Mudra Loan for Women | Government Loan Schemes for Women

Mudra Loan for Women | Government Loan Schemes for Women

Women in India have been seen as a weaker section and it was felt that they do not have the required intelligence to run a business. With the changing times, the scenario has changed a lot. The first thing that is required for setting up the business, beside the unique idea is the capital. Arranging the capital for starting the business will be provided by the bank and other financial institutions. The central government will assist the women with economic assistance under the MUDRA scheme.

Government Loan Schemes for Women

 Loan is available for which business?

The MUDRA loan, especially for the women, will be provided to one or a group of ladies who have a plan for starting a business. The loans will be provided for starting any business that is associated with handicraft or boutique. The loan will be provided for initiating a beauty parlor, tutorial center or tailoring unit. Any small to medium venture will be financed by the loans.

Eligibility for women

All women who want to make their own mark in the world of business will be able to apply for the MUDRA loan. They will have to possess legal documents like the Aadhar card and the Voter ID card to verify their identification. Apart from this, they will have to provide details about the venture and associated documents. Once all the verifications have been done, the banks will provide the candidates will be provided with a MUDRA card. For getting the loan, the women need to have a concrete micro or medium business plan.

Loan limit for women

As per the guidelines of the MUDRA loan scheme, the women will also be entitled to receive the same loan as the men. The women will be able to apply for the credit under the Shishu, Kishor and Tarun plans. As per the rules, any interested female candidate can get a minimum of Rs. 50,000 to a maximum of 50 lakhs under the MUDRA loan.

Collateral security for women

As per the rules of the MUDRA credit plan, any interested candidate will not have to provide the bank with any collateral security till the credit amount is upto 10 lakhs. If the credit amount is more than 10 lakhs, then the need for security collateral arises.

Associated bank for the scheme

The central government has already published a list of banks that can offer the credit to the deserving candidates under the MUDRA scheme. For the special loan scheme for the women, SBI has already opened its gates. As of now, around 80 women business owners have already opted for the new loan scheme.

Conclusion

With the implementation and successful monitoring of the scheme, the central government will be able to empower the women of the nation who have the will and determination to become economically sound. A nation cannot be completely developed until the men and women get the equal chances of earning their livelihood.

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