The contribution of women in business ownership is growing rapidly and does have their financial needs. Women are now capable of running their own business and don’t necessarily need men to support them. Thus there is need of providing business loans exclusively to women giving special benefits.
Business loans for women are more flexible and the assistance given is also high. To start a new business women get financial assistance up to Rs. 50 Lakhs and even there are various subsidies given to them. These loans are given at a very concessional rate of interest so that women get inspiration to take loan and do something new and big.
Some lenders provide loan without any collateral security or other deposits. The repayment options are also very much flexible for women as repayment ranges from 12 months to 48 months or even more depending up on bank and the amount of loan given.
There are number of schemes available for women in India especially for small business.
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Cent Kalyani scheme is offered by the central bank of India. This loan is offered to women who wants to start new venture and also available for experienced business women and also to professionals. Under this scheme loan is also available to those who are engaged in agriculture and allied activities and who are self employed.
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Mahila Udyam Nidhi Scheme is offered by Small Industries Development Bank of India to women who want to start new venture in small scale industries. Under this scheme assistance is provided up to 10 Lakhs to those coming up with start ups.
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Stree Shakti Package is available for women entrepreneurs to women who have 50% ownership in any small scale business. To be eligible to avail loan from this scheme women entrepreneur has to pursue entrepreneurship development programmes organized by state agency. Interest concession is also available on loan above 2 lakhs.
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Udyogini Scheme is offered by Punjabi and Sind bank to motivate women entrepreneur to obtain loan on liberal terms and low interest rates. This loan is generally given to women for setting industries in small scale but it is also available to self employed women and professionals. Also this loan is given for setting up retail trade.
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Dena Shakti scheme is offered by Dena bank to promote women entrepreneurship. This loan is provided at concessional rates to women engaged in agriculture and allied activities and for startups. Even women having small business or retail trade can apply for loan under this scheme.
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Annapurna Scheme is available to women entrepreneur who runs business on her name or in partnership firm as partner. It is also available to women who have established food catering services. For this scheme collateral security or guarantee is given to bank.
Thus there are number of schemes for women to have loan supported by various government grants. Government and banks are giving various schemes to push the entrepreneurship in women and benefit the nation. The reason behind giving such benefits is to motivate women and women empowerment the results is clearly evident of growth of nation.