Bank Money: State Bank of India, the country's largest public sector bank, has introduced a new scheme specifically to encourage women entrepreneurs. This scheme is called the SBI Stree Shakti Loan. Women will be provided financial assistance of up to Rs. 24 lakhs through this scheme to start their own business or expand their existing business.
Through this scheme, women entrepreneurs can take loans at low interest rates. For loans up to Rs. 2 lakhs, an additional 0. 5 per cent interest subsidy will also be available. Loans up to Rs. 10 lakhs do not require collateral. There is no processing fee for these schemes. Repayment options are available that are convenient for you.
At least 51 per cent of the share in the business should be in the name of women. You can apply for this loan only to start a new business or expand an existing business.
Visit the nearest SBI branch. Complete the application form provided by the bank and submit it to the bank along with the necessary documents.
Aadhaar card, PAN card, business project report, income certificates, and passport-size photograph should be provided.
After examining your application, the bank will give you a loan based on your qualifications. The approved amount will be deposited in your bank account. This scheme provides a good opportunity for women to achieve financial independence along with promoting self-employment. It can be said that this is a beneficial scheme for women who aspire to make innovations in the business sector.