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Finance

5 Leading Business Loan Options for Women Entrepreneurs

Women entrepreneurs are still a distinct minority when it comes to entrepreneurship. To spur further growth and support women entrepreneurs financially, the government has started many new schemes. These financial schemes are made for micro-units, which could go a long way in boosting women entrepreneurship. Before opting for load, it is also very important to determine whether a business loan is right for you. The Government loan schemes offer women business owners benefits like lower loan interest rates, zero processing fees, no collateral, and flexible loan repayment tenures.

Let’s have a look at 5 popular business loans for women entrepreneurs.

1. Cent Kalyani

This Cent Kalyani Scheme under the Central Bank of India offers loans for women entrepreneurs. The scheme can be availed by both existing and new entrepreneurs and self-employed women who are into micro/small enterprises like farming, handicrafts, garment making, beauty, mobile restaurants, etc. You can avail a loan amount of up to ₹1 crore under this scheme with a margin rate of 20 percent. The loan does not require any collateral security or guarantors and the interest on loans depends on the market rates.

2. Shringaar and Annapurna Scheme

Bhartiya Mahila Bank offers women entrepreneurs loans to help them grow their businesses. The Shringaar and Annapurna Scheme are the popular ones in providing small business loans for women entrepreneurs. The Srinagar loan offers loans for women who are into the beauty-related business. On the other hand, the Annapurna scheme provides financial support to catering and food processing related businesses.

Features of Bhartiya Mahila Bank (BMB) Schemes

Shringaar Loan Scheme

  • The applicant needs to be min 20 years and max 60 years of age
  • Repayment tenure of the loan is a maximum of 7 years
  • The loan is collateral-free that can be covered under CGTMSE scheme

Annapurna Loan Scheme

  • The applicant needs to min 18 years and max 60 years of age
  • The loan is collateral-free to be covered under CGTMSE
  • The loan repayment tenure is up to 3 years

3. Synd Mahila Shakthi

This scheme is introduced by the Syndicate Bank that targets both new and current women entrepreneurs. The scheme is available as either a cash credit to meet the working capital requirements of a business unit or as a term loan scheme of up to 10 years. To be eligible for this such a loan the business needs to have one or more women have at least 50% of the financial holding in the business.

4. Shakti Scheme

The scheme supports women entrepreneurs who are into businesses in the field of agriculture, manufacturing, micro-credit, or small enterprises, etc. They offer small business loans for women with no processing fee and a rebate of 0.5% on loans up to ₹5 lakh. The maximum loan amount offered depends on the sector in which the enterprise operates.

5. The Stree Shakti Package

The Stree Shakti Package is a scheme run by the State Bank of India (SBI). The scheme supports entrepreneurship among women by providing certain concessions. This scheme can be availed by women who have majority ownership (over 50 percent) in an SME. Also, entrepreneurs have to be enrolled in the Entrepreneurship Development Programmes (EDP) organized by their respective state agency. This scheme allows women to avail a loan of up to Rs. 5 lakh with no security required on the loans.

Now that you are well aware of the business loan scheme available for women entrepreneurs, ensure that you make the most of it, and meet your goals. Business loans available at Finserv MARKETS have no hidden charges. The loan process requires minimal documentation with instant approval and quick disbursal of the loan amount. Once you avail the loan make sure that you use the loan amount wisely and utilize the funds for further growth and expansion of your business.

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