In India, various women’s empowerment loans have been introduced to support women entrepreneurs and promote financial independence. As a result, these loans help boost the economic participation of women. The government, banks, and financial institutions offer these loans under different schemes. Therefore, here are the main types:
1. Government-Backed Loans for Women
Firstly, the government provides several schemes that help women entrepreneurs get the support they need to grow their businesses.
● Stand-Up India Scheme: Women can access loans from ₹10 lakh to ₹1 crore for Greenfield projects.
● Mudra Yojana (PMMY): Offers microloans up to ₹10 lakh for small businesses. Women benefit under Shishu, Kishor, and Tarun categories.
● Mahila Udyam Nidhi Scheme: SIDBI offers financial aid up to ₹10 lakh for small businesses.
● Annapurna Scheme: Specifically, women starting food-related businesses can avail of loans up to ₹50,000 without collateral.
2. Bank and NBFC Schemes
Banks and NBFCs also offer targeted loans to empower women-led businesses.
● Dena Shakti Scheme: Women can access loans up to ₹20 lakh for sectors like agriculture, manufacturing, or retail.
● Orient Mahila Vikas Yojana: For example, women with 51% ownership in a business can access loans up to ₹25 lakh at reduced interest rates.
● Cent Kalyani Scheme: The Central Bank of India provides loans up to ₹1 crore for women-led businesses.
3. Rural Development and Self-Help Loans
Furthermore, these schemes specifically aim to improve the economic status of rural women.
● Self-Help Group (SHG) Loans: Microfinance programs help rural women form self-help groups to support mutual entrepreneurship.
● NRLM Loans (National Rural Livelihoods Mission): Encourages rural women’s entrepreneurship by offering subsidised credit through self-help groups.
4. Special Loans for Education and Skill Development
Loans are also available to support women in education and skills.
● Vidya Lakshmi Scheme: This scheme provides educational loans to women pursuing higher education or vocational training.
● Skill India Schemes: Additionally, financial assistance is provided for skill development programs that enhance women’s employability.
5. Start-up and Innovation Loans
Furthermore, women with innovative ideas can get loans for their startups and business ideas.
● TREAD Scheme: Offers training and loans to women with innovative business ideas, especially in rural areas.
6. Housing and Personal Loans for Women
Additionally, many banks provide women with discounted rates on home and personal loans, enhancing their financial independence.
● Many banks provide women with discounted home and personal loan rates to encourage financial independence.
These loan options play a key role in women’s empowerment, helping them establish businesses, become financially independent, and contribute meaningfully to the economy. The government’s support for women entrepreneurs through these schemes accelerates their financial empowerment and creates a more inclusive, balanced economy.