This Women’s Day, take the opportunity to empower yourself by setting long-term goals and taking steps to achieve them. The government offers financial support to women wanting to start their businesses. If you’re one of them, then start your journey today.
The government provides significant financial support to women who wish to embark on their business journeys. Women aspiring to start businesses can benefit from various government schemes. We have brought a selection of government schemes that offer loans on low interest rates. If you are a homemaker who desires to launch their own business, then this is the time for you to begin your adventure.
Mudra Loan
If you are a skilled creative worker, then you can open your business ventures such as beauty parlours, tuition centres, sewing shops, and similar business endeavours, with the financial support of Mudra Loan. The loan is provided under this scheme without the need for collateral. There are three categories under the Mudra Loan scheme:
• Shishu Loan: Providing loans of up to Rs 50,000.
• Kishore Loan: Offering loans ranging from Rs 50,000 to Rs 5 lakh.
• Tarun Loan: For business owners seeking to expand their businesses, loans of up to Rs 10 lakh is provided.
Annapurna Scheme
Annapurna Scheme facilitates loans for food-related business. A loan of up to Rs 50,000 can be obtained from the Government of India. Upon loan approval, no EMI payments are required for the first month. The instalments are paid over a period of 36 months. The interest rate for the loan is determined by the bank policies and market rates.
Stree Shakti Scheme
Stree Shakti Scheme is another government’s initiative that supports women entrepreneurs. Under this scheme, women who are majority shareholders in joint businesses are eligible to apply for loans. They are required to register with the state government for the Entrepreneurship Development Programme (EDP). For loans exceeding Rs 2 lakh, a 0.05 percent interest rebate is provided as part of the scheme.
Stand Up India Scheme
Stand Up India Scheme was launched in the year 2016 with an aim to support women and individuals belonging to the SC/ST communities. The benefits are provided to only green field projects. The loan amounts provided under this scheme range from Rs 10 lakh to 1 crore.
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