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6 Best Business Loan Schemes for Women Entrepreneurs in India
In India, more women are venturing into the business world and making their mark as entrepreneurs. To empower and support them, certain loan schemes for women provide the financial assistance they need to sustain their business(es). These loans are specifically designed for women entrepreneurs and offer favourable terms, reasonable interest rates, and customised benefits to address the unique challenges they face.
In this blog, we will learn about some of the top Business Loan schemes in India that aim to help and uplift women entrepreneurs in India. Let’s find out how these loan schemes are enabling them to achieve economic independence and drive sustainable growth.
Initiated by the Government of India, the Annapurna Yojana for women entrepreneurs provides a beneficial loan opportunity for those involved in the food catering businesses. This scheme allows them to borrow up to Rs. 50,000, which can be utilised for various working capital needs, such as utensils, tiffin boxes, and a working table, among others. This presents an excellent opportunity for women currently managing their cloud kitchens. Once the loan is approved, a guarantor is required to secure the loan, and the borrowed amount must be repaid in 36 monthly instalments. To be eligible for the loan, applicants should be between 18 and 60 years old.
The Udyogini Scheme was implemented by the Women Development Corporation and offers a range of loan options. The primary objective of this scheme is to promote entrepreneurship, financial independence, and self-reliance among women. To be eligible for this opportunity, applicants should have an annual family income of Rs. 1.5 Lakh or less, and the age limit to avail of the loan is between 18 and 55 years. Furthermore, under this scheme, women can obtain loans of up to Rs. 3 Lakh, which can serve as a valuable resource for their entrepreneurial ventures.
Small Business Loans offered by financial institutions like Poonawalla Fincorp offer financial support to entrepreneurs engaged in Small and Medium-sized Enterprises (SMEs). Through this Business Loan, women entrepreneurs can avail of loan amounts up to Rs. 50 Lakh. It comes with attractive interest rates and a flexible loan tenure of up to 60 months. What’s more, this loan comes with quick approval and disbursal as it requires minimal documentation. The loan was introduced for empowering and supporting entrepreneurs in every step they take towards fulfilling their dreams.
This programme, also known as PMRY, is one of the most beneficial schemes for women entrepreneurs on both social and financial levels. The goal of this programme is to empower women entrepreneurs and engage the best minds in the industry to generate skill-based, independent income. This programme evolved through several changes to cost, eligibility, and subsidy restrictions, and includes both urban and rural areas.
The Indian government under NITI Aayog has launched the Women Entrepreneurship Platform (WEP) to connect women entrepreneurs and sponsors who are ready to help them. The various activities in WEP include:
Another loan scheme for women that you can check out is the Mudra Loan, offered under the Pradhan Mantri Mudra Yojana (PMMY) initiative. The scheme was introduced by the Indian government to provide financial assistance to ambitious women entrepreneurs. It targets women who have entrepreneurial aspirations, such as opening a salon, tuition centre, fashion boutique, and/or other similar ventures. The noteworthy aspect of this scheme is that it does not require collateral for loan approval.
Also Read - Common Issues Faced by Women in Funding A Business
These Business Loan schemes are specifically designed for women entrepreneurs and are among the most notable ones available in India. If you are a woman entrepreneur seeking funds, considering any of these loan schemes can be a wise decision. You can also avail of Business Loans from leading NBFCs like Poonawalla Fincorp. Take advantage of these opportunities to expand your business and reach new heights of success.
There is not one, but several schemes in India that promote women entrepreneurship. Some of them are the Mudra Loan for Women, Udyogini Scheme, and Business Loans offered by NBFCs.
Those who are in the age bracket of 18 to 65 years can apply for the Mudra loan. Please note that the borrower should not have any past loan defaults from any financial institution.
There are many types of loans available for women entrepreneurs in India. Applying for a Mudra Loan for Women or a Business Loan are just some of the many financing programs available in the country.
We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Business Loan disbursal is at the sole discretion of Poonawalla Fincorp.
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