If you want to give a new identity to your business then the government will give you a loan, apply like this: Government Business Loan

Government Business Loan: The unprecedented growth of women entrepreneurs in India over the last few years has contributed significantly to not only a progressive society but also the economy. According to a report, last year about 20 percent of the businesses in India Woman Entrepreneurs are taking over. Various loan schemes have been started by the Government of India and private and public banks to advance women and give wings to their skills. With the help of these loan schemes, women can start big and small industries or expand their existing business. banks Loan facility is being provided to women entrepreneurs at concessional interest rates. If you also want to give a new identity to your business but are financially troubled, then these loan schemes can help you. So let's know about it.

Also read: What is Credit Score and how to improve it?: Understanding Credit Score

Prime Minister Mudra Loan Scheme

Mudra Loan is a loan scheme launched under the Pradhan Mantri Mudra Yojana by the Government of India for small entrepreneurs. Under this scheme, loans are given to startups, small enterprise owners and women entrepreneurs. Under Mudra Yojana, three types of loans are being offered to start a new business or expand the existing business. These include Shishu, Kishor and Tarun loans. Loans up to Rs 50,000 are given under the Shishu category. Loans ranging from Rs 50 thousand to Rs 5 lakh are given in the juvenile category. Loans ranging from Rs 5 lakh to Rs 10 lakh are offered in the Tarun category. Under this scheme, women are given loans up to Rs 10 lakh to setup their business. The specialty of Mudra Loan is that it offers discounted interest rates for women entrepreneurs. Under this, women are not required to deposit any kind of security. Also, its repayment period is up to 5 years. Women living in rural and urban areas can avail this facility.

Shringaar and Annapurna Loan Schemes

Many types of loan facilities are being provided by banks to women entrepreneurs to setup a new business or expand the existing business. Shringaar and Annapurna schemes are included in this category. Under Shringaar Loan, women entrepreneurs who want to open their own beauty parlor are assisted. Women between 20 years to 60 years can avail the benefit of this scheme. The maximum loan repayment period in this scheme is 5 years. Apart from this, banks make tie-ups with companies like Naturals, Cavincare and Lakme. Whereas Annapurna Loan Scheme is given to those women who want to start food catering or cloud kitchen business. Women between 18 years to 60 years can avail the benefit of this scheme. The loan repayment period is approximately 3 years.

Also read: Women can earn thousands of rupees sitting at home, just have to fill a form: Job for Ladies

Bank of Baroda Shakti Yojana

Under Bank of Baroda Shakti Yojana, women are given loans for farming, retail business, education, micro credit, manufacturing and housing. In this scheme, no processing fee is charged from women on loans. Also, a discount of up to 0.50 percent is given in the interest rate on loans up to Rs 5 lakh. Women between 18 to 65 years can apply for this loan. The loan repayment period ranges from 12 months to 5 years. In this, women are not required to deposit any kind of security or guarantee.