Taking gender parity into account, Indian banks along with the help of the Government of India have been running schemes that cater to women and provide them with financial benefits. From offering rewards to low-interest rates, the following schemes are designed for women to help them grow their businesses and gain financial independence. Read on!
Rewards For Opening Savings Bank Accounts
Savings accounts come with ample benefits for women. Many banks like State Bank of India and others provide cashback, free gifts and discounts to women who shop using their credit and debit cards.
Women can also avail themselves of discounts on healthcare plans provided by the banks.
Bharatiya Mahila Bank
The inception of this bank was to help underprivileged women who wanted to start their own businesses. Bharatiya Mahila Bank merged with the State Bank of India in 2017. Bharatiya Mahila Bank's business loan scheme offers loans to women at an interest rate of 12.25%. A businesswoman can request a loan amount of up to ₹20crores.
The objective of the scheme was to empower more women to start their own businesses. Former Indian Prime Minister Manmohan Singh started this bank with an initial capital of ₹1,000 crores.
Low Loan Interest
Many banks in India offer low-interest rates on home loans if the primary applicant is a woman. Women applicants can also avail better interest rates on car loans compared to their fathers, spouse and brother.
Oriental Mahila Vikas Yojana Scheme
Prime Minister Narendra Modi launched this scheme under the Oriental Bank of Commerce in India. It offers ‘minimum credit needs to female entrepreneurs’.
Business women can avail of loans for amounts ranging from ₹10 lakhs to ₹25 lakhs. They will not have to submit any collateral security to get the amount approved. The bank also provides door-to-door services in villages through microcredit units.
Cent Kalyani Scheme
Started by the Central Bank of India, the objective of this scheme was to ‘encourage Women Entrepreneurs to start a new project or expand the existing unit’. It includes business women working in sectors like food processing, handloom weaving handicraft and garment making.
Healthcare, beauty, fashion designing, tailoring, retail trade, doctors, chartered accountants and engineers are also covered under this scheme. Women can file an application for a loan of ₹1crore. Micro or small enterprise owners can reach out to the bank with an application.
Started by the State Bank of India, the Stree Shakti scheme catered to ‘women who wish to become entrepreneurs or wanting to expand their business’. The interest rate depends on the time when the application gets approved. The bank will take into consideration aspects like business model, growth, etc. and decide the interest rate.
The amount of loan that women can request under this scheme starts at ₹50,000 and goes up to ₹2 lakhs for business enterprises and retail traders. However, the amount for small-scale industries and professionals can extend up to ₹25 lakhs.
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