The present ecosystem of India is overflowing with numerous ideas and concepts. And, in the contemporary entrepreneurial world, Indian women are entering a huge ratio and trying to emerge as a reputed brand.
But a big part of chasing your dreams of starting a business, no matter how small, is capital. And as a way of supporting such businesses, the Indian government and other financial institutions offer financial boosts specifically designed for businesswomen.
Mahila UdyamNidhi Scheme provides financial assistance of up to Rs 10 lakh to set up a new small-scale venture. It is offered by the SIDBI (Small Development Bank of India).
It also supports the upgrading and modernization of existing projects. This loan is to be repaid within 10 years, and it incorporates a five-year moratorium period.
A public sector banking company established in 2013, Bhartiya Mahila Bank offers women entrepreneurs business loans up to 20 crores for meeting working capital needs, business expansion, or manufacturing enterprises.
Besides, it offers special business loans with a lucrative rate of interest and grants collateral-freeload up to 1 crore under CGTMSE.
Specially focused on a food catering business, Annapurna Scheme provides financial support to fulfill the working capital needs of the business.
It is offered by Bhartiya Mahila Bank the maximum amount of money that is granted is 50,000 which needs to be re-paid in monthly installments for 36 months. The interest rate varies according to market rates.
The government of India launched a Mudra scheme for individual women who want to start small new enterprises like tailoring units, tuition centers, beauty parlors, etc.
Under it, collateral and guarantors are required only if the loan amount exceeds Rs10 lakh. This scheme provides loan amounts into three categories:
Sishu- maximum loan amount under it is 50,000 and is taken at the initial stage.
Kishor- loan amount ranges between 50,000 to 5 lakhs and is taken by the well-established enterprise
Tarun- loan amount is 10 lakh and can be taken by those businesses that are well-established but need further funds for expansion plan
This scheme is for women entrepreneurs who are involved in agriculture, retail, and similar small businesses. They can avail loans up to Rs 1 lakh under it. But this loan is only for those women whose family's annual income is below Rs 45,000.
There is no income limit exists for widowed, destitute, or disabled women. A subsidy of 30% of the loan, up to Rs 10,000, is provided for widowed, destitute, or disabled women from SC/ST categories.
