The social and economic demographics of India have been hugely affected by the increasing business loan presence of women entrepreneurs in the country.
There are more than 43 million working-age women in India. The country boasts of approximately 15.7 billion women-owned businesses that directly employ 22 to 27 million people.
According to research, businesses founded or co-founded by women bring 10% more revenue over a time of five years.
The literacy rate among women grew at 8.8% in 2021, and businesses led by women are expected to increase by 90% in the coming five years.
Start-up business loans for women can provide the much-needed funds to women entrepreneurs for their businesses.
Here is the list of the top start-up business loans for women entrepreneurs in India.
Top 8 Startup Business Loan Ideas
- Fullerton India Business Loan for Women
Fullerton India is one of the most trusted names in the financial industry. Fullerton India business loans for women come at attractive interest rates to support women entrepreneurs in the country. The loan schemes are combined with insurance for women entrepreneurs. Fullerton India business loans for women are collateral-free loans and come with flexible repayment options. Applicants can apply online for quick application and loan approval processes and calculate their EMIs using the business loan EMI calculator given on the Fullerton India website.
- Pradhan Mantri Rozgar Yojna
The Pradhan Mantri Rozgar Yojna offers financial support to women entrepreneurs in all industries, start-ups, and ventures. The scheme creates self-employment opportunities for women by providing them with loans to become financially self-dependent. Women entrepreneurs get a subsidy of 15% of the project cost up to Rs. 12,500 per head. The loan limit for the business sector under this scheme is Rs. 2 lakhs, and for services and industry-based start-ups it is Rs. 5 lakhs.
- Mudra Yojana Scheme
The Mudra Yojana Scheme is a Government of India’s initiative under the Pradhan Mantri Mudra Yojana to support women entrepreneurs. The scheme offers collateral-free loans to businesswomen in SMEs and MSMEs. Depending on the type of business, the Pradhan Mantri Mudra Yojana offers loans under three different schemes namely, Shishu, Kishor, and Tarun schemes. Women entrepreneurs between the age of 18 and 35 can get a loan amount of up to Rs. 10 lakhs under this scheme.
- Udyogini Scheme
Illiterate women from villages and women entrepreneurs from rural areas can get financial support under the Udyogini scheme. The Udyogini scheme by the Women Development Corporation offers various loan options to women. Women entrepreneurs between the age of 18 and 55, have a family income of less than Rs. 1.5 lakhs per annum can avail of a loan under this scheme.
- Mahila Udyam Nidhi Scheme
Under the Mahila Udyam Nidhi Scheme, women entrepreneurs can get a loan of a maximum of Rs. 10 lakh to start a new industrial venture in the small-scale sector. Women entrepreneurs in the areas of production, manufacturing, and service-related industries can get a loan under the Mahila Udyam Nidhi Scheme. The borrowers can repay the loan within ten years of availing the loan, and the interest rates are subsidised for women entrepreneurs.
- Annapurna Scheme
The government offers a loan of up to Rs. 50,000 to women entrepreneurs under the Annapurna scheme. Annapurna scheme is one of the best business loans for women to get working-capital loans in the food and catering industry. Businesswomen do not have to pay the EMI in the first month of the loan approval. Borrowers can avail of the loan for a maximum duration of 36 months.
- Shakti scheme
The Shakti scheme provides loans of up to Rs. 20 lakhs to women entrepreneurs having a small enterprise in the retail, manufacturing, and agriculture sectors. Businesswomen can get a loan of up to Rs. 50,000 in the microcredit category. Borrowers can get a concession of 0.25% on the interest rate under this loan scheme.
- Cent Kalyani Scheme
Women involved in MSME, trade, retail, agriculture, cottage and village industries, etc., can get a loan under the Cent Kalyani scheme. Eligible borrowers can get a loan of up to Rs. 100 lakhs under the scheme for a period of 1 to 7 years, and no processing fee is charged on the loan.
Business loans for women provide financial support and motivation to women entrepreneurs in the country. Women entrepreneurs can avail of a collateral-free business loan at subsidised rates and easy repayment terms from a reputed lender like Fullerton India.