If you are a woman and are dreaming of starting your own business or want to expand your existing business, then State Bank of India (SBI) is giving you a great opportunity. SBI is providing loan facilities to women entrepreneurs at easy installments and concessional interest rates under its Stree Shakti Yojana. From retail and manufacturing to beauty parlors and food catering, SBI is providing financial assistance to women for every type of business. Go through this article and know about SBI Stree Shakti Yojana, how much discount will be available in it and how to apply for it.
What is Stree Shakti Yojana?
Stree Shakti Yojana is a scheme of SBI designed to provide financial assistance to women entrepreneurs. The most important thing about this scheme is that women get a concession of up to 0.50% in interest rate on loans up to Rs 2 crore. This reduces your loan costs significantly. These loans are available for businesses involved in manufacturing, trading and service sectors. Both working capital and term loans can be taken for the business as per the requirement.
- Banks offer term loans for a period of 7 to 10 years, so that you can grow your business and repay the loan without any stress.
- Eligible women entrepreneurs get credit guarantee assistance under CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises).
- In certain cases, loans up to Rs 1 crore can be availed without pledging any collateral.
- Generally, the applicant has to put up 15% to 25% of the total loan amount as their own margin money.
Independent schemes are available under Stree Shakti Yojana
SBI has also prepared some independent schemes under Stree Shakti Yojana for different types of businesses
- Annapurna Scheme: This is for women who want to start food related businesses like catering, restaurants, tiffin service, etc.
- Shringar Scheme: This independent scheme has been prepared for women running beauty parlors, spas or cosmetics businesses.
Documents Required
- PAN card, voter ID or any other identity proof
- Address Proof
- Your plan or project report.
- Financial records of the last 3 years, Income Tax Return (ITR)
- Bank statements of the last 6 months.
How to apply for Loan Under Stree Shakti Yojana ?
You can apply online through the official website of SBI or contact your nearest SBI bank branch. Independent help desks are also available in banks to assist women.
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