This is a user generated content for MyStory, a YourStory initiative to enable its community to contribute and have their voices heard. The views and writings here reflect that of the author and not of YourStory.
Small Scale Entrepreneurship: Empowering Woman of India
This is a user generated content for MyStory, a YourStory initiative to enable its community to contribute and have their voices heard. The views and writings here reflect that of the author and not of YourStory.
This post is written by Ms. Rachna Suneja, CEO of Afinoz.com
"It was a risk. I had a husband and I was pregnant with my oldest son. But I don't look at risk the way other people . When you are an entrepreneur, you have to go in feeling like you are going to be successful." Lillian Vernon, Founder Lillian Vernon Corporation.
Women showcases intelligence, great skill, innovation, hard work and commitment. If we can capitalize on these features effectively, our country can achieve a solid and unprecedented growth. Women literacy is therefore indispensable for driving the entrepreneurship and economy of the country.
India's Female Literacy Rate along with the Neighborhood Nations, 2015
Source: Research Gate
As per 2011 census, India's 65.46% of the female population is literate, which was 54.16% a decade earlier i.e. in 2001. Increasing literacy rate is considered a harbinger for economic & social development. Increase in female literacy is the major reason behind the spur in women entrepreneurship and self-employment. And in line with this several nationalized banks & non banking financial institutions have bring forth several schemes that offer specialized loans for women entrepreneurs or self-employed women.
Loan products by Bhartiya Mahila Bank
- Shringaar- Bhartiya Mahila Bank brings forth BMB Shringaar loan for self employed women or housewives for making a purchase of necessary equipments, establishing beauty parlors or meeting day-to-day expenses for running the business unit. There is no need to furnish any security, while applying for this loan.
- Parvarish- BMB Parvarish loan is extended for self employed women or housewives to establish a day-care centre. Interestingly, an applicant can avail upto to Rs. 1 Crore collateral free loan amount under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGSTSM) scheme.
- Annapurna- If you are looking for staring a business, go for this loan. This loan can be availed by persons aging between 18 to 60 years.
- Kitchen Modernization- This has been designed especially for housewives and working men for the renovation of the kitchen, and purchase of electronic goods, furniture and utensils to be used in the Kitchen.
Loan schemes by Punjab National Bank
PNB offers different loans for self employed women or housewives to cater to their distinct needs.
- Mahila Udyam Nidhi Scheme- Punjab National Bank trotted out this scheme in order to assist women entrepreneurs involved in small scale industries by extending them soft loans. Under this progressive scheme, an applicant can get loan for day care centres, beauty parlours, purchase of auto rickshaws, two-wheelers, and cars etc.
- Kalyani Card Scheme-This Mahila loan scheme provides credit for funding non farming and agricultural initiatives.
- Mahila Samridhi Yojana- This loan is granted for setting up internet cafe, tailoring business, telephone booth and beauty parlor.
Star Mahila Gold Loan Scheme
Want to purchase hallmarked Gold ornaments from reputed jewelers and Gold coins of Bank of India? Go for Star Mahila Gold Lon Scheme. The quantum of loan can be 10 times of take home salary of self / spouse, and in case of non-working women.
Vijaya Bank Swashakti Personal Loan
V Swashakti lending scheme is designed with the objective of providing financial assistance to women entrepreneurs to engage in small businesses, professional or self-employed and retail trade through credit facilities. Under this scheme, the applicant can get upto Rs. 5.00 lakh loan as the working capital and term loan.
There are many other lending schemes provided by various banks such as Cent Kalyani Scheme by Central Bank of India, Dena Shakti Scheme by Dena Bank,AB Vanitha Vahan scheme by Andhra Bank,and Orient Mahila Vikas Yojana Scheme by Oriental Bank of Commerce.