India has been making gains in boosting women’s entrepreneurship, and the State Bank of India (SBI) has been playing a big role in this endeavour via its Stree Shakti package. This article will offer a full overview of the SBI Stree Shakti Yojna, including its eligibility requirements, perks, and application procedure.
What is the SBI Stree Shakti Scheme?
The Central Government, in collaboration with the State Bank of India, has launched the SBI Stree Shakti Yojana to empower women entrepreneurs. This scheme aims to offer financial support to women seeking to launch their businesses. Ambitious women facing financial problems can access loans of up to Rs 25 lakh at a significantly low interest rate through the Stree Shakti Yojana via the State Bank of India.
Eligibility Criteria
The scheme is available to women entrepreneurs involved in commerce, manufacturing, or service-related firms. Women who possess a majority share in their firm or who own at least 51% of the business are eligible for the loan. In addition, female professionals like as medical experts, cosmetic specialists, architects, and chartered accountants may avail of loans under the Stree Shakti package. Borrowers must utilise the loan funds strictly for commercial purposes.
Benefits of the Scheme
The Stree Shakti package gives various incentives to women entrepreneurs, including decreased margins for loans and cheaper interest rates for loans exceeding Rs. 2 lakhs. Any firm that has more than 50% of its share capital controlled by women may qualify for the Stree Shakti Package. Primary discounts and advantages under this system are:
● As applicable to particular categories, the margin will be lowered by 5%.
● If the loan amount crosses Rs. 2 lakhs, the interest rate will be decreased by 0.5%.
Application Process
To apply for the scheme, women entrepreneurs should contact their closest SBI branch or visit the official SBI website. The needed papers include identification evidence, address proof, company strategy, and financial records.
Success Stories
Several women entrepreneurs have profited from the Stree Shakti package. For example, Ms Sunita, a resident of Delhi, began her own company making and selling pickles with the aid of a loan from the Stree Shakti package. She was able to develop her company and offer work to other women in her neighborhood.
Loan amount
The maximum loan amount for the Stree Shakti Yojna depends on the type of business and the entrepreneur’s financial needs. Loans over Rs. 2 lakhs get a 0.5% discount on the interest rate.
Supporting Bank
The Stree Shakti Yojna is run by the State Bank of India. It is not supported by other banks or financial institutions.
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Wrapping Up:
In conclusion, the SBI Stree Shakti Yojna is an amazing project that promotes women entrepreneurs in India. The initiative offers various advantages, including decreased margins for loans and cheaper interest rates, making it simpler for women to establish and develop their enterprises. Women entrepreneurs should make use of this scheme and other similar initiatives to attain their business ambitions.