Since the launch of Make in India campaign, PM Modi has been paying attention towards strengthening the start-up ecosystem in India. Within that, Modi’s prime focus is giving a boost to women entrepreneurship and hence, he has come up multiple initiatives. Hence, if you are planning to pursue the daring entrepreneurial journey, you can avail the required funding from the following schemes.
Woman Loan by NBFCs: Business loans by NBFCs such as Bajaj Finserv etc. has become very popular amongst women entrepreneurs. The prime reason behind the popularity of NBFC backed business funding schemes for women is the flexibility available with it. Apart from that, there are a couple of other factors which add to demand such as (1) higher borrowing limit, (2) affordable interest rate, and (3) wider repayment tenor. In addition, most NBFCs offering business loans for women provide online account management facility, making the whole process of availing the loan easier.
Woman Loan by Banks: Needless to say, most of the business funding schemes introduced by the government of India for women would be available only through public sector banks. But, apart from the government backed-up funding schemes, these banks also offer their own business funding schemes customized especially for women.
MUDRA Loans: MUDRA loan has become a buzzword and someone applying or planning to apply for a business loan is likely to be aware of it. Hence, coming straight to the point, you can approach your nearest bank or NBFC registered with MUDRA to avail a loan under this initiative.
Stand-Up India: Lastly, women entrepreneurs and people belonging to the SC/ST category can apply for a business loan under the Stand-Up India initiative given they qualify the eligibility conditions.
Bottom line: Before applying for any of the given credit facilities, do check their eligibility criterions.
Also Read: Popular Funding Schemes for Business Women