
With the rapidly changing and developing time and more acceptance of women working and becoming independent, the mindset of people seems to be changing in the present. Not only are people now accepting women as working in distinct fields and professions, but they are also welcoming and praising women entrepreneurs more.
In addition to this, the growing involvement of women as women entrepreneurs has led to making big changes in the definition of business. Moreover, the enterprises owned by women entrepreneurs are also contributing to the growth of the economy of the country.
Furthermore, the business enterprises that are owned by women entrepreneurs are playing a notable role in society and are also inspiring other people by initiating good employment opportunities for people.
Intending to bring notable changes in promoting stable growth in the country, it is important for us to empower women entrepreneurs. Therefore, today in this blog, we are sharing a few extremely popular small-scale loans for promoting women entrepreneurs and supporting them to forge ahead hassle-free.
Though the concept of Entrepreneurship ventures is not new amongst us, women entrepreneurs are treated as a recognizable minority in our country.
In addition to this, indenting to make these loans look more inviting to the women entrepreneurs, these loans are having the following interesting features attached to them: –
Hence, to stimulate further growth in different business professions led by women entrepreneurs, prime financial institutions (public and private sector banks) have introduced several loan schemes to provide service to this evolving segment.
Let us now know and learn about the loans that are introduced to promote the startups and businesses run by the women entrepreneurs.
Listed below are a few interesting features of this loan scheme: –
Here are these two loans explained in brief: –
BMB Shringaar- Loan granted for setting up a beauty parlor, spa, or a saloon.
Its Features: –
BMB Annapurna Loan- Loan granted for setting up a Food Catering Business.
Given below are its features: –
The Shakti Scheme from Bank of Baroda aids the women entrepreneurs actively in extensive range of variant sectors.
These sectors include the following: –
Since we have learned much about the 5 business loan options available for women entrepreneurs, let us now also learn a little about the differences that these 5 loans have.
Hence, the below-given table explains the differences in these loans.
Comparison Criteria |
Cent Kalyani (Central Bank of India) |
Stree Shakti Package (SBI) |
Shringaar / Annapurna (Bhartiya Mahila Bank) |
Synd Mahila Shakthi (Canara Bank) |
Shakti Scheme (Bank of Baroda) |
Eligibility Criteria |
Only females over 18 years of age with no income ceiling for assistance |
The women entrepreneurs are required to own a minimum of 50% in the enterprise |
The age of the applicant age should be between 20 to 60 years for Shringaar.
In addition to this, the age of the applicant for Annapurna should be between 18 to 60 years. |
The loans are being granted to the women entrepreneurs who hold the right knowledge or experience of the business activities |
Women entrepreneurs who hold with 50% of ownership in their business enterprise |
Max. Loan Amount |
Up to ₹100 lakh |
Up to ₹50 lakh |
Up to ₹ 10 Lakh for Shringaar.
Besides loan amount up to ₹50,000 for Annapurna |
Up to ₹ 5 Crore
|
₹ 50,000 under micro credit schemes
Up to ₹ 20 Lakh for retail trade, education and housing.
|
Loan Term
|
The duration of loan repayment is between 1-7 years |
The duration varies based on the amount of the loan and on the other related factors |
The duration under Shringaar is of 7 years and it is of 3 years under Annapurna |
The duration is of 10 years which includes the moratorium period also |
Under this loan scheme, the loan repayment duration varies on the basis of the loan amount and the other factors |
Interest Rates |
7.40% onwards |
0.50% below Base rate if loan amount exceeds Rs. 2 Lakh, otherwise as per base rate of bank |
As per bank’s criteria |
0.25% below base rate for loans over Rs 10 Lakh, lesser amounts at base rate |
0.25% below base rates for women applicants who are majority stake holders in the company
|
Processing Fee
|
Not closed yet |
The processing fee varies on the basis of the loan amount |
The fee varies based on the loan amount |
Not closed yet |
Not closed yet |
Additional Features |
No third-party or collateral Guarantee is required.
Hypothecation of all assets as well as stocks are formulated from the bank’s fund which is demanded as a security
|
No security needed for loans of up to the limit of ₹5 lakh in the tiny sector
No interest concession for further advances granted to retail traders
|
Shringaar features join hands with Naturals, Cavinkare and Lakme Ltd.
Both Shringaar & Annapurna is collateral free & encompassed under CGTMSE
|
Free credit card
No Third-party guarantee for loans under ambit of CGMSE
|
Micro credit & retail stores are also eligible along with enterprises functioning in the agriculture and allied sector
|
The charges, interest rates, and fees that are mentioned in the above-given table are subject to change. It will also depend on the sole discretion of RBI[1] and the bank. Additionally, the service tax and the GST shall also be levied on the charges that are mentioned.
Mentioned below are the features of the small business loans that are offered to the women entrepreneurs.
These features are as follows: –
Furthermore, these loans are granted in the following mediums:-
1- Working Capital Loan.
2- Secured and Unsecured loan.
3- Term Loan (Short or Long term).
Here we will learn about the interest rate and the fees.
The concessional Interest Rates for the female borrowers, the service charges, or the fees vary from one lender to another lender.
The below given points specify the eligibility criteria: –
Intending to apply for any of the loan mentioned in this blog, the women entrepreneurs are required to submit the following: –
Mahila Udyam Nidhi Scheme from PNB
This scheme is offered to women entrepreneurs with the motive of providing them with financial assistance to help them in setting up their business projects without facing any challenges.
KBL Mahila Udyog Loan from Karnataka Bank
Empowering the women of society plays a crucial role in the development of the country. Furthermore, in the present time, women entrepreneurs are also making and earning their good positions in the world of business. Besides, this blog consists of information about 5-business loans for women entrepreneurs.
Aatmnirbhar Sena is a self-reliant organization that works for the welfare of the people and the country. Our volunteers work relentlessly to grant help and support to the people who aim to achieve some goals in their lives.
Moreover, Aatmnirbhar Sena never steps back from bestowing financial assistance to the budding entrepreneurs as well as the women entrepreneurs as we believe in equality and promoting the women of our country.