Business Loans for Women

True growth of a country is impossible without recognizing the women workforce. Each day more and more women are taking charge of their careers, even choosing to start businesses by themselves. 

At such times, the government, banks, and private finance companies are introducing new schemes to support them. This article will look at all such schemes that provide small business loans for women in 2024. 

Business Loan Schemes for Women at a Glance

The most popular business loans for women entrepreneurs are listed below - 

Sl. No. Loan Provider Loan Amount Interest Rates Beneficiaries Link for Application

1

Stand-Up India Scheme

Rs.10 Lakh - Rs.1 Crore

The lowest applicable rate of that bank for that category, not to exceed MCLR + 3% + tenor premium

SC/ST or women entrepreneurs

SIDBI Stand-Up India portal 

2

Pradhan Mantri Mudra Yojana

- Shishu: Up to Rs.50,000

- Kishor: Rs.50,000 - Rs.10 Lakhs

- Tarun: Rs.10 Lakhs  Rs.10 Lakh.

Deregulated, banks charge reasonable rates within the overall RBI guidelines.

Everyone

UdyamiMitra portal 

3

Udyogini Scheme

Up to Rs.3 Lakh

Competitive, subsidized, or free for special cases

Women entrepreneurs (especially from the rural and underdeveloped areas)

Karnataka State Women’s Development Corporation Udyogini loan page

4

PSB Loan in 59 minutes 

Rs.1 Lakh to Rs.5 Crore

Starting from 12% p.a.

Everyone

PSB Loans in 59 minutes website 

5

Union Nari Shakti Scheme (from Union Bank of India)

Rs.2 Lakh to Rs.10 Crore

MCLR +1.15% to MCLR + 2.40

Women entrepreneurs

Union Nari Shakti page

6

PNB Mahila Udyami (from Punjab National Bank)

Up to Rs.10 Lakh

0.50% concession for Priority sector enterprises and 0.25% for non-priority sector enterprises.

Women entrepreneurs

PNB Mahila Udyami PDF

7

Cent Kalyani (from Central Bank of India)

Up to Rs.100 Lakh

Up to Rs.10 Lakh - concession in ROI = MCLR + 0.25%; from Rs.10 Lakh to Rs.100 Lakh -  MCLR + 0.50%. Additional Interest concession of 0.25% if the account is rated by an external agency.

Business-women

Cent Kalyani page

8

Canara Mahila Vikas (from Canara Bank)

Rs.10 Lakh to Rs.5 Crore

As per prevailing guidelines of the Bank linked to RLLR of the Bank.

Women entrepreneurs

Mahila Vikas Loan page

9

IOB SME Mahila Samridhhi Plus (from Indian Overseas Bank)

- Up to Rs.1 Crore (for service enterprises)

- Up to Rs.2 Crore (for manufacturing enterprises)

0.25% concession on the applicable interest rate

Women entrepreneurs

IOB SME Mahila Samridhhi Plus PDF

10

IND MSME Sakhi (from Indian Bank)

Rs.0.10 Lakh to Rs.4 Lakh

Repo + Spread (3.60%)

Members of Self Help Groups

IND MSME Sakhi Loan page

11

UCO Roop Sangam (from UCO Bank)

Up to Rs.10 Lakh

Approximately 9.80% 

Women entrepreneurs

UCO Bank website

12

Sakhi Shakti Loan (from IDFC First Bank)

Rs.23,000 to Rs.50,000

21% - 28%

Women entrepreneurs

Sakhi Shakti Loan page

Please note that these numbers are subject to change at the lender’s discretion.

Government Business Loan Schemes for Women

The Government of India has come up with many schemes that help women get funds for starting or expanding a business. Some of the popular government business loan schemes are:

1. Stand-Up India Scheme 

This scheme is run under the Small Industries Development Bank of India (SIDBI) for financing small business loans for women and SC/ST. Some features of this scheme are listed below - 

Eligibility Criteria for Stand-Up India Scheme

The eligibility criteria for this scheme are - 

How to Apply for Stand-Up India Scheme?

The scheme is available in all commercial bank branches, and can be availed by - 

  1. Directly contacting the bank branch

  2. Contacting the Lead District Manager

  3. Visiting the SIDBI Stand-Up India portal 

If applying through the portal, you can follow these steps - 

Step-1: Visit the portal, click on ‘Register’, and answer the questions on the registration page.

Step-2: The portal will classify you as a ‘Trainee Borrower’ or a ‘Ready Borrower’. You will also get feedback on your eligibility. 

Step-3: You can then choose to register and log in. Post this, you will be taken to the main dashboard.  

2. Pradhan Mantri Mudra Yojana (PMMY) 

This scheme was launched on 8th April 2015 to provide loans to non-corporate, non-farm small/micro enterprises. This scheme is not just for women and everyone can avail of it. 

But, if you are searching for ‘startup business loans for womens’, this might be a good option for you as business-women make up a good portion of the beneficiaries. 

The funds of the Mudra loans are classified into 3 broad categories -

The objective is to give the highest priority to Shishu loans and then to Kishor or Tarun loans.

Eligibility Criteria for PMMY

Here's the eligibility criteria for a MUDRA loan -

How to Apply for Pradhan Mantri Mudra Yojana Scheme Loan?

To apply for a MUDRA loan, you can follow these guidelines - 

Note: There are no middlemen engaged by MUDRA and candidates are advised to keep away from persons posing as Agents or Facilitators of PMMY/MUDRA.

3. Udyogini Scheme 

The Udyogini scheme was started especially for women entrepreneurs from the rural and underdeveloped areas. Here are some features about the Udyogini scheme - 

Eligibility Criteria for Udyogini Scheme

The eligibility criteria for applying for a loan under this scheme are listed below - 

How to Apply for Loans under Udyogini Scheme?

Applying for ‘startup business loan for womens’ is a simple process as you can approach the bank branches that offer loans under the Udyogini Scheme. For more information, you may visit this Karnataka State Women’s Development Corporation Udyogini loan page.

4. PSB Loan in 59 minutes 

This is an initiative of the SIDBI that is not especially for women but can be a great help to all entrepreneurs. This website allows businesses to avail of funds in a hassle-free manner. Some features of this scheme are listed below - 

How to Apply for PSB Loans in 59 minutes?

The entire process of applying to PSB Loans is extremely simplife and user-friendly. You can follow these steps - 

Step-1: Visit the PSB Loans in 59 minutes website 

Step-2: Register using your name, mobile number and email ID

Step-3: Post registration, you can select your funding requirements as 'Business Loan'

Step-5: After selection of fund requirement, choose the scheme you want to apply under and provide required details 

Small Business Loans for Women from Banks 

Just like the government, many banks have their own schemes for women entrepreneurs. Here is a list of a few ‘startup business loan for womens’ offered by various banks - 

1. Union Nari Shakti Scheme 

This is a scheme for women entrepreneurs initiated by the Union Bank of India and can be availed at all of their branches. Here are some important features of the scheme - 

Eligibility Criteria for Union Nari Shakti Scheme

The eligibility criteria for this scheme are listed below - 

How to Apply for Loans under the Union Nari Shakti Scheme?

To apply for small business loans for women under the Union Nari Shakti Scheme, you can directly walk into the nearest Union bank branch. For more details about the scheme you can refer to the Union Nari Shakti page on the Union Bank of India website. 

2. PNB Mahila Udyami 

In order to encourage and empower women to start their own business and be involved in income generating activities, PNB has rolled out this scheme. Here are some features related to this scheme -

Eligibility Criteria for PNB Mahila Udyami 

An MSME or an individual who meets these criteria are eligible for taking a loan under this scheme - 

How to Apply for Loans under PNB Mahila Udyami?

To apply for a loan under the PNB Mahila Udyami Scheme, you can directly walk into your nearest PNB bank branch. For more details about the scheme you can refer to the PNB Mahila Udyami PDF on the PNB website. 

3. Cent Kalyani 

Looking for ‘startup business loan for womens’ by the Central Bank of India? The Cent Kalyani Scheme for business-women is initiated by the Central Bank of India, whose details you can find below - 

Eligibility Criteria for Cent Kalyani

Any woman entrepreneur who has a running business, or wants to start a business is eligible to apply for a loan under this scheme. 

How to Apply for a Loan Under the Cent Kalyani Scheme?

To avail a loan under this scheme, you can walk into any Central Bank of India branch or contact the Women Entrepreneur Cell no 022 66387777. For more details on the scheme, you may also visit the Cent Kalyani page on the Central Bank of India website.

4. Canara Mahila Vikas 

The Canara Mahila Vikas is one of the small business loans for women rolled out by the Canara Bank. Some details about the scheme are listed below - 

Eligibility Criteria for Canara Mahila Vikas

All women entrepreneurs are eligible to take a loan under this scheme to grow their business. Here are the eligibility criteria - 

How to Apply for a Canara Mahila Vikas Loan?

This loan can be directly availed from any branch of Canara bank. For more information about this scheme, you can take a look at the Mahila Vikas Loan page on the Canara Bank website.

5. IOB SME Mahila Samridhhi

The IOB SME Mahila Samridhhi scheme is from the Indian Overseas Bank for the empowering of businesswomen. Here are some details about this scheme if you are looking for ‘startup business loan for womens’ - 

Eligibility Criteria for IOB SME Mahila Samridhhi

The eligibility criteria for this loan are mentioned below -

How to Apply for a Loan Under the IOB SME Mahila Samridhhi Scheme?

This loan can be directly availed from any branch of the IOB. For more information about this scheme, you can take a look at the IOB SME Mahila Samridhhi PDF on the Indian Overseas Bank website.  

6. IND MSME Sakhi 

The Indian Bank launched their new product, IND MSME Sakhi, that is one of the small business loans for women. to encourage women who own small businesses. The top features of this scheme that aims to encourage women are as follows - 

Eligibility Criteria for IND MSME Sakhi

The eligibility criteria for applying for a loan under this scheme are listed below - 

How to Apply for a Loan Under the IND MSME Sakhi Scheme?

To avail a loan under this scheme, you can walk into any branch of the Indian Bank. You can also apply online by going to the IND MSME Sakhi Loan page and clicking on the ‘Apply for Loan’ button. 

7. UCO Roop Sangam 

The UCO Roop Sangam is an initiative of the UCO Bank for women entrepreneurs. Some features of this scheme are as follows - 

Eligibility Criteria for UCO Roop Sangam

The eligibility criteria for the UCO Roop Sangam scheme are listed here - 

How to Apply for a UCO Roop Sangam Loan?

You can easily apply for a loan under the UCO Roop Sangam by visiting a UCO Bank branch. To know more about this scheme, you can visit this page on the UCO Bank website.

8. Sakhi Shakti Loan 

The IDFC First Bank has their own scheme for encouraging women entrepreneurs, known as the Sakhi Shakti Loan. This is another one of the small business loans for women whose features are mentioned below -

Eligibility Criteria for Sakhi Shakti Loan

Any woman entrepreneur with any basic identification, such as an Aadhaar card, is eligible for a Sakhi Shakti Loan.

How to Apply for a Sakhi Shakti Loan?

Since the IDFC First Bank gives doorstep service for this loan, you can get in touch with any field officer to apply for this loan. You can also visit your nearest bank branch for the same. For more details you can visit the Sakhi Shakti Loan page on the IDFC First website. 

moneyview Loans as Business Loans for women

If you want a quicker loan, or instant money to invest in your business, you can consider moneyview personal loans. We offer instant online personal loans that can be used for starting off or expansion of your business. 

Some features of the moneyview personal loans are as follows - 

Eligibility Criteria for moneyview Personal Loans

The eligibility criteria for a moneyview personal loan is very inclusive. If you are looking to use it as a business loan and are self-employed, the criteria are - 

How to Apply for a moneyview Personal Loan?

You can apply for a moneyview instant personal loan in just 4 easy steps. Take a look at them - 

Step-1: The first step is to check your eligibility. You can do it on the moneyview website in just 2 minutes.

Step-2: Next, you need to select the loan amount and the tenure, based on the options provided to you.

Step-3: Upload all the relevant documents so that they can be verified.

Step-4: After the documents have been verified, sign the loan agreement. Once that is done, the loan amount will be credited to your bank account within 24 hours in most cases.

Conclusion

Today, more than 20% of the MSMEs in India are owned by women. The government as well as the banks are eager to empower and encourage more women to step into their entrepreneurial shoes. 

Even for a private limited company, or a non-individual owned company, if more than 50% of the stakeholders are women, you are eligible for these schemes. These schemes are easy to avail, and are often subsidized by the government.

And in case, you need some extra cash instantly to invest in your business, you can always consider moneyview instant personal loans. Remember, if you get a loan from us in March, you can enjoy our special #ZeroEMIOffer as part of our Women’s Day celebrations! 

For more details, you can visit our website or download our app!  

Business Loans for Women - FAQs

Yes, business loans can be taken for new businesses as well as established businesses. But all schemes might not be available for all types of businesses. You can get in touch with the concerned bank for more details.

It depends on the type of loan you opt for. If your loan is a secured loan, you may need collateral and a guarantor for your business loan. In most cases, you will be able to get a bigger loan if it is a secured loan.

How much time it will take for a loan to get sanctioned will completely depend on the scheme as well as your paperwork. You can always opt for PSB Loans and get a loan within 59 minutes.

The interest rate on a business loan will depend on the loan amount and your credibility as a borrower. Interest rates on business loans start from 7.95% and may go up to 22.50%.

There are many government schemes that prioritize women entrepreneurs. Even banks encourage women to grow their businesses. But in the end the ease of getting a loan will depend on the following factors - 

  • Your experience and age
  • Turnover of your business
  • The profitability of your business
  • Your credit score
  • Your debt to income ratio

INTERLINKS

Was this information useful?

300 characters allowed (alphanumeric and special characters such as comma, full stop, @, ", &)

Thank you. Your feedback is important to us.

loan_core_page_leads,loan_core_page_leads_footer_stickybar_startup-business-loan-for-womens-in-india

Apply for personal loan

+91
Green Tick Success

Thank you for your interest!

We will reach out to you shortly