How Women Can Avail an Instant Personal Loan Scheme from the Government
Over the years, the Indian government has produced advantageous immediate personal loan plans to assist ambitious and eager women who do not lack finances to begin their activities. However, with the growing popularity and acceptability of digital loan platforms, loan approval for women has become simple.
A personal loan for women is a valuable financial tool for supporting their goals and emergency needs. Ambitious women who want to grow their enterprises can benefit from a quick personal loan for women. Personal loans for women are also accessible at low personal loan interest rates, making the EMIs manageable.
1. Mahila Samridhi Yojana
The Mahila Samridhi Yojana is a loan scheme for poor women who belong to the lower strata of society and find it challenging to fulfill their financial goals. State Channelizing Agencies (SCAs), Regional Rural Banks (RRBs), and Nationalised Banks offer this lending scheme to women who require funds to establish their businesses. The maximum number of women that can participate in the self-help group is 20. A woman can get a loan for a maximum of Rs. 60,000.
Criteria for eligibility include:
- The woman’s annual household income should be fixed at Rs. 3 lakh.
- The woman must be from what the state and federal governments call a “backward class” and live on at least twice the poverty level.
2. Mudra Loan for Women
The government established Mudra Loan for Women to provide financial assistance to ambitious female entrepreneurs. They are looking for a business, pan shop, a tuition center, etc. There are, however, different ways to apply for a mudra loan. They are:
- Shishu Loan: The maximum credit for new businesses is Rs. 50,000.
- Kishor Loan: This loan is intended for existing firms that want to strengthen their services. The loan amount ranges from Rs. 50,000 to Rs. 5 lakh.
- Tarun Loan: This loan is intended for well-established enterprises that want to expand their reach but lack funding; they can borrow up to Rs. 10 lakh for this reason.
3. Annapurna Scheme
The Indian government gives loans of up to Rs. 50,000 to women who run businesses that serve food. The borrowed money could be used for things like buying cooking tools, a mixer and grinder, a hot case, tiffin boxes, a working table, and so on. After the loan is given, the lender does not have to pay the EMI for the first month. Once the loan is approved, it must be paid back over 36 months. The interest rate on a personal loan is based on the market rate and the bank in question.
4. Stree Shakti Yojana
The Stree Shakti package is a one-of-a-kind program encouraging female entrepreneurship by giving financial incentives. This Stree Shakti scheme is only open to women who own most of the company. Another criterion is that these female entrepreneurs be enrolled in their local state agency’s Entrepreneurship Development Programme (EDP). In addition, this Stree Shakti scheme provides women with a 0.05 percent interest reduction on loans exceeding Rs. 2 lakh.
5. Dena Shakti Scheme
The Dena Shakti Scheme provides loans of up to Rs. 20 lakh to women entrepreneurs working in agriculture, industry, microcredit, retail outlets, or other fields. The proposal also includes a 0.25 percent cut in interest rates. Under the microcredit category, women entrepreneurs can acquire a loan of up to Rs. 50,000.
6. Bhartiya Mahila Bank Business Loan
The Bhartiya Mahila Bank (BMB) is a public sector bank that lends to women entrepreneurs for working capital, business expansion, or industrial companies up to Rs. 20 crore. The following plans are part of the Bharatiya Mahila Bank Business Loan Scheme:
- Shringaar: The BMB Shringaar loan is designed for self-employed women or stay-at-home moms who are establishing a business or have recurring business expenses. You are under no obligation to provide collateral security for the loan.
- Parvarish: The BMB Parvarish loan is designed for self-employed women or stay-at-home moms who want to start daycare businesses. The maximum loan amount under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGSTSM) program is Rs. 1 crore with no collateral security.
- Annapurna: Small food businesses that are between 18 and 60 years old and want to start up or grow can apply for this funding. Its components are similar to those of the Annapurna plan of the State Bank of Mysore, with the exception that no collateral security is required.
7. Mahila Udyam Nidhi Yojana
Punjab National Bank and the Small Industries Development Bank of India offer the Mahila Udyam Nidhi Scheme (SIDBI). The scheme assists female entrepreneurs in establishing a new small-scale enterprise by providing loans of up to 10 lakh rupees to be repaid over ten years. Market rates determine the personal loan interest rate charged.
8. Orient Mahila Vikas Yojana Scheme
The Oriental Bank of Commerce created the scheme, and women with a 51 percent share in the capital of a private firm can apply for a loan under the Orient Mahila Vikas Yojana. For loans ranging from Rs. 10 lakhs to Rs. 25 lakhs, collateral is necessary. The loan has a seven-year repayment period. This scheme also offers a personal loan interest rate reduction of up to 2%.
9. Cent Kalyani Scheme
The Cent Kalyani Yojana can help new and existing enterprises, as well as self-employed women. Micro and small-sized businesses such as farming, cottage industries, agriculture, and retail commerce are eligible for this scheme. You are not required to present any collateral as security for this loan, nor are any guarantors required. Personal loan interest rates are determined by market rates. The loan’s maximum repayment period will be seven years.
10. Udyogini Scheme
Under the auspices of the Government of India, the Women Development Corporation has launched the Udyogini Scheme. This program encourages and motivates women entrepreneurs among the underprivileged by offering financial assistance to women. This program primarily assists and supports illiterate women living in rural and underserved areas.