For the welfare and advancement of women entrepreneurs in India, the government launched the Udyoginischeme for Women Entrepreneurs 2024. The Udyoginischeme has been implemented by the Women Development Corporation of the Government of India. This program provides financial assistance to women to encourage and motivate them to start and run their businesses among the underprivileged. The Udyogini Scheme for Women Entrepreneurs 2024 will benefit individuals and families by increasing their income and promoting national development. Interested female citizens of India can apply for the scheme and receive the benefits of this scheme. Keep reading this article to know more about this scheme. All the details on how to apply and other processes will be given.
The objective of the Udyogini Scheme for Women Entrepreneurs
The primary objective of this Udyogini Scheme for Women Entrepreneurs is to assist women in becoming self-sufficient by launching their businesses. It intends to offer skill-development courses in addition to financial assistance. Without any discrimination and injustice, interest-free loans will be given to women for any business venture. The main providers of the Udyogini Scheme are the Punjab and Sind Bank, Saraswat Bank, and Karnataka State Women’s Development Corporation (KSWDC).Also, several other top NBFCs and private and public sector banks. In addition to providing financial support, the main objective of this program is to plan and implement skill development training programs for women.
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Helpful Summary of Udyogini Scheme for Women Entrepreneurs
| Name | Udyogini Scheme for Women Entrepreneurs |
| Launched by | Government and Women entrepreneurs in India |
| Implemented by | Government of India’s Women Development |
| Interest Rate | Competitive, subsidized, or free for special cases |
| Annual Family Income | Rs. 1.5 lakh or less |
| Loan Amount | Max. up to Rs. 3 lakhs |
Eligibility Criteria
- Only female entrepreneurs are eligible for business loans.
- Not having missed any payments on a previous loan from a financial institution
- A candidate who can repay their debts and has a good credit score
List of Supported Businesses Under the Udyogini Scheme
- Agarbatti Manufacturing
- Audio & Video Cassette Parlour
- Bakeries
- Banana Tender Leaf
- Bangles
- Beauty Parlour
- Bedsheet & Towel Manufacturing
- Book Binding And Note Books Manufacturing
- Bottle Cap Manufacturing
- Cane & Bamboo Articles Manufacturing
- Canteen & Catering
- Chalk Crayon Manufacturing
- Chappal Manufacturing
- Cleaning Powder
- Clinic
- Coffee & Tea Powder
- Condiments
- Corrugated Box Manufacturing
- Cotton Thread Manufacturing
- Crèche
- Cut Piece Cloth Trade
- Dairy & Poultry Related Trade
- Diagnostic Lab
- Dry Cleaning
- Dry Fish Trade
- Eat-Outs
- Edible Oil Shop
- Energy Food
- Fair-Price Shop
- Fax Paper Manufacturing
- Fish Stalls
- Flour Mills
- Flower Shops
- Footwear Manufacturing
- Fuel Wood
- Gift Articles
- Gym Centre
- Handicrafts Manufacturing
- Household Articles Retail
- Ice Cream Parlour
- Ink Manufacture
- Jam, Jelly & Pickles Manufacturing
- Job Typing & Photocopying Service
- Jute Carpet Manufacturing
- Leaf Cups Manufacturing
- Library
- Mat Weaving
- Match Box Manufacturing
- Milk Booth
- Mutton Stalls
- Newspaper, Weekly & Monthly Magazine Vending
- Nylon Button Manufacturing
- Old Paper Marts
- Pan & Cigarette Shop
- Pan Leaf or Chewing Leaf Shop
- Papad Making
- Phenyl & Naphthalene Ball Manufacturing
- Photo Studio
- Plastic Articles Trade
- Pottery
- Printing & Dyeing of Clothes
- Quilt & Bed Manufacturing
- Radio & TV Servicing Stations
- Ragi Powder Shop
- Readymade Garments Trade
- Real Estate Agency
- Ribbon Making
- Sari & Embroidery Works
- Security Service
- Shikakai Powder Manufacturing
- Shops & Establishments
- Silk Thread Manufacturing
- Silk Weaving
- Silk Worm Rearing
- Soap Oil, Soap Powder & Detergent Cake Manufacturing
- Stationery Shop
- STD Booths
- Sweets Shop
- Tailoring
- Tea Stall
- Tender Coconut
- Travel Agency
- Tutorials
- Typing Institute
- Vegetable & Fruit Vending
- Vermicelli Manufacturing
- Wet Grinding
- Woollen Garments Manufacturing
Required Documents
- passport-size photos
- Aadhaar Card and Birth Certificate of the Applicant
- Completed Application Form with Proof of Address and Income; Application for Below Poverty Line (BPL) Card; Ration Card; and, if applicable, Caste Certificate
- Bank passbook copy, including account details, bank and branch names, holder name, IFSC, and MICR
- Any other paperwork that the bank or NBFC requires
Business Loans offered by Bajaj Finserv Under the Udyogini Scheme
| Interest Rate | Interest-free loan to women from all sections of the society |
| Loan Amount | Max. up to Rs. 3 lakhs |
| Loans available for | 88 SSIs – Small Scale Industries |
| Subsidy | Up to 30% |
| Family Income Criteria | Should be less than Rs. 1.5 lakh |
| Training for Skill Development | Available |
Business Loans offered by Saraswat Bank Under Udyogini Scheme
| Micro Enterprises | Small Scale Enterprises | Medium Enterprises | |
| Interest Rate | 11.25% p.a. onwards | 11.25% p.a. onwards | 11.25% p.a. onwards |
| Loan Amount | Up to Rs. 10 lakh | From Rs. 10 lakh up to Rs. 100 lakh | From Rs. 100 lakh up to Rs. 200 lakh |
| Processing Fee | Rs. 5,000 | · Upto Rs. 10 lakh – Rs. 5000 · Above Rs. 10 lakh and Upto Rs. 25 lakh – Rs. 7000 · Above Rs. 25 lakh – Rs. 10000 | Rs. 15,000 or 1% of the loan amount whichever is lower |
| Repayment Tenure | 6 Years | 6 Years | 7 Years |
| Margin | Nil | 20%-25% lower than the Bank’s norm | 20%-25% lower than the Bank’s norm |
| Security | Hypothecation + Guarantee of Spouse or a Family member wherever required. | Hypothecation + 2 Guarantors + Collateral Security (25%) | Hypothecation + 2 Guarantors + Collateral Security (30%) |
Business Loans offered by Punjab & Sind Bank Under Udyogini Scheme
| Interest Rate – Vyapar Loan | As per rate applicable to MSME |
| Nature of loan | Term Loan or Working Capital |
| Loan Amount | Loan/limit shall vary from case-to-case basis and depend upon the purpose of loan |
| Processing Fee | Nil |
| Margin | Nil up to Rs. 25,000 |
| Security/Collateral* | Nil, up to Rs. 25,000 Above Rs. 25,000: Pledge of/Hypo. of assets created out of bank loanGuarantee of spouse or third partyCollateral security in the form of land/building property at leastdoubles the value of loan (including the value of assets in case of term loan) |
Benefits of the Udyogini Scheme for Women Entrepreneurs
- Encouraging women who want to start earning money to apply for loans from banks and other lenders
- Offering interest-free loans to qualified women beneficiaries without any discrimination or bias
- Women who belong to special categories such as SC/ST should have easier access to financial aid.
- Prevent female borrowers from private lenders or other financial institutions from taking out high-interest loans.
- Assure the female beneficiaries of EDP Training receive skill enhancements.
Udyogini Scheme for Women Entrepreneurs Application Process
- Candidates for this program, or Yojana, can proceed with the required bank requirements by visiting the nearest bank with all the required paperwork and completing an application.
- Candidates also have the option of applying for loans online by visiting the official websites of the banks that provide loans through the Udyogini program.
FAQS
What is the Udyogini Scheme for Women?
For the welfare and advancement of women entrepreneurs in India, the government launched the Udyogini Scheme for Women Entrepreneurs 2024. The Udyogini scheme has been implemented by the Women Development Corporation of the Government of India.
What are the benefits of this scheme?
This program provides financial assistance to women to encourage and motivate them to start and run their businesses among the underprivileged.
What are the minimum eligibility criteria for this scheme?
Only female entrepreneurs are eligible for business loans.