7 Business Loans Tailored For Women Customers

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The last few years has seen the emergence of women entrepreneurs, who have transformed businesses. However, in the initial stage there maybe a need for loans and bank finances to sustain and grow the business.

Matching with their speed some banks have special loans depending on the need of women with attractive interest rates.

Also read: 5 Best Bank Savings Accounts For Indian Women

Here is a list of banks which provide special loans for women borrowers:

7 Business Loans Tailored For Women Customers

1) Annapurna Scheme

  • This scheme is for establishing food Catering Unit for selling tiffin/food/lunch packs etc. 
  • The maximum loan amount will be provided upto Rs 50,000.
  • The EMI can be paid in 36 months with one month moratorium [period
  • Age of applicant min 18 years and max 60 years
  • Interest rates will be applicable as per prevailing market rates
  • Individual need to submit assets as collateral to the bank.

2) Stree Shakthi Package

  • The Stree Shakti Package is a scheme, aimed at supporting entrepreneurship among women by providing certain concessions. 
  • An enterprise should have more than 50% of its share capital owned by women to qualify for the scheme. 
  • he margin will be lowered by 5% as applicable to separate categories.
  • The interest rate will be lowered by 0.5% in case the loan exceeds Rs 2 lakh.
  • No security is required for loans up to Rs 5 lakh in case of tiny sector units.

3) Cent Kalyani Scheme

  • This scheme will be available in Central bank of India
  • The maximum loan available is upto Rs 100 Lacs
  • No Third party  Guarantee necessary as advance is covered by Guarantee Cover of CGTMSE  
  • The amount can be used to meet capital   expenditure  ( Plant & Machinery /Equipments  etc) and to meet day to day  expenditure.

4) Bharatiya Mahila bank

  • This bank is specially created to take care of women needs.
  • BMB Shringaar - Loan for Beauty Parlour /Saloon/Spa
  • BMB Annapurna Loan - Food Catering
  • BMB Kitchen Modernization Loan
  • BMB Parvarish - Loan for Day Care Centre

5) Dena Shakti Scheme

  • This is a scheme for financing to Women Entrepreneurs by including following activities / sectors under the purview of the scheme so as to increase its out reach to women . 
  • The maximum ceiling limits that can be considered for financing to women beneficiaries under this scheme will be as per the directives of RBI stipulated for various sectors under priority sector such as loans upto Rs 20.00 lakhs under retail trade, Rs 20 lakhs under education and housing and Rs 50000/- under micro credit as well as Bank's specific schemes circulated to branches / offices from time to time.
  • Margin will be as per the norms stipulated by RBI / Bank from time to time .
  • There will be a concession / rebate @ 25 basis points in the rate of interest as applicable to existing activities is to provided to the women benefeciaries subject to certain conditions specified by the Bank . 

6) Udyogini Scheme

  • Udyogini empowers women by providing loans through Banks and other finanicial institutions; it also provides a subsidy from the Corporation for undertaking business activities / micro enterprises.
  • The maximum unit cost is Rs.1,00,000/-. Age limit for the beneficiary is 18-45 years and family income limit to avail this benefit is Rs.40,000/- per annum for all women including those belonging to SC/ST 
  • No income limit is prescribed for women belonging to special category viz., widows, destitute and disabled women. 
  • In case of the general category women, the subsidy is @ 20% of the loan or Rs.7,500/-, whichever is less.

7) Mahila Udyam Nidhi Scheme

  • The women entrepreneurs will be assisted for setting up of new projects in tiny /small scale sector and rehabilitation of viable sick SSI units.
  • Existing tiny and small scale industrial units and service industries undertaking expansion, modernization technology up gradation & diversification can also be considered. 
  • You can get a loan up to Rs. 10 lakh 
  • The soft loan is repayable within 10 years (inclusive of initial moratorium period of not more than five years).  
  •  In case of the soft loan, only service charge @ 1% p.a. is payable, which may be retained by lending office.

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Read more about: loans, business loan, women
Story first published: Saturday, March 26, 2016, 11:20 [IST]
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