In India, there are multiple loan schemes available for women to empower them financially from Pradhan Mantri MUDRA Yojana (PMMY), Udyogini Scheme, and more. Let's learn about these government loan schemes for women and find out how they'll benefit them and what the eligibility criteria are for the same.1. PMMY for WomenThe scheme is for small entrepreneurs in India, who are engaged in the non-farm sector in manufacturing, trading or service sectors, including activities allied to agriculture, such as poultry, dairy, beekeeping, etc. To avail of the PMMY loan for women, do remember that MUDRA engages no agents or intermediaries for availing of MUDRA Loans. So keep away from persons posing as agents or facilitators of MUDRA/PMMY.PMMY is classified into three sections: Shishu (Rs 50,000), Kishore (Rs 50,000 to upto Rs 5 lakhs) and Tarun (Rs 5 lakhs and upto Rs 10 lakhs). The upfront processing fee for Shishu loans is waived by most banks in India. For a loan application, you will need ID proof, address proof, passport size photograph, signature proof and ID/address proof of the business enterprise.2. Mahila Samridhi Yojana (Maharashtra)This government loan scheme is to support economically weaker women (Charmakar community) in society. The eligible applicant gets loans ranging from Rs 25,000 to Rs 50,000 at a low interest rate of 4% per annum. To qualify for this government scheme, you need to meet the following:Female applicantBelong to the Charmakar communityAge between 18 and 50 yearsPermanent resident of MaharashtraMust know the business for which the loan is being applied forFor the NSFDC Scheme, the annual income should be below Rs 98,000 (rural areas) and Rs 1.2 lakh (urban areas)3. Udyogini Scheme (by Government of Karnataka)To help women gain economic independence through self-employment, the Karnataka government introduced this scheme. Under this scheme, mainly the trade and service sector is focused, and the applicant gets a loan amount up to Rs 3 lakh. Plus, the applicant is eligible for a subsidy. For SC and ST, the loan is from Rs 1,00,000 to Rs 3,00,000 with a 50 per cent subsidy. For special and general categories, the maximum amount is Rs 3 lakh with a 30 per cent subsidy or Rs 90,000 with EDP training (for selected beneficiaries). The loan scheme eligibility includes the condition that the family income should be less than Rs 1.5 lakh for the general and special categories. There is no limit on family income for widowed or disabled women. Age of the women applicants under the Udyogini Scheme must be between 18 and 55 years, they should be a permanent resident of Karnataka and not have defaulted on any past loan with any financial institution.Besides the above, multiple government schemes for women in India help them gain financial independence.(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
Best govt loan schemes for women in India: PMMY, Mahila Samridhi Yojana, Udyogini Scheme
