Recent Schemes Launched by Indian Government for Indian Woman
The Government of India launched the Udyogini Scheme to encourage women belonging to rural and economically weaker families to start their own enterprises.
This initiative limits the financial burden on potential women entrepreneurs, allowing them to achieve success in their chosen business.
Benefits of the scheme include considerable loan quantum, amounting up to Rs.3 lakh. This loan principal is available without any collateral. Applicants can look forward to sizable interest rate subsidies.
Under special circumstances, loans can be extended with no interest payment compulsion as well. Thus, it greatly reduces the repayment burden on the borrower.
Business loans under this scheme come with no processing charges. Therefore, entrepreneurs do not need to bear any additional expense related to such loans.
Apart from knowing the various benefits and features, one should also understand the eligibility criteria when applying for this scheme. All applicants must be within 18 and 55 years of age. Additionally, an applicant’s annual family income must not exceed Rs.1.5 lakh.
When it comes to the documentation process, a woman needs to furnish Aadhaar card, ration card, or BPL card to apply. Income, caste and birth certificates, and passbook are also necessary to avail SME loan under this scheme.
May 22nd, 2020