The government of India has launched various Women's loan schemes for a variety of reasons, one of which is entrepreneurship. All the loan schemes for women have been introduced with just one primary aim, and that is to provide monetary help to women so that they can establish and grow their small businesses and become financially independent.
Continue reading to learn more about the major government schemes for housewives and homemakers introduced by the government to help women entrepreneurs in India financially.
Overview
Below is a table that summarises all the top government loan schemes for women, along with their description for one’s reference.
| Name of the Scheme | Description |
|---|
| PM Mudra Yojana | The govt scheme provides business loans to women of up to ₹20 lakh. |
| Annapurna Scheme | Women are provided with loans of up to Rs. 50,000 so that they can grow their respective businesses. |
| Udyogini Scheme | The scheme aims to empower women by giving them ways to be financially independent. |
| Stree Shakti Yojana | As per the scheme, women can draw up loans without depositing any collateral of up to Rs. 50 lakhs. |
| Mahila Udyam Nidhi Scheme | Beneficiaries can draw a loan of up to Rs. 10 lakhs. |
| Stand Up India Scheme | To provide loans from banks ranging between 10 lakhs to 1 crore to at least one woman and one member of the SCs or STs per bank branch. |
| Bhartiya Mahila Bank Business Loan | The scheme encourages women to become entrepreneurs and provides them with loans as well. |
| Cent Kalyani Scheme | It is a loan scheme for women that provides monetary aid. |
| Dena Shakti Scheme | Provides women entrepreneurs with a loan amount of up to Rs. 20 lakhs. |
| Mahila Coir Yojana | The scheme not only provides financial assistance to women but also skills training. |
What Is The Women’s Loan Schemes?
The Women's loan schemes are one of the categories of schemes launched by the central and state governments for the financial empowerment of women. These Sarkari schemes provide various kinds of loans to women with flexible terms of repayment and affordable interest rates, so that the practice of taking loans from informal sources can be reduced.
What Are The Need For Women Government Business Loans?
There has been a significant gender disparity when it comes to professional working fields like entrepreneurship. It is the 21st century; however, society is still male-dominated. These government loan schemes for women are needed not only to give women a chance and aid in walking upon a different path and new path, but also to break the stereotypes that stem from such gender disparities.
List Of Schemes For Business Loans For Women In India
The top women loan yojana are laid down below in exceptional detail for one’s better understanding.
1. PM Mudra Yojana
The Pradhan Mantri Mudra Yojana (PMMY), launched on 8th April 2015 by Prime Minister Narendra Modi, provides business loans up to ₹20 lakh. These loans are offered by banks, housing finance companies, and microfinance institutions. Interest rates vary, averaging around 12%, with a repayment period of up to five years.
Eligibility Criteria
- The applicant should be at least 18 years old and should come under the categories of eligible groups (like small businesses, artisans, shopkeepers, etc.).
Application Process
2. Annapurna Scheme
The Annapurna Scheme is a government loan scheme for women entrepreneurs in India engaged in the food catering business. Under the scheme, women are provided with loans of up to Rs. 50,000 so that they can grow their respective businesses by investing money in whatever they need at the time.
Eligibility Criteria
- The applicant must be above 18 years and engaged in a food catering business.
Application Process
- Please visit a nationalised bank such as the State Bank of India or the Bharatiya Mahila Bank and request an application form for the Annapurna scheme.
3. Udyogini Scheme
One of the loan schemes for women is the Udyogini Yojana is a state government scheme launched by the state government of Karnataka, especially for women. The scheme aims to empower women by giving them ways to be financially independent. The scheme encourages women to become entrepreneurs and provides them with loans as well, so that they can start their small businesses.
Eligibility Criteria
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The applicant should be a woman, a resident of Karnataka, and between the ages of 18-55 years.
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The annual income shouldn’t be more than Rs. 1,50,000 p.a.
Application Process
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Please visit the official website of the scheme or the nearest bank.
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Navigate to the application form, fill it out, attach the supporting documents, and apply.
4. Stree Shakti Yojana
The business loans of women comprise several govt schemes, one of which is the Stree Shakti Yojana launched under the Ministry of Women and Child Development in collaboration with the public sector banks. Under the scheme, women can draw up loans without depositing any collateral of up to Rs. 50 lakhs with a discount of 0.05% on interest rates, particularly enjoying the women's loan scheme interest rates of lower margins.
Eligibility Criteria
- The applicant must be a woman.
Application Process
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To apply, all you need to do is visit a nationalised bank.
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Request an application form, attach the supporting documents, and apply.
5. Mahila Udyam Nidhi Scheme
The Small Industrial Development Bank of India (SIDBI) introduced the Mahila Udyam Nidhi Scheme, which was first started by the Punjab National Bank under SIDBI’s guidance. Under the loan scheme for women, beneficiaries can draw a loan of up to Rs. 10 lakhs, which they can then use for the growth and development of their businesses.
Eligibility Criteria
- Applicant must be a woman entrepreneur with at least 51% ownership of their business.
Application Process
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Eligible individuals can apply through the website of PNB.
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Find the name of the scheme, fill out the application form, and successfully apply.
6. Stand Up India Scheme
The Stand Up India Scheme is a women’s loan scheme launched under the Ministry of Finance that aims to provide loans from banks ranging between 10 lakhs to 1 crore to at least one woman and one member of the SCs or STs per bank branch. The scheme aims to empower women by helping them financially and giving them a head start in the race of entrepreneurship.
Eligibility Criteria
- Interested individuals must be women from the SC/ST community.
Application Process
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One can apply for the scheme by visiting the official website of the scheme.
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Fill in the location details of your project, complete the application form, and apply.
7. Bhartiya Mahila Bank Business Loan
One of the loan schemes for women entrepreneurs in India is the Bhartiya Mahila Bank Business Loan, launched in the year 2013. Under the scheme, women are provided with collateral-free loans of up to Rs. 1 crore so that women entrepreneurs can use the fund as their working capital or for expanding their respective businesses.
Eligibility Criteria
- Applicant must be a female.
Application Process
- As the application process is offline, please visit the nearest Bhartiya Mahila Bank branch.
- Request an application form and submit it after filling in your information accurately.
8. Cent Kalyani Scheme
The government launched the Cent Kalyani Scheme as a loan scheme for women. It is a flagship initiative under the Startup India program. The scheme provides monetary aid and business loans for women entrepreneurs so that they can grow their small businesses. The Sarkari Yojana also encourages other women to become entrepreneurs to be financially independent.
Eligibility Criteria
- Applicant must be a woman with a new or already existing small business.
Application Process
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Please visit the Central Bank of India’s official website.
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Navigate to the scheme, fill in the application form, and apply.
9. Dena Shakti Scheme
The Dena Shakti Scheme is a women’s loan scheme which provides women entrepreneurs with a loan amount of up to Rs. 20 lakhs to build their businesses in the agriculture, micro-credit, manufacturing, or retail sector. The govt also gives a discount of 0.25% on the rate of interest.
Eligibility Criteria
- Applicant must own a small business or have 50% ownership or be self-employed in professions like CA, doctors, etc.
Application Process
- Eligible and interested individuals need to visit the branch of Dena Bank branch.
- Take the application form from the branch, fill in your details, and submit it there itself.
10. Mahila Coir Yojana
One of the women loan yojana is the Mahila Coir Yojana launched under the Ministry of Micro, Small, & Medium Enterprises (MSMEs). The scheme not only provides financial assistance to women but also skills training so that they can make quality coir products with upgraded skills and techniques.
Eligibility Criteria
- Women are required to be a part of Self-Help Groups (SHGs) or Non-Governmental Organisations (NGOs) registered with the NITI Aayog.
Application Process
- The application process is offline and is done by the SHGs/NGOs.
- SHGs/NGOs need to apply through the Regional/Sub-Regional Office of the Board.
Conclusion
The government of India has launched several loan schemes for women so that women entrepreneurs can grow their businesses and play the role of an example for other women so that they can enter the world of entrepreneurship as well.
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