Syndicate Bank provides a programme named “Synd Mahila Shakthi Scheme” that promotes the growth of women entrepreneurs. Through lending facilities, the bank provides financial help to women entrepreneurs working in small businesses, professional or self-employment, and retail commerce through this initiative. This bank seeks to pave the way for women’s economic empowerment by offering business loans for working capital or company development. The Synd Mahila Shakthi Scheme is examined in depth in this article.
Loan Information for the Synd Mahila Shakthi Scheme
The following are the terms of the Synd Mahila Shakthi Scheme business loan, interest rates, charges, fees, and commissions:
- The loan amount granted under the plan is up to a maximum of Rs. 5 crores at a concessional rate of interest to women entrepreneurs to establish a new business or enhance an existing one.
- For loans up to Rs. 10 lakhs, the base rate (currently 10.25 per cent) will be applied, and no collateral security will be required.
- Loans in excess of Rs. 10 lakhs will be granted to women entrepreneurs with a 0.25 per cent discount on the relevant rate of interest, and there will be no processing fees or paperwork requirements.
All Micro Enterprises will receive a 0.50 per cent interest rate reduction for a rapid payback to be refunded at the moment the loan account is closed. As a result, the ultimate rate of interest after concession would never be lower than the base rate.
The Goal of the Synd Mahila Shakthi Scheme
The plan provides a cash credit facility to cover the working capital requirements of existing or new units. Term financing facility to establish a unit/business, either manufacturing or service firm, for individuals who qualify under the Micro, Small, and Medium Enterprises Act (MSME). It is mostly given to update current units through the acquisition of machinery, equipment, computers, cars, and so on.
Synd Mahila Shakthi Scheme Features and Benefits
The following are some of the primary characteristics and benefits of applying for a business loan under the Synd Mahila Shakthi Scheme with Syndicate Bank:
- The women entrepreneurs proposed a 0.25 per cent loan rate reduction.
- A term loan and working capital combined.
- The working capital must be renewed annually, and the interest must be paid on a monthly basis.
- The maximum payback length is adjustable, ranging from 7 to 10 years, including a repayment vacation or moratorium period.
- It also provides candidates with a free credit card.
- Beneficiaries can get free skill development training at SIRD or RUDSETI.
- Beneficiaries can also be sponsored by NSIC, DIC, NGOs, and so forth.
- Beneficiaries will also receive ATM cards, Mobile Banking, SMS Banking, Internet Banking, the Synd Suraksha and SyndArogya schemes, and other services.
Criteria for Eligibility
- Any woman entrepreneur who meets the following conditions can apply for the Synd Mahila Shakthi Scheme.
- Any woman with a technical educational background, such as a diploma or a graduate degree, has knowledge or expertise in a certain field or company.
- Women entrepreneurs that have expertise and experience in their field. (In the event of self-employment, a minimum of two years of company continuity is required.)
- Those who have a 50 per cent financial stake in a sole proprietorship are more concerned about women.
- Partnership firms with a focus on women outperform those with a 50 per cent financial stake.
- Companies having a woman as Managing Director/a Director in a prominent position, both public and private.
- The Cooperative Society