Loan Schemes have been started. The aim of such schemes is to strengthen women by providing them with the necessary financial resources for their business. Let’s know about such top 5 government schemes Loan Schemes which women entrepreneurs can easily take advantage of.

Annapurna Scheme

Annapurna Yojana is designed for women engaged in food and catering business. According to this scheme, women can take a loan of up to Rs 50,000. This loan can be repaid in 36 installments. At the same time, approval from collateral and guarantor is required for this. The collateral for Annapurna Yojana loan is taken as property.

Stree Shakti Yojana

Stree Shakti Yojana has been launched to encourage women entrepreneurs and provide financial assistance in starting a business. Launched by the central government in 2000, this scheme provides women entrepreneurs a discount of 0.05% on loans above Rs 2 lakh. Applicants must enroll in EDP or Entrepreneurship Development Program.

Udyogini Scheme

Udyogini Yojana has been launched by the Government of India to promote entrepreneurship and economic empowerment of women in the country. The government provides loans to women entrepreneurs at lower interest rates than other lending institutions. Under this scheme, the government provides loans up to Rs 1 lakh to women entrepreneurs with an annual income of less than Rs 40,000.

Stand Up India scheme

Stand Up India scheme was launched by the Ministry of Finance to help women, Scheduled Caste (SC) or Scheduled Tribe (ST) entrepreneurs by providing bank loans for setting up greenfield project enterprises in manufacturing, service, trading sector and agriculture-related activities. Under the scheme, the government will provide a loan of Rs 10 lakh and Rs 1 crore to at least one woman, SC and ST entrepreneur per bank branch for setting up a greenfield project. For non-individual enterprises, a minimum of 51% shareholding should be held by a woman, SC or ST entrepreneur.

Mudra Yojana

Mudra Loan Scheme under Pradhan Mantri Mudra Yojana is a scheme launched by the government to provide loans to entrepreneurs. Pradhan Mantri Mudra Yojana is a scheme launched by the Government of India through which the government provides loans to non-agricultural and non-corporate micro and small enterprises without guarantee. Earlier the maximum loan amount under this scheme was Rs 10 lakh, but in the budget for FY 25 presented on 23 July 2024, Finance Minister Nirmala Sitharaman has announced to increase the amount of Mudra Yojana from Rs 10 lakh to Rs 20 lakh. The new limit of PM Mudra Yojana has come into effect from 24 October 2024.

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To bring this idea into reality, a team of skilled leaders and sufficient funds are needed. Startups can get funds through angel investors, friends and family. Or they can borrow. The government has started many schemes to provide loans for startups in India. Let us also tell you which schemes the government has started for startups.

Eligibility for Government Loan

• Credit History: Lenders give loans to startups that have a good loan repayment record and are able to repay the loan.
• Type of business: Sometimes lenders also look at what your business is and provide loans accordingly.
• Making profits: If your startup is making profits and there is no problem in repaying the loan, then the lender gives you the loan.

Prime Minister’s Mudra Scheme (PMMY)

This scheme was started in 2015. Under this scheme, small businesses get loans up to Rs 10 lakh. There are three types of loans in this:

• Infant: Up to Rs 50,000
• Teens: Rs 50,001 to Rs 5 lakh
• Tarun: Rs 5 lakh to Rs 10 lakh

There is no need to give any guarantee in this. Women can take it at low interest.

Stand Up India Scheme

Under this scheme started in 2016, SC/ST and women get loans ranging from Rs 10 lakh to Rs 1 crore. This loan is only for new projects. 7 years are given to repay the loan and no installment has to be paid for the first 18 months.

Credit Guarantee Fund Scheme (CGSS)

Credit Guarantee Scheme for Startups (CGSS) was launched in 2016 under the Startup India scheme. This scheme is run by the National Credit Guarantee Trustee Company Limited. Startups that get approval from DPIIT and whose earnings are good for the last 12 months are covered under this scheme. Also, those who do not have any loan default (NPA) can take advantage of this scheme.

Prime Minister Employment Generation Programme (PMEGP)

This scheme is for increasing employment. Under this scheme, a loan of up to Rs 25 lakh is available for the manufacturing sector and up to Rs 10 lakh for the service sector. Only new projects get loans under this scheme. Existing businesses cannot avail this benefit.

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The post Top 5 Government Loan Schemes for Startups in India You should Know About first appeared on Rightsofemployees.com.