Starting a business is not easy. As a woman entrepreneur it seems even more difficult. Several questions come to mind.
How will you finance it? How will you repay it? Would it be wise to borrow?
You may have finances tucked away, but is it wise to plough all your savings into a new business that may or may not give returns?

We bring you the scoop on the many women specific loans that are available today

Stree Shakti

• Loan scheme for women from State Bank of India
• No security required for loans up to 5 lakhs, for industrial units
• Offers concession in promoter's margin and rate of interest
• The aim of this loan is to encourage women entrepreneurs
  

Cent Kalyani

• Central Bank offers this scheme to offer financial assistance to Women entrepreneurs for economic pursuits in Industry, Agricultural and Allied Activities, Business or Profession.
• The rate of interest / loan amount and the repayment schedule can be through a case-specific calculation.
• The loan is also extended to self-employed women
• Women entrepreneurs are also financed under the various Government Sponsored Programmes where Capital subsidies are available.

Nari Shakti

• UCO Bank offers this scheme exclusively for women.
• This scheme provides financial assistance to salaried women.
• Regular income / salary required to be eligible to apply for loan.
• Loan amount available is up to 2 lakhs
• Loan repayment period can be a maximum of 60 installments
• 2 guarantors are required as security
• Concession is offered on interest and the repayment is in 5years in equated instalments.

Priyadarshini

• This is a women's loan offered by Indian Bank
• The aim is to encourage women to set up small, village and cottage industries.
• The loan covers the payment for machinery.
• The rate of interest charged, is one percent lower than the prevailing rate, for loans of over 2 lakhs

Dena Bank

• Offers special schemes to assist women entrepreneurs
• Women can avail of a lower rate of interest
• No penalty for late repayment
• Convenient repayment options
• No processing fee
• Loans also extended to medium / cottage industries run by women
• Professionals turning entrepreneurs can avail of loans up to 5 lakhs.

V.Mangala

• A term loan for women, from Vijaya Bank
• Loan amount is a maximum of 3 lakhs or the equivalent of 15 months salary.
• The interest rate is 1% lower than the prevailing lending rates.
• Offers a free credit card facility
• Offers a free accident insurance which covers the loan amount

Vikalang Mahila Vikas Yojana

• A special scheme for handicapped women from Union Bank of India
• This is a vocation specific loan.
• Physically handicapped women are identified and after providing them with vocational training, based on their aptitude, financial assistance of 25,000 is offered to start the new vocation.
• Competitive rates of interest and easy repayment schedules make this loan an attractive option.

Looking to expand your business? Hoping to increase your turnover and profit? Approach any of the above-mentioned banks for their women specific schemes and you will not be disappointed! Remember, you are not alone!