Are there some loans provided specifically for women? See list here

Applying for a fresh loan can be quite cumbersome at times. What is required in those scenarios is the right approach and the right scheme. Sometimes, banks make the process slightly more convenient for a particular group of borrowers, e.g., women.

As a woman, if you are applying for a loan, it is recommended that you be aware of the special loan schemes offered by top banks. These include SBI's Asmita and Stree Shakti Package and the Central Bank's Kalyani scheme.

Here are some popular loan options for the fairer sex.

Loan for women

SBI's Stree Shakti Package: It is a specialised financial scheme offering collateral-free loans of up to ₹5 lakhs to women entrepreneurs who hold over 50% ownership in a business. It offers reduced interest rates (a 0.5% concession on small-ticket loans) to encourage female-owned enterprises.

SBI Asmita: Loan under this facility can be given for any legitimate commercial purpose such as working capital needs, acquisition of machinery for modernisation/ Expansion/ Renovation, etc, acquisition of consumable tools, fixtures, vehicles, equipment, furniture, upholstery, etc, purchase of new and old commercial vehicles and any other business-related purpose.

Cent Kalyani Scheme: Under this scheme, women are entitled to get collateral-free loans up to ₹1 Crore for starting, expanding, or modernising MSME units in manufacturing or service sectors. It entails a 20% margin, zero processing fees, and is backed by CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises).

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