The State Bank of India (SBI) recognizes the critical role women entrepreneurs play in India's economic growth. SBI offers the SBI Business Loan For Women scheme>(SME loan scheme) to provide financial aid specifically designed to meet their needs. This scheme was introduced to address the funding gap faced by women-led businesses, providing them with the capital they require to start, expand, or manage their businesses.
Women entrepreneurs who meet the eligibility criteria can access funds to launch new ventures, expand existing businesses, or manage working capital. The scheme offers features like flexible loan amounts, competitive interest rates, and extended repayment tenures, along with potential collateral-free options.
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Table of Content
- ⇾ SBI Business Loan Eligibility Criteria For Women
- ⇾ Features of SBI Business Loan For Women
- ⇾ SBI Business Loan For Women Interest Rates & Charges
- ⇾ Business Loan Schemes for Women
- ⇾ Business Loan For Women From Top Banks
- ⇾ Documents Required For SBI Business Loan
- ⇾ SBI Business Loan For Women EMI Calculator
- ⇾ Steps to Apply For SBI Business Loan For Women
- ⇾ Frequently Asked Questions
SBI Business Loan Eligibility Criteria For Women
To obtain the SBI Business Loan For Women, applicants must meet certain eligibility criteria set forth by the bank. These criteria help ensure that the loan is provided to eligible women entrepreneurs.
Let's take a look at the eligibility criteria for SBI Business Loan for Women.
- You must be an Indian woman above 18 years of age.
- Your business must be a non-individual enterprise. (It should be a registered entity like a proprietorship, partnership, or company).
- Women entrepreneurs (including SC/ST women) must hold a minimum of 51% stake and controlling interest in the enterprise.
- Some SBI women's business loan schemes might require you to complete a relevant EDP program before applying.
Features of SBI Business Loan For Women
State Bank of India (SBI) offers a specialized business loan facility designed for women entrepreneurs. This loan scheme aims to provide financial assistance and support the entrepreneurial ventures of women.
The following table presents the key features of the SBI Business Loan For Women.
| Feature | Description |
|---|---|
| Flexible Loan Amount | Loans starting from Rs 10 lakh |
| Interest Rates | Competitive rates starting at 8.40% p.a |
| Repayment Tenure | Up to 7 years with a maximum moratorium period of 18 months |
| Financial Assistance | Provides capital for women entrepreneurs to start or grow their business |
| Women-Centric | Exclusively designed for women entrepreneurs |
| Collateral Free | No collateral security required for unsecured business loans. |
SBI Business Loan For Women Interest Rates & Charges
The State Bank of India (SBI) Business Loan for Women is designed to support and encourage women entrepreneurs. It is important to know and understand the interest rates and associated charges applicable to this loan facility.
The following table provides the interest rates and charges of the SBI Business Loan for Women.
| Feature | Details |
|---|---|
| Interest Rates | Starting at 8.40% p.a. |
| Processing Fee | Around 0.20% of loan amount + GST |
| Margin Money | Minimum 10%, can go up to 25% |
Business Loan Schemes for Women
To promote entrepreneurship among women, the Indian government has introduced various business loan schemes specifically designed for women. These schemes aim to provide access to credit for women to pursue their entrepreneurial aspirations.
Let's take a look at the various business loan schemes for women offered by the Government of India.
| Scheme Name | Target Group | Loan Amount |
|---|---|---|
| Stree Shakti Package | For Women entrepreneurs or women-led businesses in retail trade, manufacturing, or services. | Ranges from ₹50,000 to ₹25 lakh |
| Stand-Up India | For Scheduled Caste (SC), Scheduled Tribe (ST), and women entrepreneurs. | From Rs. 10 lakh to Rs. 1 crore |
| Mahila Udyam Nidhi Scheme (MUN) | For women-led businesses and women entrepreneurs. | Up to Rs. 10 lakh |
| Cent Kalyani Scheme | For new or existing women entrepreneurs. | Up to Rs. 20 lakh |
| Udyogini Scheme | For women between 18 and 55 years old. | Up to Rs. 3 lakh |
| Annapurna Scheme | For women entrepreneurs in the food processing and marketing sector. | Up to Rs. 50,000 |
| Orient Mahila Vikas Yojana Scheme | For women entrepreneurs who hold a majority share capital. | From Rs. 10 lakh to Rs. 25 lakh. |
| Dena Shakti Scheme | For women entrepreneurs with a majority ownership stake. | Up to Rs. 20 lakh |
| Bharatiya Mahila Bank Business Loan | Women entrepreneurs looking to start, expand, or improve their businesses. | Up to Rs. 5 crore |
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Business Loan For Women From Top Banks
To address the specific financial needs of women-led businesses, several government schemes and top banks offer attractive business loan options.
The table below presents the top banks that give business loans to women.
| Banks / NBFCs | Interest Rates |
|---|---|
| Punjab National Bank | Depends on Project cost |
| Bank of Baroda | At the discretion of the bank |
| Tata Capital | 12% p.a. - 25% p.a |
| SMFG India Credit (Fullerton) | 13% p.a. - 21% p.a. |
| LendingKart | 15% p.a. onwards |
| Central Bank of India | MCLR + 0.25% for loans up to Rs.10 lakh MCLR + 0.50% for loans above Rs.10 lakh and up to Rs.1 crore |
| State Bank of India | Competitive rates of interest linked to MCLR |
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Documents Required For SBI Business Loan
To apply for the SBI Business Loan for Women, applicants are required to submit a set of documents to support their loan application and establish their eligibility. These documents serve as proof of identity, income, business details, and other relevant information necessary for the bank's evaluation process.
Let's take a look at the essential documents required to apply for SBI Business Loan for Women.
- Recent passport-sized photograph and a filled application form.
- Identity Proof: Passport/ Voter Identity Card/ Driving License (DL)/ PAN Card.
- Address Proof: Latest Utility Bill (Electricity/ Telephone/ Water Bill)/ Ration Card/ Passport/ Voter ID Card.
- A well-written business plan outlining your business goals, target market, financial projections, and the specific loan amount you require.
SBI Business Loan For Women EMI Calculator
You can use a business loan EMI calculator to estimate your monthly EMI (Equated Monthly Installment) payments on an SBI business loan for women. This calculation will help you with financial planning and determine how much you can afford to borrow based on your business's cash flow.
Here's how an EMI calculator works:
- Input the loan amount: This is the total amount of money you want to borrow.
- Input the interest rate: This is the annual interest rate that the lender will charge you on the loan. Interest rates for business loans can vary depending on the lender, your creditworthiness, and the loan type.
- Input the loan tenure: This is the total period (in months or years) you have to repay the loan.
Once you enter this information, the calculator will estimate your monthly EMI payment. This will include both the principal amount (the actual loan amount you borrow) and the interest accrued on the loan.
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You can also check other loan schemes offered by SBI for women & for other businesses.
Check out the links provided below:
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Steps to Apply For SBI Business Loan For Women
The State Bank of India (SBI), one of the largest public sector banks in the country, offers various SME schemes specifically designed to support and empower women entrepreneurs. One such scheme is the SBI Business Loan for Women, which provides financial assistance to women-owned businesses across different sectors.
Here's how you can apply for a SBI Business Loan For Women.
- Research SBI SME schemes for women: Stand-Up India (new businesses) & Stree Shakti (existing businesses).
- Contact SBI to confirm eligibility (may vary).
- Prepare documents like business plans, financials, ID proofs, etc.
- Visit the SBI branch or the SBI website to initiate the application process.
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Frequently Asked Questions
SBI offers various business loan options. You can apply online through their website or visit a branch to choose the right loan and proceed with the application.
There are two main ways to check SBI loan eligibility: SMS "PAPL " ( being the last 4 digits of your SBI savings account) to 567676 or Login to the SBI Yono App or internet banking and look for the pre-approved loan banner.
Lenders assess a combination of factors like your credit score, business financials, and experience to determine eligibility.
SBI women's loans are for Indian women entrepreneurs above 18. In some cases, the business itself needs to be majority-owned by a woman.
SBI can offer government schemes like the Mahila Samman Savings Certificate, which provides a high-interest rate for deposits up to Rs. 2 lakhs for two years and is open to women and girls.
SBI offers various business loans. Explore options and apply online via their website or visit a branch to discuss your needs and complete the application.
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