The government has launched a special scheme called Udyogini to support women entrepreneurs. Under this scheme, women engaged in specific professions can avail loans of up to ₹3 lakh. For women starting a cooking oil business, the central government provides loan assistance ranging from ₹1 lakh to ₹3 lakh.
Subsidy for Backward Class Women
Women belonging to backward classes are eligible for a 50% subsidy. For instance, if a woman takes a loan of ₹3 lakh, she only needs to repay ₹1.5 lakh.
Loans Up to ₹3 Lakh
Similarly, women from special or general categories can avail subsidies of up to ₹90,000 on loans of ₹3 lakh. This means they need to repay only ₹2.1 lakh. The scheme prioritizes rural women, increasing the chances of those living in villages to benefit. Additionally, interest-free loans are provided to women farmers under this initiative.
Interest-Free Loans
The scheme is implemented through commercial and public sector banks. Apart from availing interest-free loans, women can also receive professional development training through this program. Importantly, no collateral or guarantee documents are required for loans of up to ₹3 lakh, and no fees are charged for processing.
Eligibility Criteria
To avail of this scheme, the annual income of the woman’s family must not exceed ₹2 lakh. However, there is no income limit for single women and differently-abled women.
Special Priority for Backward Class Women
Backward class women are given priority under this scheme. Applicants must be between 18 and 55 years of age and should have a track record of repaying previous loans regularly.
Required Documents
To apply for this scheme, women need the following documents:
- Aadhaar Card
- Passport-sized photograph
- Birth Certificate
- Address Proof
- Income Certificate
- Ration Card
- Below Poverty Line (BPL) Card
- Caste Certificate
- Copy of Bank Passbook
How to Apply?
Women interested in this scheme can visit the nearest bank to submit the required documents and apply. They can also apply online, which is an added convenience.
This scheme is specifically designed to empower women. The central government aims to help women start their businesses and achieve financial independence. If you’ve been planning to start a small business, you can take advantage of this scheme. Apply for the Udyogini scheme, get the financial support you need, and take the first step toward a successful entrepreneurial journey.