Hero FinCorp encourage female entrepreneurs by offering them small Business Loans. Those female entrepreneurs who are operating a business successfully but need finance to launch a new product or expand their presence can get a Loan for women.
The Indian economy is undergoing a major transformation due to a more favourable environment for entrepreneurship. Many individuals don’t hesitate to ditch their jobs and take up entrepreneurial roles. An increasing number of women are also becoming entrepreneurs, flourishing the country’s SME sector and bringing a positive change in society. Regarding finance for their initiatives, the government and financial institutions offer Business Loans for women that let them show their business acumen and creative abilities.
Those female entrepreneurs who are operating a business successfully but need finance to launch a new product or expand their presence can get a Loan for women.
Business Loans Under Various Government Schemes
Here’s a look at various government schemes meant to provide financial support to female entrepreneurs in India:
- Cent Kalyani Scheme: The scheme is meant for businesswomen who want to start or expand their business in the services and manufacturing sectors. These loans are offered in the form of cash credit, letter of guarantee, letter of credit, or overdraft and do not require any collateral or guarantor. These loans up to Rs 1 Crore require no processing charges and offer optional comprehensive insurance for stocks, machinery equipment, etc.
- Mahila Udyam Nidhi Scheme: The Small Industries Development Bank of India (SIDBI) and Punjab National Bank offer loans under the scheme for the purchase and setup of beauty parlours, auto rickshaws, daycare centres, etc. The interest rate is based on the market rate. The scheme offers Business Loans of up to 10 Lakh for 3-5 years with a moratorium period of 3-6 months.
- Udyogini Scheme: Under this scheme, a female business owner can use a loan to establish a business enterprise, agricultural setup, or small-scale industry. Retail traders and self-employed entrepreneurs can also apply for a loan under the scheme. Selected beneficiaries receive EDP (Entrepreneurship Development Program) training.
- Mahila Udyam Nidhi Scheme: The scheme provides financial support of up to Rs 5 Lakh under the Small Industries Development Bank of India.
