When it comes to entrepreneurship, India continues to witnesses a horde of successful female entrepreneurs. And the country’s government supports their endeavours through these top schemes listed below:
The Annapurna Scheme
Do you want to run your own catering business? If yes, then you are in luck! The Government of India extends business loans under the Annapurna Scheme to women with culinary skills. This scheme includes the following:
- Quick business loans up to Rs. 50,000/- for women business owners in the food industry.
- The rate of interest is usually low.
- Borrowers are free to use the loan for any business-related expense such as capital requirements, utensils, delivery trucks, etc.
- Asset collateral is usually required to avail funds under this scheme.
- After availing of a loan under the Annapurna Scheme, women are offered a grace period of 1 month, after which they start repaying their loan.
- The borrower must repay the entire loan amount within 3 years.
Stree Shakti Scheme
Under the Stree Shakti Scheme, women entrepreneurs can benefit from concessional business loan interest rates. This scheme comes with the following features:
- Women can obtain loans of up to Rs. 50 lakhs under this scheme.
- If the loan amount is over Rs. 2 lakhs, the lending authority offers an interest concession of .50% on the interest rate.
- A woman must own a 50% stake in the company to avail of a loan and concession under this scheme.
Orient Mahila Vikas Yojana Scheme
If you are a woman looking to raise capital for starting your business, this Central Government scheme is for you. Here are some of its salient features:
- A woman must own a 51% stake in a business to avail of a loan.
- The Government offers a 2% concession on the business loan interest rate.
- The borrower must repay the loan within 7 years.
- You need to pledge collateral only if your loan amount is over Rs. 10 lakhs.
Mudra Yojana Scheme for Women
This scheme aims to provide funding to women who wish to open a daycare centre, beauty salon or a similar small-scale venture. Moreover, the Mudra Yojana Scheme is especially beneficial for a group of women who wish to start a business. Why? The higher the number of co-applicants, the better the chance of approval.
Here are a few salient features of this scheme:
- You can avail of a loan ranging between Rs. 50,000 to Rs. 50 lakhs.
- Women can avail of a loan without pledging collateral if the total amount is less than Rs. 10 lakhs.
There are three sub-categories under this scheme. They are:
- Shishu Plan: Women entrepreneurs can avail of a loan up to Rs. 50 lakhs under the category for a small-scale business in its initial stages.
- Kishor Plan: If your business is well-established and needs expansion, you can take a loan between Rs. 50,000 and Rs. 5 lakhs under this category.
- Tarun Plan: Under this category, you can avail of a loan of up to Rs. 50 lakhs.
With such Government schemes on the line, a lack of finance will not stop you from pursuing your business endeavour. So, check your business loan eligibility criteria, prepare documentation and a business plan and apply for finance under one of these schemes today!