The Uplifting and inspiring women to require a lively part in various fields has been a serious aspect for the Indian government for the past 2 decades approximately. However, within the last 5-6 years, the initiatives from the govt seem to possess hit the accelerator a touch harder. India has been affected by various biased stereotypes against women for hundreds of years. In many rural areas, women are considered suitable just for household works, and lots of people don’t provide their girl child with the education, etc.
However, with time things is improving, now in many areas, women have emerged as significant contributors. In many rural areas, women have formed self-help groups to assist one another . during this era of change, an important factor is that the requirement of funds to start their work and break free from the chains of society. To support them, there are various loans for ladies available through banks and government schemes.
Business Loan Schemes for ladies
India is experiencing a big surge within the number of latest businesses beginning. This surge possesses support from the govt alongside economic benefits, and it’s contributing to the economic process and overall development. Keeping this in mind the govt has introduced various commercial loan schemes for ladies to encourage them and supply the needed support at the beginning so help them flourish within the future. a number of the favoured schemes are:
1. Cent Kalyani: The financial institution provides this loan scheme for ladies in rural areas, industry, retailing, MSMEs and other entrepreneurial purposes. the utmost loan available under this scheme without collateral is Rs. 1 crore.
2. Shree Shakti Package: If in any business a lady is holding 51% stake or more, then she will avail this loan from SBI. the utmost limit for a collateral-free loan under this scheme is Rs. 5 lakhs. the speed of interest under this scheme is about less than the bottom rate of the bank.
3. Orient Mahila Vikas Yojana: This scheme is again for those organizations during which women hold 51% stake or more. Oriental Bank of Commerce provides loans under this scheme with the concession on the speed of interest by 2%. the utmost collateral-free loan limit is Rs. 25 lakhs and therefore the maximum tenure available is 7 years.
4. Synd Mahila Shakti: Women got to hold a minimum of 50% stake within the organization, then they will avail the loan for any tenure up to 10 years.
Home Loan for ladies
The government has been encouraging to avail home equity credit also so that people buy their own house. Since for several people in India, owning their home is one among the foremost cherished dreams and also a mark of being self-dependent. Thus, banks provide some concessions to women borrowers on the house loan.
The maximum home equity credit is provided, up to 90% of the property’s value.
The major concession is on the speed of interest for a home equity credit. Various banks like SBI, HDFC provide 0.05% concession on the speed of interest to women borrowers. just in case one borrower may be a woman or one among the joint borrowers may be a woman, the concessional rate is going to be applicable.
Personal loan for ladies
Personal Loan requires no collateral. Thus they will are available pretty handy for various purposes. Some banks even have a separate consumer loan product for ladies like HDFC has Diva loan during which women can avail up to Rs. 3 lakhs alongside various offers on 100+ premium brands.
Gold loan for ladies
Since gold loans don’t require any income proof, homemakers also can avail this loan by giving their gold jewellery as collateral. the utmost tenure for the loan is 3-4 years which varies from lender to lender.
Women have faced stereotypes in India for over a century. Their struggle to uplift their stature in society to form a lifetime of their own is hidden to nobody. However, within a previous couple of decades, women have merged as a big force in various fields and have also created many inspiring stories in rural India where they fought numerous stereotypes and still made a lifetime of their own. to assist women, especially during the initial parts of their struggle, the govt and banks have rolled various women for loan schemes. These schemes provide lower rate, favourable conditions and loans even without collateral.