Low interest rate loans for women in India are special schemes that Indian banks offer. Under these schemes, the banks are offering loans up to INR 5 crores at lower interest rates. In this blog, I will explain briefly about different loan schemes for women, that these banks offer.
The list of 7 women special schemes that offer low-interest rate loans
- Punjab National Bank women loans schemes
- SBI Stree Shakti Package
- Bank Of Baroda-Vaibhav Lakshmi loans
- Vijaya bank V Swashakti scheme
- V Manglam Scheme
- Syndicate bank Synd Mahila Shakthi scheme
- The low-interest rate loans scheme Mudra Bank
Punjab National Bank women loans schemes
In order to provide a loan to women and let them stand on their own, Punjab National Bank is offering wide varieties of loan schemes for women, which are listed below.
- PNB Mahila Udyam Nidhi Scheme
- The PNB Mahila Samridhi Yojana
- PNB Kalyani Card Scheme
- The PNB Mahila Sashaktikaran Abhiyan
To get the loan which starts from Rs 5,000/- to Rs 25,000/- from PNB, they just have to deposit Identity proof and affidavit to the PNB bank.
SBI Stree Shakti Package
Being one of the largest Government sector banks in India, State Bank of India (SBI) is offering loan for women entrepreneurship titled as “Stree Shakti Package”. The main reason to provide a loan at a lower interest rate at SBI is to promote women entrepreneurship and any women who are applying for the loan through this scheme would be getting a discount of 5 percent. If a woman who is applying for the loan through this scheme which is more than 2 lakh, in that case, she would be getting the loan at an interest rate which is 0.5 percent lower than the current interest rate of the loan. Apart from the discount in interest rate if she is applying loan which is up to 5 lakh, in that case, she is not supposed to submit any security against that loan.
Bank Of Baroda-Vaibhav Lakshmi low-interest rate loans
Bank of Baroda has specially designed the loan for women by the name of “Vaibhav Lakshmi Loan”. The basic reason to launch this scheme is to promote women entrepreneurship and under the scheme, if any women want the loan, she just have to submit the project report and provide only one guarantor. Once this formality is done the loan is approved. However, if the loan obtained to start the business & instead has purchased household goods the loan should be treated as the personal loan and the rate of interest will be 14.5%.
Vijaya bank V Swashakti low interest rate loans scheme
Vijaya Bank has designed loan scheme for women by the name of V Swashakti. In order to obtain the loan from this scheme the women need to have an account in Vijaya bank and her age must be 18 Years or above and this loan amount can be used for setting up the business like tailoring, handicrafts, Medical Shop, canteen, clinics, beauty parlor etc. This loan can be used by a woman who is running the business in proprietary/partnership firms.
V Manglam Scheme
Under this loan scheme, the bank offers loan for the purchase of the home, two wheeler, car and jewelry. In this scheme, the maximum loan amount would be three lakh rupees and the interest rate offered in this loan is less than 1 percent of the common loan interest rate. Another best part of this loan scheme is that along with this loan the scheme offers insurance to the loan taker. Suppose, something wrong happens with the loan taker then the insurance will repay the loan amount.
Syndicate bank Synd Mahila Shakthi scheme
This loan scheme is for the existing and new women entrepreneur as well as for existing or new establishment. The name of the scheme is SyndMahilaShakthi. You can use the loan amount to upgrade the existing establishment. However, loan up to INR 10 lac will attract an interest rate of 10.25% and the maximum limit of the loan is 5 crore. In this, the bank also provides credit cards to the applicant.
The low-interest rate loans scheme Mudra Bank
This loan is available from all the banks. This loan from Mudra Bank is especially for organized sector players. In this loan scheme, you can take the loan from Rs 50,000/- to Rs 10,00,000/-. The best part of this loan is that it does not require any qualifications and guarantor.