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5 Best Options of Business Loan for Women Entrepreneurs

Women entrepreneurs have a tremendous impact on the business environment in India. Today, there are eight million successful self-employed women, which add up to 14% of all entrepreneurs in the country, according to government figures.

With financial institutions and government initiatives, there are many types of business ventures that women entrepreneurs can consider for starting their own business.

Below are the types of business loans available for Women Entrepreneurs in India:

1. Annapurna Women’s loan scheme

If you are Women and want to start your own food business then, Annapurna Women’s loan scheme is the best for you. There are financial resources available from State Bank of Mysore Bank and Bharatiya Mahila Bank for women entrepreneurs who are looking to start a food business.

Features:

•         loan up to Rs. 50,000

•         You can repay the loan within 36 months

•         Get an EMI break a month before you start repayment

•         collateral asset or a guarantor is needed to avail this loan

 

2. Bharatiya Mahila Bank Business Loan

For any entrepreneur in India who wants to start your own business, this is one of the best business loan options for you.

Under this loan scheme, you can get the following types of loans such as:

•         Rental Loans or Loan against a property

•         Micro and microfinance loans

•         SME loans

Features:

•         loan amount up to Rs. 20 crores for business manufacturing

•         Collateral-free loans up to Rs. 1 crore for micro and small businesses

•         he loan repayment period can be up to seven years

•         Interest rates is nominal up to 12.25%

 

3. Shakti Stree Loan for Women Entrepreneurs

 The State Bank of India has developed a special loan scheme for women entrepreneurs, called the ‘Stree Shakti Package’ or ‘women’s empowerment’ loan. The loan aims to really empower women by giving them financial options which cost up to Rs. 5 lakhs.

Moreover, they offer an interest rate of 0.50% interest rate for loans higher than 2 lakhs. This loan can be availed by women who have at least 50% ownership in the industry. In addition, they should be part of the Entrepreneurship Development Program (EDP) administered by state agencies.

 

4. Mudra Yojana's Loan

Mudra Yojana Scheme is a project of the Prime Minister of India- Mr. Narendra Modi, who has a new approach to empowering business culture and startups in the country. This loan scheme seems to be promising for women entrepreneurs who would like to start their own business in areas such as day care centers, beauty salons, small shops and educational institutions.

Features:

•         loans from Rs. 50,000 to Rs. 10 lakhs

•         Collateral free  loan

•         It can be accessed under three plans such as

1. Shishu - Get a loan of up to Rs. 50,000. Suitable for businesses with their innovative level

2. Kishore - This fund is provided for established companies, which require a running capital to enhance their business. Loan amount ranges between Rs. 50,000 to 5 lakhs.

3. Tarun - You can get a business loan from Rs. 5 to 10 lakhs under this plan.

 

5. Cent Kalyani Scheme Loan

This is a loan scheme for women developed by the Central Bank of India, which seeks to empower women entrepreneurs. Its purpose is to provide women entrepreneurs with loans to support small businesses, SMEs, agriculture or retail stores.

Features:

•         Loan up to 1 crore

•         Collateral free loan

•         No processing fee

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