The Central Government and the state governments have previously worked together to improve the position of women in the country, to make women self-sufficient, and to introduce them into the sphere of business. Many government programmes have been launched, including the Stree Shakti Package Scheme, which was launched in this case. Women will be able to start their own businesses and receive financial support if they take advantage of the Stree Shakti Yojana.
The government would provide the advantage of the Stree Shakti Package Scheme to women who wish to establish their own company or stand on their own feet. Under the Stree Shakti Package Scheme, the government will provide these women up to Rs 25 lakhs from the bank. These women will receive loans, but there are specific requirements relating to the Stree Shakti Scheme that they must meet.
The goal of the Stree Shakti Package Scheme
As you are all aware, the status of women in the country is not as good in terms of business as that of men; males still receive aid from home to do business, but this does not apply to women.
Women seldom receive financial assistance from their families, thus the government launched the Stree Shakti Package Scheme, under which a set amount is granted by the bank in the form of a loan to women at a moderate interest rate. Women can expand their businesses on their own if they receive this amount. The primary goal of launching this government initiative is to empower women so that prejudice between men and women may be eliminated and women can walk shoulder to shoulder with men in all fields.
Which Women Are Eligible for a Loan Through the Stree Shakti Yojana?
Stree Shakti Yojana is a plan introduced by the State Bank of India to give financial help and empanelment incentives to women. The State Bank of India’s Stree Shakti Package Scheme requires entrepreneurs to have 50 per cent or more of their capital held by women. That is, under this arrangement, loans will be made to female entrepreneurs who own their businesses.
Exemptions and concessions are available under the Street Shakti Yojana:
- Margin reductions of up to 5% are possible in certain areas.
- If a woman takes out a loan of Rs 2 lakh or more, the interest rate would be decreased by 0.5 per cent.
- Even if a loan of up to Rs 5 lakh is taken out, there is no need for collateral in the case of MSME.
- There is a term loan and a working capital facility available with a low margin and interest rate.
- The MCLR interest rate is set at 4% per year, and MSME registered enterprises can get loans ranging from 50,000 to Rs 25 lakh.
Eligibility For The Stree Shakti Loan Scheme And What Documents Are Required?
- Only female applicants will be considered.
- If the loan is requested for by a farm or firm, female ownership should be at least 50%.
- The application will be accepted only if the female share is greater.
- Aadhar Card Voter ID Card Residence Certificate Complete bank account information.
- If you own a business, you may look for information about it such as corporate paperwork, office address, company account information, and so on.