Personal Loan

Everything You Need to Know about Government Instant Personal Loan Scheme for Women

Borrow
08-11-2023
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The government’s instant personal loan scheme for women is an innovative and groundbreaking initiative to empower women financially. This scheme provides instant access to personal loans without the need for collateral. It’s a perfect option for women who may not have access to traditional financing products or are looking for a more convenient, low-cost way to access credit.

Read the article and utilize this fantastic opportunity to care for your finances and become more independent.

Top 7 Instant Loan Schemes for Women

There are several instant loan schemes available for women. Mentioned below are the top 7 instant personal loan schemes for women.

  1. Mudra Loan

The government launched this scheme for women. It provides financial support to women business owners. This exciting initiative offers instant personal loans to help women become economically independent. The best part is that the loan is granted under this plan without the need for any collateral.

This loan helps women entrepreneurs start or expand their businesses and make their dreams come true. 

Features

  • The loan amount can range from Rs. 10,000 to Rs. 10 lakhs. No collateral is required. 
  • The loan amount is disbursed within three business days. The repayment period can range from 5 to 7 years. 
  • Women can also apply for a Mudra loan online. This makes it even more convenient. 
  • With this loan, women can purchase equipment, buy raw materials, and invest in their businesses. 
  • This loan will help them become self-sufficient and create a better future. 

So if you’re a woman looking to start your own business, the Mudra loan scheme is a great option to explore.

  1. Annapurna scheme

Annapurna scheme is an incredible loan program exclusively available to women. It provides quick and easy access to credit at low-interest rates. The Government of India introduced this scheme as part of its mission to empower women financially.

This scheme is available to women of all backgrounds and income levels. It offers loans without collateral and interest. 

Features

  • The loans are available for up to Rs. 50,000 and are approved instantly. You can quickly access funds. You don’t have to go through a lengthy loan application process. 
  • You can use the loan to cover any purpose. This can be debt consolidation, medical bills, business expenses, etc. 
  • The application process is easy and transparent. It ensures that you get the funds you need as quickly as possible.
  • Once the loan is approved, you don’t have to pay EMI for the first month. 
  • Once approved, You must repay the amount in 36 months. Based on the market rate and the relevant bank, the interest rate charged is decided.
  1. Stree Shakti Yojana

The Stree Shakti Yojana is an instant personal loan with several benefits. This makes it suitable for all financial needs. With this new loan scheme, women can access easy and convenient credit with minimal paperwork and competitive interest rates.

This loan scheme is a revolutionary new loan program for women in India. 

Features 

  • Using this scheme, women can take advantage of an interest concession of 0.05% on loans worth more than Rs. 2 lakh. It is an excellent opportunity for women looking to start their businesses, upgrade their skills, or manage their finances. 
  • The loan is available to all women, regardless of their background or financial history. The application process is simple. You can quickly transfer funds to your bank account. 
  • There are no hidden fees or extra charges. The interest rate and repayment schedule are clearly stated upfront. 
  • Women in India can now access the capital they need to begin or expand their businesses without the hassle and paperwork of traditional loan applications. 
  1. Dena Shakti scheme

The Dena Shakti scheme loan is an instant personal loan. It has been designed specifically for women. This scheme is an incredible opportunity for women who want to start a business, pay for their children’s education, or make necessary investments. 

Features

  • In this scheme, women can get a loan of up to Rs. 20 lakhs with no collateral.
  • The program offers a concession of 0.25 per cent on the interest rate.
  • Under the microcredit category, women business owners can be eligible for a loan of up to Rs. 50,000.
  • The application process is simple. The loan can be approved within minutes.
  • Moreover, the repayment terms are flexible. They allow you to choose the time frame that works best for you. 
  1. Bhartiya Mahila Bank Business Loan

The Bhartiya Mahila Bank Business scheme loan for women is making it easier than ever for female entrepreneurs to get the financing they need. This instant personal loan can be utilized for various business expenses, from working capital to technology and equipment purchases.

Features

  • With this loan, you can get up to Rs. 20 crores in funds.
  • This business loan scheme provides different plans, such as Shringaar, Parvarish, and Annapurna.
  • Self-employed women can utilize this Shringaar plan to start their businesses. They don’t have to provide collateral security for this loan.
  • Also, the Parvarish scheme allows self-employed women or homemakers to set up their businesses. 1 crore is the upper limit for this loan without any collateral security.
  • Annapurna loan is available to food entrepreneurs aged 18 to 60 who want to start or grow small businesses. It also does not require any collateral.
  1. Mahila Udyam Nidhi Yojana

Punjab National Bank and Small Industries Development Bank of India launched the Mahila Udyam Nidhi Scheme. It supports women entrepreneurs. So they can start their small businesses. Also, they can begin their micro-enterprises like retail trade and beauty parlours under this scheme. 

Features

  • It offers instant personal loans up to Rs. 10 lakh to be repaid in 10 years at a low-interest rate.
  • You can use the loan amount to set up a new business or grow an existing one. The repayment period is flexible. 
  • The scheme also provides access to business advisory services and digital marketing tools. It helps women entrepreneurs reach their target audience more effectively. 
  • Women entrepreneurs can also avail other benefits, such as skill development and mentorship programs. These will help them increase their chances of success.

Conclusion

It can be tempting to go with the first loan program you come across, but you’re better off comparing loan options to find a loan that can meet your specific needs and goals. This article covered the top 7 Instant Personal Loan Scheme For Women. 

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