Gender equality has become a critical component in the business world. The MSME sector that once brimmed with businessmen is now welcoming women from different social and societal backgrounds with open arms. The launch of various government schemes for female entrepreneurs in India has also encouraged women to come forward. These include both state government schemes such as the Maharashtra Government schemes for women’s business and the Central Government schemes like the Mudra Yojana.
Here is a look at some of the top schemes that women entering the MSME world can find beneficial.
1. Annapurna Scheme
Many women are incredible chefs and can benefit economically by establishing their catering business. This government scheme for female entrepreneurs in India aims at supporting women who wish to start a catering unit. The Annapurna scheme allows women to borrow up to Rs. 50,000. This loan can be repaid in 36 total instalments and requires collateral and a guarantor for approval. The collateral for Annapurna scheme loans is taken in the form of assets.
Additional Read:- 5 Types of Business Loans to Empower Women Entrepreneurs
2. Mudra Yojana Scheme
One of the most popular schemes for a government loan for women for business in India, the Mudra Yojana scheme allows women to start different types of small or medium-sized companies including beauty parlours, tuition centres, tailoring shops, etc. The lower limit for the amount sanctioned under this government loan for women for business in India is Rs. 50,000, while the upper limit is Rs. 50 lakhs. If the borrowed amount is less than Rs. 10 lakhs, the borrower does not have to give a collateral. The three categories of Mudra Yojana loans for women are:
- Shishu: The upper limit for Shishu loans is Rs. 50,000 and they can be used for business establishment.
- Kishor: Starting at Rs. 50,000 and going up to Rs. 5 lakhs, these business loans for women are meant for well-established enterprises.
- Tarun: Tarun loans help with business expansion. They range between Rs. 5 lakhs and Rs. 10 lakhs.
3. Cent Kalyani Scheme
Under the Cent Kalyani Scheme, the Central Bank of India offers women entrepreneurs loans for running a business in sectors like retail and agriculture. These loans do not require any collateral or guarantor and can go up to Rs. 1 crore.
While these government loan schemes are excellent, women in business can also opt for NBFC loans. Tata Capital offers one of the most hassle-free MSME loans in India. To promote women empowerment, loans from Tata Capital guarantee quick approval and disbursement. Tata Capital SME business loans for women have a starting interest rate of 19% and a flexible and customized EMI schedule. We offer both online and offline application modes for all our business loans. You can find the relevant eligibility and documentation details on our website.
Additional Read:- Top 4 Investment Tips for Women to Start Their Financial Journey
Contact us today to know more about Tata Capital loans for women in business.