani Scheme
  • This scheme works under the Central Bank of India.
  • The self-employed women engaged in agriculture, cottage industries, small and medium enterprises, government-sponsored programs and retail trade can avail of this loan.
  • As per the current market rates, the rate of interest is applied.
  1. Mahila Udyam Nidhi Scheme
  • Punjab National Bank has launched this scheme.
  • Small-scale entrepreneurs can benefit from this scheme.
  • 10 lakhs is the maximum loan amount offered.
  • You can repay the loan in a ten-year span.
  • As per the current market rates, the rate of interest is applied.
  • Special loans are offered for catering daycare centres, beauty parlours and buying automobiles and different rates of interest are applied for different loans.

The above-mentioned business loan schemes are available for women in India based on the fulfilment of eligibility criteria and other factors. Willing borrowers can check out unsecured business loan offers on loanbaba.com by comparing top banks and NBFCs today.

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