Loans for Women
Not only if you are a businessman can apply or get a loan, but in India, women are equally entitled to get business loan. There are not many women with the knowledge, to take advantage of loans offered by public sector banks. Indian business women are still a minority. The awareness among women about loan products to set up small enterprise is extremely low. However, things have definitely changed over last 25 years since the time the first business loan scheme was introduced exclusively for women. A few Indian Public Sector Banks( PSBs) play an important role. State Bank of India (SBI) Stree Shakti package scheme was introduced with the aim to get loans for women who are keen to start-up a business. Punjab National Bank (PNB) also runs a scheme Mahila Udyam Nidhi Scheme which is beneficial in a same concern.
The business loan through such schemes is possible only as in when women fulfill the following conditions:
A woman or the housewife must be aged 18 years or above, must have lived in a place for more than six months, she must not have been a member of any industrial cooperative society and not indebted to any cooperative or state agency. Saving fund account with the bank is a must. In which she has to deposit fortnightly an amount after her working and living expenses.
You are ready to start your business but the knowhow to take loan is still a question.Indian nationalized banks offer loan schemes through which women can start-up new scale of manufacture, preservation, and processing of goods.
Bank of India’s, Priyadarshini Yojana scheme, no collateral security is required for loans up to Rs 5 lakh and for small-scale industries (SSI) units and there is a relief of interest rates from 0.5% to 1 %. Similarly, Oriental Bank of Commerce’s Orient Mahila Vikas Yojana scheme, there is upto 2% concessions and no collateral security for loans upto Rs.10 lacs and in case of SSI no collateral security required up to Rs.25 lacs.
So, it is advisable that they should explore more before starting a new business assignment as there are many banks those not only provide special counseling for women entrepreneurs but also offer training how to market their products.
Women entrepreneurs face many difficulties to get ahead their life in business and are suffering from insufficient financial resources and working capital which leads to lack their external funds. However, knowledge of technical changes, new market trends, participation in decision making, and education can always be a plus point to run a business.
To conclude, government should bring in more and better facilities and schemes to motivate women to engage in small scale businesses.Right efforts from all areas can be a key factor for the development of women entrepreneur which leads to their active participation and knowledge in business activities.