Women-owned business start-ups have picked up popularity in the country in the last couple of decades. Although majorly related to service sector, growth and emergence of women-owned businesses is making a great contribution towards the country’s economic development. Apart from bringing on economic independence, these women-led businesses also created job opportunities for many. Women entrepreneurs, however have to struggle a lot to get business funding.
There are various banks offering loans exclusively meant for women entrepreneurs. However it is important to a well-informed decision by understanding all calculations and clauses of lending schemes being offered by different banks. Some of the online business loans for women in the country are:
Listed below are the various banks and financial lenders offering business loans for women:
|Bank Name||Interest Rate||Loan Amount||Repayment Tenure|
|Central Bank of India||
||Up to Rs.1 crore||As per the terms and conditions set by the bank|
|State Bank of India||Competitive rates of interest linked to MCLR||Rs.10 lakh – Rs.1 crore||Up to 7 years|
|Bank of Baroda||As per the terms and conditions set by Bank of Baroda||Rs.10 lakh – Rs.1 crore||As per the terms and conditions set by Bank of Baroda|
|Lending Kart||15% p.a. - 27% p.a.||Up to Rs.2 crore||Up to 36 months|
|Fullerton India||13% p.a - 21% p.a.||Up to Rs.50 lakh||12 months – 60 months|
|Tata Capital||19% p.a. onwards||Rs.5 lakh – Rs.75 lakh||12 months – 36 months|
Listed below are the key highlights of the business loan for women offered by Central Bank of India:
Listed below are the key highlights of the business loan offered by State Bank of India:
Listed below are the key highlights of the business loan for women offered by Bank of Baroda:
Listed below are the key highlights of the business loans offered for women by Lending Kart:
Listed below are the key highlights of the business loan offered by Fullerton India:
Listed below are the key highlights of the business loan for women offered by Tata Capital:
The Stree Shakthi Package for women is for women who want to start small businesses and have 51% ownership in the firm. Only women who have pursued the EDP (Entrepreneurship Development Programmes) conducted by state level agencies are allowed to apply for this loan. The Stree Shakthi Package for Women Entrepreneurs offers all kinds of assistance required for starting a business.
The Dena Shakti Scheme offered by Dena Bank is for women who want business loans to be utilised in the agriculture, manufacturing sector as well as allied activities. This scheme promotes female entrepreneurship enabling women to avail financial services from the bank. Under this scheme, a concession of 0.25% is applied on the interest rate. The Dena Shakti Loan can also be utilised by owners operating micro-credit stores, retail stores or even small enterprises.
Female entrepreneurs can avail the Cent Kalyani Scheme from Central Bank of India, where financial aid is provided for setting up a new business. This scheme is meant for experienced as well as new business owners, self-employed and professionals. This business loan for women can also be applied for, by owners of small scale industries, retail traders, cottage industries or women engaged in agricultural and allied businesses.
The Udyogini Scheme’s objective is to promote female entrepreneurship. This scheme can be availed at easy terms and affordable interest rates online. Using this loan, women owners can start business enterprises, agricultural set-ups as well as small scale industries. Self-employed female entrepreneurs and retail traders can also apply for the Udyogini Scheme.
The Mahila Udyam Nidhi Scheme or MUN is provided under Small Industries Development Bank of India. Under this scheme, women entrepreneurs can get maximum financial support of up to Rs.10 lakh for the purpose of establishing new industrial venture in the small scale sector.
Aside from the encouraging fact that these lending schemes greatly encourage and support women, many are still unable to take advantage of these exclusive loans. This is due to lack of knowledge of the existence of these schemes and its features. Becoming a part of a woman’s network can prove helpful in availing these women-centric loans. Microfinance institutions, NGOs, government schemes and self-help groups can help women in interacting with fellow female entrepreneurs, enabling them to learn from their experience.
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