Top 5 Schemes to Empower Women Entrepreneurs in India
The present ecosystem of India is overflowing with numerous ideas and concepts. And, in the contemporary entrepreneurial world, India women are entering on 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 business, the Indian government and other financial institutions offer financial boost specifically designed for businesswomen.
Here is the list of top 5 schemes introduced for women entrepreneurs in India:
Mahila Udyam Nidhi Scheme
Mahila Udyam Nidhi 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 upgrading and modernization of existing projects. This loan is to be repaid within 10 years, and it incorporates a five year moratorium period.
Bhartiya Mahila Bank Business Loan
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, if offers special business loans with a lucrative rate of interest and grants collateral-free load 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 that needs to be re-paid in monthly instalments for 36 months. The interest rate varies according to market rates.
Mudra Yojana Scheme for Woman
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 Rs 10 lakh. This scheme provides loan amount 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.