To encourage women towards self-employment and achieve financial independence, the State Bank of India (SBI), the largest public sector bank in India, has introduced a unique initiative. This scheme, designed especially for women entrepreneurs, is a game-changer for those aspiring to bring innovation to the business sector.
The scheme is named the SBI Stree Shakti Loan Scheme, offering financial assistance of up to ₹24 lakhs to women. Here’s how you too can benefit from this initiative.
Key Features of the Scheme:
- Women entrepreneurs can avail loans at lower interest rates.
- Loans below ₹2 lakhs are eligible for an additional 0.5% interest subsidy.
- Loans up to ₹10 lakhs do not require collateral.
- No processing fees are charged on these loans.
- Flexible repayment options are available, ensuring ease for borrowers.
Eligibility Criteria:
A minimum of 51% ownership in the business must be in the name of women.
The loan can be availed for starting a new business or expanding an existing one.
How to Apply:
- Visit the nearest SBI branch.
- Fill out the loan application form provided by the bank.
- Submit the required documents.
- Present your business plan to the bank officials.
Required Documents:
- Aadhaar Card
- PAN Card
- Business project report
- Income documents
- Passport-sized photographs
Process:
Once you submit the application, the bank will review your documents and evaluate your eligibility. Upon approval, the loan amount will be credited directly to your bank account.
This scheme aims to promote self-employment among women and provide a significant boost to financial independence. For women looking to innovate in the business world, the SBI Stree Shakti Loan Scheme is an excellent opportunity.