Top 5 Schemes to Empower Women Entrepreneurs in India
The presentecosystem of India is overflowing with numerous ideas and concepts. And, in thecontemporary entrepreneurial world, India women are entering on a huge ratioand trying to emerge as a reputed brand. But a big part of chasing your dreamsof starting a business, no matter how small, is capital. And as a way ofsupporting such business, the Indian government and other financialinstitutions offer financial boost specifically designed for businesswomen.
Here is the list of top 5 schemes introduced for womenentrepreneurs in India:
Mahila Udyam Nidhi Scheme
Mahila UdyamNidhi Scheme provides financial assistance of up to Rs 10 lakh to set up a newsmall-scale venture. It is offered by the SIDBI (Small Development Bank ofIndia). It also supports upgrading and modernization of existing projects. Thisloan is to be repaid within 10 years, and it incorporates a five yearmoratorium period.
Bhartiya Mahila Bank Business Loan
A publicsector banking company established in 2013, Bhartiya Mahila bank offers womenentrepreneurs business loans up to 20 crores for meeting working capital needs,business expansion or manufacturing enterprises. Besides, if offers specialbusiness loans with a lucrative rate of interest and grants collateral-freeload up to 1 crore under CGTMSE.
Speciallyfocused on a food catering business, Annapurna Scheme provides financialsupport to fulfill the working capital needs of the business. It is offered byBhartiya Mahila Bank the maximum amount of money that is granted is 50,000 thatneeds to be re-paid in monthly instalments for 36 months. The interest ratevaries according to market rates.
Mudra Yojana Scheme for Woman
Government ofIndia launched a Mudra scheme for individual women who want to start small newenterprises like tailoring units, tuition centers, beauty parlors, etc. Underit, collateral and guarantors are required only if the loan amount exceeds Rs10 lakh. This scheme provides loan amount into three categories:
This scheme is for women entrepreneurs who are involved in agriculture, retail, and similar small businesses. They can avail loans up to Rs 1 lakh under it. But this loan is only for those women whose family's annual income is below Rs 45,000. There is no income limit exists for widowed, destitute or disabled women. A subsidy of 30% of the loan, up to Rs 10,000, is provided for widowed, destitute or disabled women from SC/ST categories.