Women seeking more and better money are attracted to the business sector. Developing India’s economy, society, and culture depends on women entrepreneurs. India provides better financial access through small business loans for women to facilitate their growth. Below you will find the best small business loans offered specifically to women to encourage them to start businesses.
Annapurna Scheme
The State Bank of Mysore is offering these small business loans for women. Women who wish to sell packed meals, snacks, etc., in the food catering industry. The kitchen must purchase utensils and other tools and equipment to receive the loan.
As collateral, you must pledge your business assets and provide a personal guarantee along with the loan application, up to Rs. 50,000 can be borrowed, which must be repaid in 36 monthly installments. The market determines the interest rate on loan, so you don’t have to pay any EMI for the first month.
Stree Shakti Package For Women Entrepreneurs
Women entrepreneurs who own at least 50% of their businesses are eligible for the Street Shakti Business Loan offered by most SBI branches. The Enterprise Development Programs (EDP) run by state agencies would also benefit you. The interest rate will be 0.50% lower if the amount of the Business Loan is more than Rs. 2 lakhs.
Bharatiya Mahila Bank Business Loan
Under this scheme, women entrepreneurs can claim up to Rs. 20 crores in business loans. The property secures these business loans. Women entrepreneurs looking to start businesses in retail and manufacturing are eligible for this loan. Collateral security is not required for this Business loan of up to Rs. 1 crore.
Cent Kalyani Scheme
Women in India can apply for this loan from the Central Bank of India to start or expand an existing one. In order to qualify for this Business loan, you need to be engaged in village or cottage industry activities, such as micro, small, and medium businesses, self-employed women, agriculture and related activities, retail trade, and government-sponsored programs. There are no collateral requirements, no guarantors required, no processing fees. Under this scheme, a maximum of Rs. 100 lakh can be granted as a business loan.
Dena Shakti Scheme
Business loans of up to Rs. 20 lakh will be available under this scheme to women entrepreneurs in agriculture, manufacturing, microcredit, retail, or small enterprises.
Udyogini Scheme
Providing loans to women in agriculture, retail, and small businesses by Punjab and Sind Bank. This business loan’s terms and interest rates are flexible, making it one of the best small business loans.
Mahila Udyam Nidhi Scheme
The Punjab National bank has launched a business loan program designed to support women entrepreneurs in small businesses. The repayment period for these Business loans is 10 years in addition to beauty parlours, daycare centers, or for buying vehicles like cars, two-wheelers, and auto-rickshaws. This scheme allows the grant of up to Rs. 10 lakhs with market rates of interest.
Mudra Yojana Scheme
The Government of India has launched this scheme for individuals who want to start new small businesses such as beauty salons, tailoring units, tuition centers, etc., and groups of women trying to start similar businesses.
Mahila Vikas Yojana Scheme
Asian Bank of Commerce offers this program to women who own 51% of the share capital in a proprietary company individually or jointly. There are no collateral requirements for business loans up to Rs. 25 lakhs for small-scale businesses, and repayment is over seven years. There is a 2% interest rate concession.
