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5 Types of Business Loans to Empower Women Entrepreneurs

5 Types of Business Loans to Empower Women Entrepreneurs

Women entrepreneurs are having a tremendous impact on the business landscape in India. Today, there are 8 million women who are running their own businesses successfully, which add up to 14% of all entrepreneurs in the country, as per the government economic census. In order to spur further growth and boost entrepreneurial initiatives among women, leading financial institutions in India, like Tata Capital have been offering flexible loans. For instance, for Tata Capital Home Loans, the women applicants get a rebate on interest rates by 5 bps (basis points).

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Things are looking positive with the new business loan options for women entrepreneurs in India. Here are some of the best options for women entrepreneurs today:

Annapurna Women Entrepreneur Loan Scheme

Want to start your very own catering or food business? There is a specially designed loan option from the State Bank of Mysore and Bharatiya Mahila Bank for women entrepreneurs who would like their own catering and food startups. Here is what the Annapurna loan scheme offers:

  • Get a loan up to Rs. 50,000
  • You can repay the loan within 36 months
  • Get a one-month EMI holiday before you begin paying the loan amount
  • A guarantor or collateral asset is needed  to avail the loan

Bharatiya Mahila Bank Business Loan

For all you women entrepreneurs in India who want to start your own venture, this is one of the best business loan options for you. Under this loan scheme for women, you can avail various types of loans such as:

  • Loan against property
  • Micro and small industries loans
  • SME Loans

What makes it such a viable option is that you can get:

  • Business loans up to Rs. 20 crores for manufacturing businesses
  • Collateral-free loans up to Rs. 1 crore for micro and small industries
  • Repayment term of the loan can be up to 7 years
  • Affordable interest-rates of up to 12.25%

Stree Shakti Package For Women Entrepreneurs

Being the largest bank in India, the State Bank of India has introduced special loan schemes for women entrepreneurs, which is called the ‘Stree Shakti Package’ or the ‘woman power’ package. It aims to truly empower women by offering them no-collateral loan options up to Rs. 5 lakhs. Moreover, they even offer a concession of 0.50% interest rate for loans above 2 lakhs. This business loan for entrepreneurs can be availed by women who have ownership of at least 50% or more in an enterprise. Plus, they should be a part of the Entrepreneurship Development Program (EDP) run by state agencies.

Mudra Yojana Women

The Mudra Yojana Scheme is a pet project of the Prime Minister of India- Mr Narendra Modi, who has the vision to empower entrepreneurship culture and startups in the country. Therefore, this loan scheme seems really promising for women entrepreneurs who would like to start their own business ventures in areas such as day-care centres, beauty parlours, small-scale boutiques and tuition centres. Here are the features of this business loan scheme for women entrepreneurs:

  • Get loan amount from Rs. 50,000 all the way to Rs. 10 lakhs
  • No collateral is required to avail the loan
  • It can be availed under 3 schemes such as
  1. Shishu – Get loans up to Rs. 50,000. Ideally suited for businesses in their nascent stage
  2. Kishore – This loan is offered to more established businesses, which are looking for running capital to fuel their business. You can avail between Rs. 50,000 to 5 lakhs for a business loan
  3. Tarun – Get business loans from Rs. 5 to 10 lakhs under this scheme. More suited for businesses that are looking to expand or consolidate their growth

You will even receive a Mudra Card, which functions as a credit card once your loan is granted. However, your credit limit will only be worth 10% of the loan amount.

Cent Kalyani Scheme

This is a business loan scheme for women created by the Central Bank Of India, which aims to empower and uplift women entrepreneurs. It aims to provide loans to women entrepreneurs who are managing micro and small industries, SMEs, agricultural or retail enterprises. Here’s what women entrepreneurs can expect from this loan:

  • Business loans up to 1 crore
  • Get collateral-free loans
  • Enjoy zero processing free 

Looking for more options? Avail exclusive business loans from Tata Capital, which offers maximum benefits with minimum documentation, attractive interest rates and instant approvals of loans.

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