9 SCHEMES FOR WOMEN ENTREPRENEURS IN INDIA
Women are growing in the field of entrepreneurship and developing the field in dynamic terms. Women can turn things their way when they wish to and it has been noted that they have been very consistent with progress. Women who wish to earn on their own and be businesswomen are encouraged in today’s day and age because of the progress their gender has made in the field. If you are a woman, looking forward to establishing yourself and your intelligence in the field, this might be a great way through by breaking walls of the society and making your statement as a successful smart human, even better than men in some cases.
For these women owners of MSMEs, there are certain schemes being provided by the government and public institutions throughout the country that have lucrative offers to encourage these companies and make it easier for them to get loans. There are certain age barriers, loan limits and conditions that come with these loans, which we recommend you check in detail before going ahead with the loan. However, in brief, let us see how women are encouraged by different organizations under various schemes-
This loan is provided to women in the food catering industry, still establishing their small scale businesses. The loan allows these women entrepreneurs to avail it as capital requirements like buying equipment and utensils, setting up trucks, etc. Under this scheme, women can sell packed food items and snacks which is one of the most common businesses that women entrepreneurs scope out and excel in since it is something that housewives have been managing all their lives and are accustomed to. This boosts their sales since they have a chance at better capital and new products to kickstart their business than they could otherwise afford. The loan limit is Rs. 50,000 under the scheme.
BHARATIYA MAHILA BANK BUSINESS LOAN:
This banking scheme supports women and their businesses on a large scale, that is why it was created in the first place. Women have ventured into different fields of business and are constantly pining for success. This bank has the vision to provide economic empowerment to women. The loan limit via this source is Rs.20 Crores.
MUDRA YOJANA SCHEME:
It is a Government of India initiative that aims to improve the status of women in the country by providing business loans and supporting them so that they can be financially independent and self-reliant. After approval of the loan, they will be given Mudra cards that work like credit cards with the withdrawal limit being 10% of the loan. This scheme has several different types of plans as per business type, level of expansion, and the loan aim. The loan limit under this scheme by the government is Rs. 10 Lakhs.
ORIENT MAHILA VIKAS YOJANA SCHEME:
This scheme is for women who hold 51% share capital separately or collectively as a proprietary concern. It is a very good opportunity for these stakeholders to help expand their business and add to the development of their field. This scheme does not require collateral security while also giving a concession at the interest rate of up to 2%. The period of repayment is flexible up to 7 years and the loan limit is Rs. 25 Lakhs.
DENA SHAKTI SCHEME:
This scheme is also for women entrepreneurs but limited only to those in the fields of agriculture, retail, manufacturing, are small enterprises or micr-credit organizations. As per RBI limits, the maximum ceiling limits to women beneficiaries are also provided according to the sector they are expanding or planning to open a business in. The loan limit is Rs.20 Lakhs.
PRADHAN MANTRI ROZGAR YOJANA:
Also known as PMRY, this is one of the best schemes for women empowerment both socially and financially. The focus of this scheme is on creating skill-based, self-employment through women entrepreneurs and smart minds at work being utilized for monetary independence. This scheme covers both urban and rural areas and was developed through several amendments in cost, eligibility, and subsidy limits. The loan subsidy amount is up to 15% of the project cost with an upper ceiling of Rs. 12,500 per borrower as a restriction. The scheme applies to all types of ventures in industries, trade and services. The age limit is 35 years and loan limit for business is Rs. 2 Lakh while for service and industry, Rs. 5 Lakh.
This program encourages women to be self-reliant and help them in self-development by empowering them economically to be able to do so. This scheme encourages budding women entrepreneurs by providing loans in the regards and giving good rates of interest in comparison to private sector skyrocketing rates, while also being a trustworthy source of lending. This is only valid for those who have a family income of less than Rs. 40,000 per annum. They especially encourage loans in the trade and service sector and the cap amount for the same is Rs. 1 Lakh.
CENT KALYANI SCHEME:
The scheme is targeted at both new businesses and those that aim to grow and expand; the only specific emphasis is on the scheme being for Women Entrepreneurs. Retail trade, education and training, and self-help groups are not eligible for the scheme. The eligible categories are given in detail with the rules on their website. This loan is a collateral-free loan as well as zero processing fees. The selected eligible categories of business women can take the loan and expand their business through this scheme. Under this scheme, the loan limit is Rs. 100 Lakh.
MAHILA UDYAM NIDHI SCHEME:
This scheme aims to meet the gap in equity. It promotes MSMEs and small sector investments in different industries to grow and excel in their areas. This also encourages the reconstruction of SSI units that are deemed incapable but are actually viable to save. A period of 10 years is given to the debtor to repay the loan and the limit for the loan is Rs.10 Lakhs.
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