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When it comes to getting the best business loan for women, there are several
options available nowadays. There are several attractive loan for woman owned
businesses along with other
small business loans for women that one can consider. However, prior to
choosing the right business loan, women should always check the business loan
interest rates offered by various financial institutions in order to get the
best possible deals for themselves. A low and competitive rate of interest will
directly equate to lower EMI repayments every month which will help any woman
entrepreneur immensely without a doubt. There are several other resources that
women can tap into for boosting/setting up their businesses:
● Cent Kalyani Scheme: This scheme offers funds for starting
new business ventures. The loan is offered to experienced/new self-employed
women or businesswomen along with professionals. This covers sectors like
cottage/village industries and agriculture as well.
● Stree Shakti: This scheme is available for those women
entrepreneurs who own 50% in any small business. The eligibility here is that
the state agency will organize the EDP (Entrepreneurship Development Programmes)
which the women applicants will have to complete. There will be all assistance
given to female entrepreneurs along with concessions of 0.05% on interest for
loans exceeding Rs. 2 lakhs.
● Dena Shakti Scheme: This scheme offers 0.25% concessions on
interest rates to female entrepreneurs working in sectors like agriculture,
manufacturing, retail or micro-credit.
● Annapurna Scheme: Under the Annapurna Scheme, female
entrepreneurs should have partnership firms or their individual businesses. They
have to own food/catering units and the maximum loan amount is Rs. 50, 000. This
loan comes with a tenor of up to 36 months. The sanctioned amount can be used to
buy kitchen equipment, water filters and other utensils. However, guarantors are
required for the loan and collateral is also required.
● Udyogini Scheme: Under this scheme, female entrepreneurs can
get loans at competitive interest rates and with flexible terms and conditions
while working in small scale industries. This applies to women in retail,
self-employed entrepreneurs and traders.
● Mahila Udyam Nidhi Scheme: This scheme offers financial
assistance of up to Rs. 10 lakh for women entrepreneurs for establishing their
small scale ventures.
● Mahila Udyam Nidhi Scheme: This scheme offers soft loans to
women entrepreneurs that can be paid back over a period of 10 years. There are
several plans pertaining to establishing day care centres, beauty parlors, two
wheelers/car/auto rickshaw purchases and so on. The maximum amount sanctioned is
Rs. 10 lakhs under this scheme.
● Mudra Yojana Scheme for Women: This scheme will help female
entrepreneurs desirous of establishing tailoring units, beauty parlors, tuition
centres and other centres. This scheme is available for a group of women willing
to start a venture together. No collateral is required under this scheme and
loan amounts range between Rs. 50, 000 and Rs. 10 lakhs depending on the scheme
availed. There are three schemes, namely Kishor, Shishu and Tarun. In case the
loan is approved, Mudra cards are given which function just like credit cards
and the funds are restricted to 10% of the loan amount that is granted for you.
● Orient Mahila Vikas Yojana Scheme: This scheme is available
for female entrepreneurs who have a share of 51% either jointly/individually in
proprietary concerns. There is zero collateral needed for loans between Rs.
10-25 lakhs for small-scale industries. The repayment period is 7 years and
interest concessions of up to 2% is provided.
Also Read:
Funding Options to Raise Capital for Your Business
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