What Type of Loans Available for women in India

In the 21st century, women are no longer tied to the shacks of the four walls of their homes but instead stepping their feet in every nook and corner of society. It is an undeniable fact that they have started moving shoulder to shoulder with the men to make their presence in the community. To help them break all those stereotypes, the government of India is helping them by providing numerous opportunities to start their own business and enterprise under schemes such as Pradhan Mantri Mudra Yojana.

What are loans for women?

Loans for the women are the loans available to the women at a lower rate of interest with ease of payment. The modes of repayment of loans are flexible as compared to the other loans. Women can get a home loan, personal loan or a gold loan at a lower rate of interest. Also, under various schemes offered by the banks’ women can quickly get a loan with no security or collateral. The interest rate for a loan for women starts at 7.15%.

What are some of the popular business loan schemes for a loan for women?

The loans for women are easily accessible and offers the following attractive schemes:

 

  1. Stree Shakti Package: Under the Stree Shakti Package provided by State Bank of India, women can get a loan lower than the base rate of the bank. They can get up to 5% concession on loan, depending on the type of loan. The maximum loan amount women can avail under this scheme is Rs. 5 Lakhs, and they don’t need to provide any collateral or security for the loan. However, to avail the loan under the Stree Shakti Package, the women should have an ownership stake of more than 50% in a business enterprise.
  1. Orient Mahila Vikas Yojna: To avail the Orient Mahila Vikas Yojna a woman should have an ownership of 51% in the business. They can avail loan amounts ranging between Rs. 10 Lakhs to Rs. 25 Lakhs and need to repay within a tenure of 7 years. The loans under this scheme also don’t require any security of collateral.
  1. Synd Mahila Shakti Package: Syndicate bank provides loans to the existing and new women entrepreneurs at a lower rate of interest. They can avail the loan up to 10 years only if they have a stake of more than 50% in the business.
  1. Cent Kalyani Scheme: The women entrepreneurs who wish to avail the loan for women under Cent Kalyani Scheme needs to start or expand their business in the manufacturing or service sector. They can get a loan amount as high as Rs. 1 Crore with no requirement of security of collateral. Banks also don’t charge any kind of processing fees for availing the loan for women.

Home loan for women: The ambitious women who wish to have their own house with their earnings can get a home loan. Various banks and non- banking institutions provide a home loan to women at concessional rates. They can get 90% of the value of the property as a home loan at lower interest rates than the original rates. Presently, the home loan rate for women starts at 7.15% rate of interest.

 

Personal loan for women: Women who don’t have a regular source of income cannot avail a personal loan. To avail a personal loan for women, they should have a good credit score and a steady income. They can avail a personal loan to start an enterprise, or in case they fall short of the budget for getting married. The personal loan rates start at 10.50%.

Gold loan for women: If a woman has a gold ornament or jewellery, she can avail a gold loan on its own. She can avail a gold loan for a period of 4 years by submitting the KYC documents. The gold loan rates for women starts at 10.50% and can be availed by any housewife as it does not require any income proof.

Thus, different types of loans for women are available for women at a concessional rate of interest and attractive offers. Women can avail these loans to enjoy a sense of personal and professional freedom in their lives.

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