Finding a suitable business loan can be daunting, however oftentimes women face even greater adversity in funding than other kinds of entrepreneurs. Comprehending the various types of small scale business loans for women—and how to apply for them— this can make it easier to access the funds necessary to operate and grow a business. To avail a business loan in Delhi for a woman, following information helps to grow their small-scale business.
Small Business Loans for Women from Banks
Just as the government, there are various banks that have their own schemes for women entrepreneurs. Here is a following list of a few ‘startup business loan for womens’ provided by numerous banks –
1. Union Nari Shakti Scheme
This is a specialized scheme for women entrepreneurs initiated by the Union Bank of India and can be availed at all of their branches. Here are certain critical features of the scheme –
- The loan amount that can be easily availed is between Rs.2 Lakh to Rs.10 Crore
- A loan under this specialized scheme is spared from any processing fee till Rs.2 Crore
- For loans above Rs.2 Crore, there will be a usual 50% concession on the processing fee
2. PNB Mahila Udyami
For the purpose of encouraging and empowering women entrepreneurs to begin with their own business and be involved in income generating activities. Here are some features related to this scheme –
- Under this scheme, preference will be given to women who are SC/ST/BPL card holders
- Women who are trained in R-SETIs/Skill Development Institutions/any training institute will be preferred
- Loans can be availed up to a maximum of Rs.10 Lakh, in the form of either term loans or overdraft facility
- The loan money can be used for setting up a new unit, expanding, or modernizing an existing unit
- The loan amount may also be used for acquisition of fixed assets, like plants, machinery, equipments, furniture, or fixtures
3. Cent Kalyani
The Cent Kalyani Scheme for business-women is highly motivational scheme initiated by the Central Bank of India, whose details you can find below –
- Women entrepreneurs can take a loan under this scheme to start a new project or expand or modernize their existing unit
- There is no processing fee for loans under this scheme
- The loans can be availed for a maximum of Rs.100 Lakh
4. Canara Mahila Vikas
The Canara Mahila Vikas is for the small business loans for women such as the business loan in Delhi, especially rolled out by the Canara Bank. Some details about the scheme are listed below –
- The loan amount can be used for purchasing/constructing of business premises, machinery, equipment, or vehicle for business use
- The loan can also be used as working capital requirements for MSMEs including retail traders
- The amount can be availed as both working capital and term loan
- The loan amount that can be sanctioned under this scheme is from Rs.10 Lakh to Rs.5 Crore
- Candidates can avail a concession of up to 50% upon the upfront/processing fee
5. IOB SME Mahila Samridhi
The IOB SME Mahila Samriddhi scheme is purposefully for the Indian Overseas Bank for the empowerment of businesswomen. Some of the vital details about such a scheme is that if they are looking for ‘startup business loan for womens’ or the business loan in Delhi –
- The loan can be taken to set up a factory/business premises, which can either be a manufacturing or service enterprise qualifying under Micro or Small enterprises
- The loan money may also be utilized to upgrade the existing unit and purchase of equipment, machineries, computers, etc.
- The loan can be sanctioned either in the form of term loan for fixed assets or cash credit for working capital
- Manufacturing enterprises can get a loan of up to Rs.2 Crore
- Service enterprises can get a loan of up to Rs.1 Crore
- The processing charges will be Rs.200 per Lakh, which can go up to a maximum of Rs.20,000
6. IND MSME Sakhi
The Indian Bank launched their novel product, IND MSME Sakhi, that is one of the small business loans for women. With the aim of encouraging women entrepreneurs who own small businesses. The top features of such a scheme that aims to hearten women are as follows –
- Such a loan can be easily availed by individual women who are members of a Self Help Group
- The loan amount can be used to set up manufacturing, servicing, or trading units
- The loan amount under this scheme can be between Rs.0.10 Lakh to Rs.4 Lakh
- There will be no processing charges under this scheme