Entrepreneurship ventures are definitely not a new concept in India, however, in an age where a range of benefits are offered to start-ups, women entrepreneurs are still a distinct minority. In order to spur further growth of entrepreneurial initiative among women, leading financial institutions in India, including nationalized, private and public sector banks, have introduced various loan schemes that cater to this emerging segment.
To make such loans attractive for women, key features of these loans include lower interest rates, low to zero processing fees, no collateral or third-party guarantee necessary in most cases and loan repayment tenure of up to 10 years.
Let’s take a look at the 5 of the most popular business loan schemes for women entrepreneurs.
Cent Kalyani from Central Bank of India – Interest rate: 7.80% onwards
Central Bank of India offers this scheme for women entrepreneurs who are looking to open a new business or want to expand or alter the current one. Females who are into rural and cottage industries, MSMEs, entrepreneurs, and women working in farming, retailing and government-backed firms can avail this loan. The purpose of the loan is to meet day-to-day requirements, such as purchase of plant & machinery/equipment, etc. and working capital expenditure. There are no processing charges applicable on the loan amount. The upper limit of the loan amount that you can avail under this scheme is Rs. 100 Lakh with no collateral required.
Stree Shakti Package from State Bank of India
Stree Shakti Package, State Bank of India’s business loan for women-owned businesses features a no security required option for loans of up to Rs 5 lakh. Additionally, the loan is offered at an interest rate lower than the bank’s base rate and is only available to women who own a stake of 51% or above in the business.
Shringaar and Annapurna from Bhartiya Mahila Bank
Bhartiya Mahila Bank offers women entrepreneurs a wide range loans to help them set up new or expand their existing businesses. Two of the more popular options in this category include Shringaar and Annapurna. The Shringaar loan targets women interested in setting up beauty parlours and the Annapurna loan scheme provides financial support to women interested in establishing a food catering business for selling lunch packs.
a.) BMB Shringaar – Loan for Beauty Parlour, Saloon or Spa
Features:
- Age of applicant min 20 years and max 60 years
- Repayment tenure is maximum 7 years
- Collateral free loan to be covered under CGTMSE scheme
- Tie up with Naturals, Cavinkare and Lakme
b.) BMB Annapurna Loan – Food Catering
Features:
- Age of applicant min 18 years and max 60 years
- Collateral Free to be covered under CGTMSE
- Repayment tenure up to 3 years
Synd Mahila Shakthi from Syndicate Bank
Syndicate Bank’s Synd Mahila Shakthi targets both new and current women entrepreneurs. The scheme is available as either a cash credit to meet the working capital requirements of new and existing business units or as a term loan scheme of up to 10 years. A business seeking such a loan needs to have one or more women owning at least 50% of the financial holding.
Shakti Scheme from Dena Bank
The Shakti Scheme from Dena Bank supports women entrepreneurs active in a wide range of sectors including agriculture & allied activities, retail trade, micro credit, education, housing as well as enterprises in the direct/indirect finance, manufacturing and services sectors. The maximum ceiling on the loans being offered differs on the basis of the sector in which the enterprise operates. Loan is offered with no processing fee and rebate of 0.5% on loans up to Rs. 5 lakh.
The following table compares the above schemes based on some key criteria:
Comparison of 5 Leading Loans Available to Women Entrepreneurs
| Comparison Criteria | Cent Kalyani (CBI) | Stree Shakti (SBI and Associates) | Shringaar / Annapurna (Bhartiya Mahila Bank) | Synd Mahila Shakthi (Syndicate Bank) | Shakti Scheme (Dena Bank) |
| Eligibility | Women over 18 years of age with no income ceiling for assistance | Women need to own 51% or more of in the enterprise | Applicant age between 20 to 60 years for Shringaar, 18 to 60 years for Annapurna | Women entrepreneur with adequate knowledge /experience of business activity | Women entrepreneur with >50% ownership of business enterprise |
| Max. Loan Amount | Up to Rs. 100 lakh | Up to Rs. 50 lakh | Up to Rs 10 Lakh for Shringaar/Up to Rs. 50,000 for Annapurna | Up to Rs. 5 Crore | Up to Rs. 20 Lakh for retail trade, education and housing. Rs. 50,000 under micro credit schemes |
| Loan Term | 1 year to 7 years | Varies based on loan amount and other factors | 7 years (Shringaar)/3 years (Annapurna) | Maximum of 10 years including moratorium period | Varies based on loan amount and other factors |
| Interest Rates | 7.80% onwards | 0.50% below Base rate if loan amount exceeds Rs. 2 Lakh, otherwise as per base rate of bank | As per bank’s criteria | 0.25% below base rate for loans over Rs 10 Lakh, lesser amounts at base rate | 0.25% below base rates for women applicants who are majority stake holders in the company |
| Processing Fee | Nil | Varies based on loan amount and other factors | Varies based on factors such as loan amount | Nil | Nil |
| Additional Features | No collateral/third party guarantee required Hypothecation of all stocks and assets created from bank’s fund is required as security | No security required for loans of up to Rs. 5 lakhs in the tiny sector No interest concession for advances provided to retail traders | Shringaar features tie up with Naturals, Cavinkare and Lakme Ltd. Both Shringaar and Annapurna is collateral free and covered under CGTMSE | Free credit card No Third party guarantee for loans under purview of CGMSE | Micro credit and retail stores are also eligible along with enterprises operating in the agriculture and allied sector |
Note: The mentioned interest rates, fees, and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges.
*The Table is indicative and various loan features are liable to change based on bank’s business requirements. For additional and updated information regarding these as well as other loan schemes, log on to Paisabazaar.com.
Additional Business Loan Schemes for Women
KBL Mahila Udyog Loan
KBL Mahila Udyog loan is offered to meet funding requirements for any source of income generation activity. This loan is offered exclusively to women and the maximum loan amount offered is Rs. 10 lakh, wherein the maximum repayment tenure is up to 120 months. Mahila Udyog Loan is offered to women entrepreneurs where minimum 51% of shareholding and controlling stake is held by them in a firm or company.
Mahila Udyam Nidhi Scheme is offered to women entrepreneurs with the aim of providing financial assistance to setup new projects in small scale sector and improving SSI units. This scheme also helps in the expansion, upgradation, technology advancement and diversification of tiny and SSI units.
Also Read:
Mahila Samridhi Yojana
SIDBI – Schemes, Functions, Objectives & Steps to Apply for Loan
Stand Up India Scheme – Interest Rate, Eligibility & Steps to Register
PMRY – Scheme Eligibility, Documents, Implementation
NABARD Schemes – Interest Rate, Subsidy, Loan & Funds Under Nabard
KVIC – Objective, Functions & Scheme Detail
Small Business Loans – Eligibility, Interest Rates and Top Providers
Most Successful Small Business Ideas in India
Top Small Business Ideas for Men
Startup Business Loans – Eligibility, Types & How to Approach Banks
74 Comments. Leave new
I am in a government service, I want to start business i.e. a small scale fruit nursery so that i can provide seedlings of fruit crops to farmers at lowest rate. Am I eligible for any loan while doing my current job
For this you need to ask from your respective Government Institution whether you can do business while in service. If they allow then you can approach any financial institution like private and public sector banks, NBFCs, Micro Finance Companies, NGOs and even co-operative societies and apply for a business loan.
it is really helpfull for the women who wants to do sumthing of their own
Thanks for the feedback.
Iam a female, I want loan for my fruit and vegetable online business
Hello Pooja,
To avail loan for your fruits and vegetable business, you can apply for Mudra loan under Pradhan Mantri Mudra Yojana (PMMY) offered by selected banks. There is no minimum loan amount limit and maximum loan amount is offered up to Rs. 10 lakh. The repayment period is up to 5 years and there is no need to submit any collateral or security to avail business loan under Mudra scheme.
Thanks.
as am from chennai… am doing a saree business at my home in a small level, am i eligible to get loan pls reply
Yes, you are eligible for business loan and for that you can check MUDRA loan scheme initiated by Government of India and Start-up India Scheme.
I am NRI women Entrepreneur , looking for loan for Restaurant business set up in Hyderabad , India.
is it possible?
To start a business in Hyderabad you need to have FSSAI license and license from state government. Moreover enough finances are also required with an NOC from Chief Fire Officer.
I am a part-time teacher who has started my tourism business. Can I get loan for working capital?
Yes, sure you can get loan to start your own tourism business. For that you just need to contact any non-banking financial firm and ask for it. You can also approach MUDRA loan scheme started by Government of India to get loan starting from Rs. 50,000.
Hi, Thanks for the information.
I am self-established Physiotherapist in Ghaziabad, would like to expand my centre, add new machinery/equipment. What you suggest Doctor loan will be more helpful or Women Entrepreneur Loans?
Please advise. Thanks
Hi Ankita,
As you mentioned that you already manage a setup reagrding Physiotherapy in Ghaziabad and want to expand it. So, if it is exclusively for buying machinery or equipment then you must opt for Doctor Loan. As Doctor Loan is altogether a sepearte business loan category offered by leading financial institutions like SBI, HDFC, Bajaj Finserv, ICICI bank, Tata Capital, etc. Even the interest rate offered under this loan category is lower, as compared to other types of business loans. The maximum loan amount can be borrowed up to Rs. 5 crore.
Hope this solves your concern.
I want to start a preschool of my own (upto UKG). Have seen a preschool which has come for sale and I want to take that and run that school .
How much can i get as loan and what all documents is needed.
Also how much time does it take to get a loan and Interest rate
Hi Ms. Yamini,
Getting a business loan to run a school is not a tough task. If you have already decided on the school then you just need to approach a private or public sector bank (renowned) to get a MSME or business loan. Banks like SBI, HDFC, ICICI, Axis Bank, Bank of Baroda, Punjab National Bank, Canara bank, etc. can offers you loan to start a pre-school. The loan amount can range anywhere between Rs. 1 lakh to Rs. 50 lakh depending upon the requirements. The interest rate offered shall be from 14.99% per annum onwards. You can also approach NBFCs if your are new to credit or does not have financial history. Loan approval is generally between 3-7 working days and documents required are defined by respective bank.
Hope this solves your concern. Best of luck for your venture.
I owe a business. Iam a unmarried. Do i always require a male co applicant to avail loan. I want to get loan of my own do their any option available?
Hi Ms. Anjali,
No, now you do not require a male co-applicant to avail a loan for your existing business or starting a new business. If you have good credit score with decent repayment history of any previous or existing loan, then you can apply for loans with leading banking institutions like HDFC bank and ICICI bank. You can also check for leading NBFCs like Bajaj Finserv, Aditya Birla, Tata Capital, etc. for loan options.
Thanks.
I am a housewife,no any income sourse. I want to start business of screw. Am i eligible for loan? Plz. Reply.
Hi Ms. Gayatri,
Getting a business loan from a private bank or NBFC will be a difficult task, as you do not have financial history. You can opt for Mudra loan offered under Pradhan Mantri Mudra Yojana (PMMY) as in this loan scheme you can avail loan being a co-applicant or under your own name. Visit the official website of MUDRA to get all related information.
Thanks !!
Am a Reseller of Electronic goods for Mobile Devices in Amazon & Flipkart for past 3months. Am i eligible for getting loan in any schemes? Please Reply….
Hello Shalini,
Yes, you can apply for a business loan or MSME loan if you want to start a new business or if you want to expand your existing business. You can apply for various Government initiated government schemes like MUDRA loan, Startup India, psbloansin59minutes.com, Standup India, etc. If you have a credit score and maintain good credit history then you can apply for business loan with private or public sector banks, if not then can opt for NBFCs, Regional Rural Banks, MFIs and Small Finance Banks. The interest rate shall vary from bank to bank and will depend on your financial history and creditworthiness.
Thanks.
I am Pharmacy post graduate. I want to setup my medical store. Can I get loan to start my business?
Hi Ms. Sneha,
If you have financial history, use any credit card or maintain a CIBIL/credit score then you can surely get a business loan from most of the private banks in India. Otherwise, if you are new to credit and do have either of these, then you can reach out for Non-Banking Financial Company (NBFC) to avail business loan though at higher interest rate as compared to a private bank. If your business loan requirement is less than Rs. 10 lakh then you can also opt for business loan offered by Government loan scheme named as MUDRA loan under Pradhan Mantri Mudra Yojana (PMMY).
Hope this solves your concern.
Hi ,this is renuka I startup the business bakery, how I can get loan.
Hi Renuka,
To avail business loan for your baker business you can contact leading private and public sector banks, NBFCs, Small Finance Banks, MFIs and get loan as per your requirement. The interest rate shall depend on the loan amount and the repayment tenure. Write a business plan to present it to the lender. Maintain good credit score and have no financial debts to get business loan at lower interest rates.
Thanks.
I am dance teacher want to open my own institutions, how can i get loan and what type of loan i can get
Hello Sneha,
To get loan for your dance institution, you can simply visit popular banks and NBFCs like SBI, HDFC, Axis Bank, Bajaj Finserv, Tata Capital, Lendingkart etc. You can also apply for startup loans with Startup India and with Small Finance Banks and Micro Finance Institutions. The interest rate of all financial institutions shall vary and shall depend on applicant’s creditworthiness, repayment history and loan amount.
Thanks.
I am running readymade garments from 3 years I have 2 years IT but I need to develop my shop I want 1 big amount of loan under which I can try guide me
Hello Ms. Rekha,
To expand your already exiting garment business, you can simply visit leading banks and NBFCs like SBI, HDFC, Axis Bank, Bajaj Finserv, Tata Capital, Lendingkart etc. You can also apply for working capital loans with Startup India and with Small Finance Banks and Micro Finance Institutions. The interest rate of all financial institutions shall vary and shall depend on applicant’s creditworthiness, repayment history and loan amount.
Thanks.
Hi, I am having Small software company at Hyderabad with 20+ employees, We registered as a PVT ltd, in 2019, as we have MSME certification, and ISO certification too, as I am working in Private organization in a reputed software organization, meanwhile I am operating the software company from July 2019 and have Current account we have been issuing salaries and paying GST, as I am looking for small scale loan under women empowerment scheme
Hi Ms. Ramya,
Thanks for the information shared and Yes you can apply for business loans exclusively under Women entrepreneurship by reaching out to banks and NBFCs providing loans for women as mentioned under:
MUDRA loan scheme under PMMY
Cent Kalyani from Cetral bank of India – 7.80% interest rate per annum
Stree Shakti Package from SBI
Shringar and Annapurna from Bahritya Mahila Bank
Mahila Udyam Nidhi Scheme under SIDBI
Udyogini Scheme from Bajaj Finserv
The interest rate shall vary from bank to bank and shall depend on your financials and loan amount.
Hope these financial institution shall help you in getting Small Scale Loan under Women Empowerment Scheme.
I want to start a catering take away fast food. I am house wife and also differently abled. . Shall I get loan and explain
Hi Preethi,
Its good that you want to start a catering business, it does not matter if you are differently abled. You can easily apply for any loan you want. To start a catering business, you can approach any private or public sector bank for a business loan or MSME loan. Banks like SBI, HDFC, ICICI, Axis Bank, Bank of Baroda, Punjab National Bank, Canara bank, etc. can offers you loan to start catering business. The loan amount can range anywhere between Rs. 50,000 lakh to Rs. 10 lakh under Mudra loan category. The interest rate offered shall vary from bank to bank. You can also approach NBFCs if your are new to credit or does not have financial history.
Thanks and best of luck for your venture !!
I am a housewife and good experience in catering. I am differently abled person. Can I get the loan and explain
Hi Preethi,
Its good that you want to start a catering business, it does not matter if you are differently abled. You can easily apply for any loan you want. To start a catering business, you can approach any private or public sector bank for a business loan or MSME loan. Banks like SBI, HDFC, ICICI, Axis Bank, Bank of Baroda, Punjab National Bank, Canara bank, etc. can offers you loan to start catering business. The loan amount can range anywhere between Rs. 50,000 lakh to Rs. 10 lakh under Mudra loan category. The interest rate offered shall vary from bank to bank. You can also approach NBFCs if your are new to credit or does not have financial history.
Thanks and best of luck for your venture !!
Hi,
I am Anshu an MBA graduate. I want to start new business of hand wash and sanatier. For this I have requirement of ₹5 lakh.
Kindly let me know, were I can loan as earliest possible.
Hi Anshu,
To meet the working capital or business loan requirement of starting a sanitizer or hand wash production unit, you can apply for MUDRA loan under ‘Kishor’ loan scheme offered by several banks under Pradhan Mantri Mudra Yojana (PMMY). For the loan amount of up to Rs. 5 lakh, you can avail latest MSME loans introduced by Government of India under Atm Nirbhar Abhiyan or Self-reliant India Scheme 2020. Rest, you can also contact private and public sector banks or NBFCs to get business loans at attractive interest rate.
Thanks and Best of Luck for your venture.
i am already doing food product business , having vending machine producing Groundnut/Coconut/Gingely Oils and doing turnover around 10 Lacs per annum. pl. advise , which loan i should go for expansion with subsidy-women enterprenuer scheme ( required 5-10 Lacs loan). pl. advise
Hi Ms. Sheela,
As you are already running a business, it shall be easy for you to get business loan at attractive interest rates. To avail special loans specifically designed for women, you can simply reach out for banks like Central Bank of India, Bhartiya Mahila Bank, Bank of Baroda, PNB, etc. They shall offer you discounted interest rate with flexible repayment options. The required loan amount of Rs. 10 lakh can be offered by any of these banks. just you have to present all the required documents, including business plan, credit report, financials, ITR, Sales tax returns, income proof, KYC documents and others as other as defined by the chosen bank.
Thanks.
I am Ashu. Age 25, female
I work in a Private Export house,
But want to start my own food catering business. Please suggest me the best loan way I can take it.
Thank you
Hello Ms. Ashu,
Its good to start a food catering business as it has scope and margins. To avail a business loan to start a new business you can approach PMMY for MUDRA loan, Startup India, Standup India and also you can directly reach for private and public sector banks like SBI, HDFC, ICICI, Axis bank, Bank of Baroda, PNB, etc. If the loan amount is less than Rs. 10 lakh then MUDRA loan is best or else you can also get loan from NBFCs, Regional rural banks, Small Finance Banks and Micro Finance Institutions. The business loan interest rate will depend on the loan amount and shall vary from bank to bank.
Thanks.
basically i am a teacher working in a private institute and want to start my own business of spices. is it possible for me to avail the loan??
Hello Pratibha,
Yes, you can avail business loan under MUDRA scheme under Pradhan Mantri Mudra Yojana (PMMY), if your loan requirements is not more than Rs. 10 lakh. You just need to visit the respective bank that offers MUDRA loan and submit the documents asked the bank’s representative. If your loan application is approved by the bank, the loan amount will be disbursed in 7-10 working days into your bank account. You can also visit paisabazaar.com or official website of private and public sector banks to get information on business loan.
Thanks.
Hlo i am a ca final student working in private sector wants to start my own manufacturing unit of kettle feed in Rajasthan . I need a loan Revocable of Rs10lakhs . How it is possible. Please tell me .
Hello Kanchan,
As you are studying and want a startup loan for your business, you can take MUDRA loan under PMMY initiated by Government of India. The maximum loan amount offered under MUDRA loan is Rs. 10 lakh. You can reach out for banks offering MUDRA loan and can start the loan processing by visiting the nearest bank branch. The interest rate shall vary and will depend upon your loan amount and repayment tenure. Secondly, you can opt for Startup India scheme that offers loans for startups at attractive interest rates.
Thanks.
It is really helpful for the women who wants to do something their own
Hello
I’m planning to buy a running salon, currently I’m an employee of a reputed Salon and spa.how much loan I can avail and what’s the tenure normally banks offer? What are the best schemes available
Hello Jhansi,
To buy a running salon, either you can take business loan for buying the Franchise or can avail Mudra loan under PMMY, if the loan requirement is not more than Rs. 10 lakh. If you maintain good credit/CIBIL score and have strong financial history and repayment capability with creditworthiness, then you can apply for business loan from private banks or NBFCs. The maximum loan amount offered can exceed up to Rs. 40 lakh and shall depends on the business requirements. If you are new to credit then you can reach out for Regional Rural Banks (RRBs), Micro Finance Institutions (MFIs) and Small Finance Banks (SFBs).
Thanks.
Hi
I’m planning to start up new business areca plate manufacturing….basically I’m housewife, I don’t have any other income sources…I need 8 to 9 lac to start this business…I’m having savings account in Canara bank…
Heard about mudra yojana
Do I get loan for this business under mudra…?
Should I try for loan only in Canara bank or I get anywhere like public or private sector…as my bank statement >6 months <1 year…
Hello Harshitha,
Yes, MUDRA loan is the best available option, if you are new to credit or have less financial history. The maximum loan amount offered under Mudra loan is Rs. 10 lakh and there are several leading banks offering Mudra loan like Canara bank, HDFC bank, SBI, Bank of Baroda, Axis Bank, ICICI bank, Kotak Mahindra, Corporation Bank, Bank of India, etc. If there is any difficulty in getting business loan from private sector bank, then you can also reach out for NBFCs, Regional Rural Banks, Micro Finance Institutions and Small Finance Banks. The interest rate shall vary from bank to bank.
Thanks.
HI,
I am an unemployed women looking to start a new business in to food catering. i have no income. can i get loan to start the business and also want to know is the credit score required for these loans. please advise! Thank you!
Hello Arthi,
Yes, you can avail MUDRA loan scheme under Pradhan Mantri Mudra Yojana (PMMY) up to loan amount Rs. 10 lakh to start a new business. Women entrepreneurs are given preference if taking loans under Government Schemes. The interest rate shall vary and will depend on the loan amount and repayment tenure. Credit score do play an important role in availing business loan from private banks and NBFCs.
Thanks.
Sonal
Hlo, I am a student. I want to open a family garment shop. But i don’t know how to take loan and process. So, please help me.
Hello Sonal,
To avail a business loan, in case of student; you need to have a credit score or financial history if you want loan from private or public sector bank or NBFC. However, there are few Government funding schemes like MUDRA, Standup India and Startup India by which you can apply for business loan. If you pass their eligibility test, then you may get the loan to start your own garment shop.
Thanks.
Hi my wife is working in a private concern and she is interested to start a own business can you suggest which loan is applicable for beauty parlour and Textile shop and will they consider CIBIL score.
Hello Syed,
Any type of business loan or working capital loan will be fine to start your own business of parlour or textile shop. There are some Government initiated schemes that you can check like MUDRA under PMMY, Standup India, Start-up India, psbloansin59minutes.com, CGTMSE, PMEGP, etc. If you approach private or public sector banks or NBFCs for business loan, then they shall ask for CIBIL score. Applicants with good CIBIL score and good repayment history have more chances of loan approval.
Thanks.
First off I would like to say superb blog!
I had a quick question in which I’d like to ask if you do not mind.
I was curious to find out how you center yourself and clear your mind before writing.
I’ve had a tough time clearing my mind in getting my ideas out there.
I do take pleasure in writing but it just seems like
the first 10 to 15 minutes are wasted simply just trying to figure out how to begin.
Any recommendations or hints? Many thanks!
Hi,
I am working in a reputed private company in Bangalore. I wanted to start poultry business in our village. Which are the best schemes I can avail business loan for my startup.
Hello Varalakshmi,
As you want to start a poultry business in your village, you can opt for various Government funded schemes, such as MUDRA loan scheme under PMMY, Standup India, Startup India, etc. Either you can take business loan from private or public sector banks, NBFCs, Regional Rural Banks, Small Finance Banks, Micro Finance Institutions, etc. To get more understanding regarding Poultry Farm business you can click here.
Thanks.
Hi, I am working in a private organisation and I am planning to start my own online retail for gourmet products. I will need a load between 5 lakhs to 10. Can you let me know which loan will best suit me? Assuming there is no asset to my name. Thank you!
Hello Nandini,
If you want business loan up to Rs. 10 lakh to start your online gourmet business, then the best option for you is to apply for MUDRA loan under PMMY, Startup India, psbloansin59minutes.com or working capital loan from any private or public sector bank or NBFC. If you maintain a good credit score and have good repayment capability with creditworthiness then getting a business loan shall not be a problem. Anyways, most of the business loans are unsecured and does not require any asset, security or collateral.
Thanks
Hi ,,,
I am already running a Studio of Yoga and Fitness Consultancy in Gurgaon from January 2020 , on 50% Partnership , now I need some working capital for the studio , for digital marketing and for purchase some more accessories and equipments , what you say which loan do I prefer.
Hello Ankita,
Working capital loans are availed to meet the daily working capital requirements, whether it is for digital marketing or equipment purchase. If you main a good CIBIL score (above 700) and have strong financial history then you can approach any of the leading banks to avail working capital loan. Do compare from all the existing deals available. If you are new to credit then NBFCs could be your preference. You can also apply for MUDRA loan under (Pradhan Mantri Mudra Yojana) PMMY, if your loan requirement is not more than Rs. 10 lakh. The interest rate shall also be lower as compared to banks and NBFCs. Other schemes and financial institutions to look out for include Startup India, Standup India, CGTMSE, Regional Rural Banks, Small Finance Banks and Micro Finance Institutions.
Thanks.
I am interested to start a own business can you suggest which loan is applicable for beauty parlour and Textile shop.
Hello Sukanti,
To start a beauty parlour or textile shop, it depends on the loan amount that you require. If the loan amount is less than Rs. 10 lakh then you can opt for Mudra loan scheme or else can choose from banks like SBI, HDFC bank, ICICI bank, Axis Bank, etc. If you do not have credit score then you can apply from NBFCs, Small Finance Banks, Regional Rural Bank, Micro Finance Institutions, etc.
Thanks.
I want to start Ice Cream Parlour and required loan for it.
Hello Javnika,
To start an Ice Cream Parlour you can apply for business loan under Mudra Yojana started under Pradhan Mantri Mudra Yojana (PMMY). The interest rates are lower as compared to banks and NBFCs. The maximum loan amount offered is Rs. 10 lakh that can be paid within 5 years with no collateral or security to be submitted. Other schemes that can be opted are Startup India, Standup India, CGTMSE, psbloansin59minutes.com, etc.
Thanks.
I wanted to start my own manpower firm. Am a homemaker based in Chennai. Will I be eligible.
Hello Siah,
The eligibility shall depend on the financial institution that you apply for business loan. If you do not have any credit card or loan under your name then you can opt for Mudra loan scheme under Pradhan mantri Mudra Yojana. The maximum loan amount that can be availed is Rs. 10 lakh. You can also check out for Startup India scheme and Standup India scheme launched by Government of India.
Thanks.
hii I want to open a cloth showroom can I get the loan of amount 5 to10 lakh
Hello Sachin,
To avail business loan for amount Rs. 5 lakh to Rs. 10 lakh, you can apply for Kishor loan scheme from Mudra Yojan under Pradhan Mantri Mudra Yojana. You need to clear the eligibility criteria defined by specific bank offering this loan. The interest rates shall vary from one lender to another.
Thanks.