Women are nowadays not far behind men in terms of everything, be it doing jobs, financial independence, or everything. When it comes to running businesses, women are far ahead of men in this as well. In India, we can witness the boom of startups today.
Today’s women entrepreneurs have made their robust presence in every industry by making their businesses successful. The credit goes to the group loan for women that helps them make their venture successful. Be it beauty, Information Technology (IT) Travel, food, or automobile, women launched their startups and they are running the business successfully.
Meanwhile, they sometimes struggle due to a lack of financial assistance. And this is the reason why they face many problems in running their business successfully. The government in the country has launched many schemes to get women direct benefits of it.
We have outlined here some of the loans that are available for women and help them in fulfilling their entrepreneurship dream. Take a look at all those financial schemes and choose the right one that matches your core business requirements. Get in touch with JLG microfinance to know about better financial schemes.
1. Mudra Loan for Women
Mudra Loan for Women is one of the financial schemes that you can go for to run your startup successfully. The financial scheme was launched by the government to render complete financial support to those women who have a passion to make their entrepreneurship successful.
Those who seek to get financial assistance need to show their complete business plan. Whether they want to start their tuition center, beauty parlor, stitching shop, or others, they need to show a complete business plan.
The best thing about Mudra Loan for Women is it doesn’t need any type of collateral for getting a loan. Meanwhile, you can apply for loans from different categories such as Tarun Loan, Kishor Loan, and Shishu Loan.
2. Stree Shakti Yojana
The next financial scheme that you can apply for is none other than Stree Shakti Yojana, which is a unique package. The financial assistance offers complete support for entrepreneurship among various women by offering them different types of concessions.
The loan is exclusively available for women, especially those who have most of their own in their businesses. One can avail only this type of loan especially if they have complete ownership or the majority of ownership of their business. This loan scheme enables women to get even those interest concessions of up to 0.05% on the loan amount, especially that is above 2 Lakh.
3. Orient Mahila Vikas Yojana Scheme
When it comes to Orient Mahila Vikas Yojana Scheme, it’s another popular loan scheme that is launched by Orient Bank of Commerce. Women who have 51% of overall ownership either jointly or individually in a business can get a loan under this financial scheme.
Moreover, those who get loans under this financial assistance often require a collateral amount that varies between Rs. 10 lakh to Rs. 25 lakhs. As far as the repayment tenure is concerned, it’s up to 7 years. Applicants can get an overall concession of up to 2% under this scheme.
4. Annapurna Scheme
Annapurna Scheme is available for women who seek to launch their entrepreneurship venture in the food business. They can get a loan amount of up to Rs. 50,000. The applicants can use the amount that they borrow for running a business and also installation of necessary equipment.
You need to spend money on purchasing various utensils, hot cases, mixer cum grinder, tiffin boxes, and many other items. Once the loan amount gets approved, the lender can pay the EMI after the second month. After the sanction of the loan, one needs to repay the amount in 36 months. The change in interest rate is something that one can determine according to the concerned bank and also the market rate.
5. Dena Shakti Scheme
You need to apply for the next financial scheme which is none other than Dena Shakti Scheme. Under this financial scheme, one can avail of a total loan amount of up to Rs. 20 L. It’s available for women who seek to start their entrepreneurship journey in manufacturing, agriculture, retail stores, micro-credit, and also various small enterprises.
Apart from this, the financial scheme also offers an overall concession of 0.25% of the overall interest rate. Those who are women entrepreneurs can get a complete loan amount of up to Rs. 50,000 for those in microcredit categories.
6. Cent Kalyani Scheme
Cent Kalyani Scheme is another popular financial scheme that is available only for those who are either new or existing entrepreneurs. Those who are also self-employed women can also avail of this financial scheme.
Those women who run small or micro-enterprises such as cottage, agriculture, farming, and retail trade can easily apply for this type of financial scheme.
Those who apply for this type of financial scheme don’t need to apply for any type of collateral and also as security. Besides, they also don’t need any kind of guarantor for this kind of loan. As far as the interest rate is concerned, it’s something that depends on the market rates. The lender can get a maximum of 7 years for repaying the overall loan amount.
Final Words
Do you want to start your business and seek to fulfill your dream of becoming a successful entrepreneur? If yes, you need to go for the above financial schemes to fulfill your dream and also run your business successfully. Approach JLG loan in Karnataka for better schemes.
