5 Available Personal Loans for Working Women in India

Updated on: 16 Jan 2024 // 4 min read // Personal Loans
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Working women are masters of homes and workspaces. For, they excel in balancing multiple tasks at hand. And probably this is why, each bank and lender in India offers a concessional price to support the women who aspire to inspire.

Whether you already have a small business or looking out for financing support to start a new business, you can avail a Personal Loan for Women from the lender of your choice. Typically, the Personal Loan Interest Rates start from as low as 8.75% per annum and vary according to the applicant’s profile and lender’s policy.

The repayment tenure can be an extended one, i.e., beyond the usual 6 years threshold for a Personal Loan. In general, you can avail a loan of up to Rs. 1 Crore for 10 years for business ventures.

Here are some of the best options you can consider while searching for Personal Loan for women in India:

1. Cent Kalyani Scheme by Central Bank of India

Cent Kalyani Scheme extends Personal Loan to women who want to expand their existing business or want to start a new venture in the manufacturing and services industry. The loans provided come either in the form of a letter of credit, cash credit, overdraft, or letter of guarantee. Additionally, you do not require collateral security to avail this Personal Loan from Central Bank of India.

No processing charges are required for availing this loan. You can also opt for optional comprehensive insurance in addition to this loan which can be taken for stocks and machinery equipment. The interest rate for the same is between 8.75% to 9.00% per annum. The loan amount that can be availed under Cent Kalyani Scheme can go up to Rs. 1 Crore. 

2. Mahila Udyam Nidhi Scheme by Punjab National Bank

Mahila Udyan Nidhi Scheme by Punjab National Bank offers hassle-free business loan funding to women entrepreneurs. These loans are offered by Small Industries Development Bank of India in collaboration by Punjab National Bank. Depending on what service you want to avail, you can choose the plans for buying beauty parlors, daycare centers, and even auto-rickshaws. It offers support in the form of modernisation and upgradation of existing projects. The interest rates vary depending on the market, and the repayment tenure is about 10 years.

3. Orient Mahila Vikas Yojana Scheme

When looking for a Personal Loan for women, the Orient Mahila Vikas Yojana Scheme is a definite option that you can consider. For women, the provision they make is that they give a concession of 2% on the normal interest rates; making it an ideal Personal Loan. The loan amount goes up to Rs. 25 Lakh and the repayment tenure is of about 7 years. For Personal Loans ranging between Rs. 10 Lakh to Rs. 25 lakh, no collateral is required. However, for eligibility, you would need to have a hold either a partnership of 51% in a capital or a proprietary concern.

4. V Swashakti by Bank of Baroda (originally offered by Vijaya Bank)

V Swashakti is another special personal loan for women and extends ready funding for your business goals. It was originally offered by Vijaya Bank and continues under BoB.

Bank of Baroda as such also offers a variety of loans for small business aspirants. You can contact a financial aggregator to find out the best scheme for you. They will help you find the best Bank of Baroda Personal Loan at the best rate.

5. Pradhan Mantri Mudra Yojana

The Pradhan Mantri Mudra Yojana is eligible for every citizen. These loans are offered by most of the commercial banks, regional rural banks, and even small finance banks. Even co-operative banks, microfinance institutions, and non-banking financial companies offer this loan. The loans offered here are classified under three categories- Kishore, Tarun, and Shishu. This reflects the different stages of small and micro-enterprise business units. Loans are availed under Mudra Loan scheme cover the services, trading, and manufacturing sector.

6. Star Mahila Gold Loan Scheme

Star Mahila Gold Loan Scheme is a concession scheme run by SBI to support women entrepreneurs. For availing this loan, an enterprise should have at least 50% of the share capital held by a woman partner. Nearly, 5% reduction is made in the margin depending on which loan category you avail. Loans that go over Rs. 2 Lakh, are eligible for a concession of 0.5% in the interest rates. You do not need any collateral or security for loans up to Rs. 5 Lakh.

You can opt for any of the aforementioned Personal Loan options offered for women by the top lenders in India. We understand that at times, it is difficult to arrange for funds in times of need. However, when you need money, you can choose any of these options and make the best decision for yourself.

Undoubtedly you can tap the following benefits by availing a special Personal Loan for women: easy accessibility, interest rates concession, and easy repayments, thereby ensuring business growth at par with your entrepreneurial skills and vision.