Many times, people have this notion that running a business is an easy task. In reality, women often have a hard time running a successful business. But on the inside, it comes with a handful of hurdles. One of the major problems is getting a loan. But nowadays, various loan for women in India makes it easier for them to kick-start their journey.
In India, people can see that most business owners are men and hardly a few females. Whenever a woman tries to pitch a business idea, only a handful would get the financial help from their home. For this reason, various banks such as Bajaj Finserv have come up with different loans dedicated to women. This way, they can get financial help and start their business. The main goal of a loan for women is to make them financially independent. Let us now take a look at some of the best loan schemes for women.
- Cent Kalyani Schemes
The Central Bank of India has come up with a scheme to help women entrepreneurs to run their businesses with ease. The main focus of this loan is to help those woman who wants to start or expand their existing business. When it comes to business loans for women, this is one of the best choices as it does not have any collateral or processing fees. The loan limit of the Kalyani Scheme for a woman is Rs. 100 lakhs.
- Mahila Udyam Nidhi schemes
Punjab National Bank has introduced this scheme for women. The main goal of this scheme is to help MSMEs and promote the small-scale industries which are operated by women entrepreneurs. This loan provides the woman with Rs. 10 lakhs to set up any business of their choice, such as starting a beauty parlour or running an auto-rickshaw. Many people think about a personal loan for self employed, but this is a better option. the woman gets a tenure of 10 years to repay the loan amount.
- Pradhan Mantri Rozgar Yojana
The Pradhan Mantri Rozhar Yojana has been introduced by the Government of India to provide help to women business owners. This loan helps women from every sector and industry. The main goal of this loan is to give a woman self-employment opportunities. Hence with the help of this loan, they can become financially independent. This scheme provides loans to women from every sector, including agriculture. For the business sectors, the loan amount limit is Rs. 2 lakhs, and for industry-based startups, the loan limit is Rs. 5 lakhs.
- Mudra Yojana Scheme
Under the Pradhan Mantri Rozgar Yojana, the Government of India also introduced another scheme called the mudra yojana scheme. This scheme was introduced to provide help to women entrepreneurs. Most women enjoy this scheme as it is collateral-free and provides support to MSMEs and SMEs. The pradhan Mantri mudra yojana offers other schemes such as Shishu, Kishor, and Tarun for various other businesses. Women between the age of 18 to 35 years can apply for this loan. Also, the loan limit for this scheme is Rs. 10 lakhs.
- Orient Mahila Vikas Yojana Scheme
Another loan for women in Indiais the Orient Mahila Vikas Yojana Scheme. This scheme is offered to the public by the orient bank of India. This is a suitable scheme for women entrepreneurs who want to expand their business but need financial help. To get this loan, the woman should have at least 51% ownership of the business. The repayment period is 7 years, and one does not have to pay a collateral fee.
In case you don’t meet the eligibility criteria for the above-mentioned schemes, you can opt for an unsecured business loan from leading NBFCs and get up to Rs. 45 lakh without any collateral.
