The Indian Overseas Bank launched the IOB Mahila Shaksham Scheme 2024. To encourage female citizens of India to become entrepreneurs the Indian Overseas Bank has introduced the IOB Mahila Shaksham Scheme 2024. All the female citizens of India who want to become entrepreneurs are eligible to receive financial assistance under the scheme. According to the reports credit facility of up to INR 10 lakh will be given to the eligible female entrepreneur. All the female citizens who clear the eligibility criteria must visit the official website and fill out the application form online to avail the benefits of the IOB Mahila Shaksham Scheme 2024.
The objective of IOB Mahila Shaksham Scheme
The main objective of launching the scheme is to make sure that all female entrepreneurs and India earn at least INR 1 lakh annually. The scheme is associated with the Lakhpati Didi Yojana which helps the female entrepreneurs to increase their annual income significantly. With the help of this scheme, female citizens can become financially independent and can grow their businesses significantly. This scheme will uplift the social status and standard of living of all the financially unstable female citizens of India. By providing financial assistance to the female entrepreneurs the Government of India will also create employment opportunities for Semi-skilled workers.
Also Read: Namo Drone Didi Scheme
Helpful Summary of IOB Mahila Shaksham Scheme
| Name of the scheme | IOB Mahila Shaksham Scheme |
| Introduced by | Indian Overseas Bank |
| Objective | Provide financial benefits |
| Beneficiaries | Female entrepreneurs |
| Official website | |
| Shivam credit facility | INR 10 lakh |
| Eligibility | Females of self-help group |
List Eligibile Bussiness (Activities)
- Mushroom cultivation
- High-value crop cultivation in greenhouse/poly house, floriculture etc.
- Allied activities like dairy, poultry, sericulture, pisciculture, Goat & sheep rearing etc.
- Beauty parlour and salon services
- Tailoring shop
- Rural eco- tourism
- Restaurant
- Internet cafe and photocopy
- Confectionary shops including soft drinks
- Groceries/stationary shops
- Fruits and vegetables shop
- Cosmetic shop
- Papad /Traditional snacks
- Flour mill
- Oil processing units
- handicrafts, weaving, textile bags, covers, baskets etc.
- Pottery & ceramics
- Artificial jewellery making unit
- Bangles – Glass and lac items
- Agarbathi /candle making unit
- Soap making/liquid soap/detergent/washing soap
- metal and cane products
- Hosiery unit
- Sanitary towels/napkin manufacturing unit
- Paper plates/cups/glass manufacturing
- Agri Clinic and Agri Business center
Required Documents
- Aadhaar Card
- Pan Card
- Mobile Number
- Business official documents
Loan Amount
- Minimum: INR 75,000 and above
- Maximum: INR Up to Rs.10,00,000
Rate of Interest
- For Agriculture and allied activities
- Up to INR 10.00 lakhs: 1 YMCLR +0.20%(SP)+1.80%(RP)
- For MSME activities including processing units
- Up to INR 10.00 lakhs: RLLR+0.40%(SP)+1.35%(RP)
Eligibility Criteria
Loan above Rs. 75,000 to Rs. 2 Lakhs
| Parameter | Details |
| Loan Amount | Above Rs. 75,000 to Rs. 2 Lakhs |
| Age | 21 to 60 years (60 at the end of loan tenure) |
| SHG Eligibility | 2 years old and 1 successful bank loan cycle completed |
| Membership Vintage in SHG | At least 1 loan cycle with SHG and 2 years of membership |
| Member’s Minimum Loan | Rs. 25,000 |
| Business Vintage | 2 years of viable business |
| Co-Applicant | Not required |
| Additional Points to Check | – |
| Security | Prime security: Hypothecation of assets created out of bank finance. Collateral Security: NIL |
Loan above Rs. 2 Lakhs to Rs. 5 Lakhs
| Parameter | Details |
| Loan Amount | Above Rs. 2 Lakhs to Rs. 5 Lakhs |
| Age | 21 to 60 years (60 at the end of loan tenure) |
| SHG Eligibility | 3 years old and 2 successful bank loan cycle completed |
| Membership Vintage in SHG | At least 2 loan cycle with SHG and 3 years membership |
| Member’s Minimum Loan | Rs. 40,000 |
| Business Vintage | 3 years of business experience |
| Co-Applicant | Required in registered entities |
| Additional Points to Check | – |
| Security | Prime security: Hypothecation of assets created out of bank finance. Collateral Security: NIL |
Loan above Rs. 5 Lakhs to Rs. 10 Lakhs
| Parameter | Details |
| Loan Amount | Above Rs. 5 Lakhs to Rs. 10 Lakhs |
| Age | 21 to 60 years (60 at the end of loan tenure) |
| SHG Eligibility | 3 years old and 2 successful bank loan cycle completed |
| Membership Vintage in SHG | At least 2 loan cycle with SHG and 3 years membership |
| Member’s Minimum Loan | Rs. 40,000 |
| Business Vintage | 3 years of viable business |
| Co-Applicant | Required in registered entities |
| Additional Points to Check | Last 24 months records with SHGs for repayment and proper financial analysis be done. |
| Security | Prime security: Hypothecation of assets created out of bank finance. Collateral Security: NIL |
Repayment Schedule
- 60 monthly/ 20 Quarterly instalments including the moratorium period.
Processing Fee
- The processing fees will be 0.40% of the limit sanctioned plus applicable GST (for both Term loan and working capital).
Application Process
STEP 1: All female citizens who want to avail the benefits of the IOB Mahila Shaksham Scheme 2024 are requested to visit the official website.
STEP 2: Once the female citizens reach the home page of the official website they must locate and click on the option called “Apply now”.
STEP 3: A new page will appear on your desktop screen the females must enter all the details that are asked and attach all the necessary documents.
STEP 4: After entering all the details the female citizens must quickly review it and click on the option “submit” to complete their process.
Contact Details
- Toll Free 18008904445/18004254445
FAQs
Who launched the Mahila Saksham Scheme 2024?
The Indian Overseas Bank has launched the IOB Mahila Shaksham Scheme 2024.
What is the minimum credit facility under the Mahila Saksham Scheme 2024?
The minimum credit facility of up to INR 75000 will be given to the selected female beneficiary under the Mahila Saksham Scheme 2024.
What is the main objective of launching the Mahila Saksham Scheme 2024?
The main objective of launching the Mahila Saksham Scheme 2024 is to make sure that all the female entrepreneurs in India will earn at least INR 1 lakh annually.
The Mahila Saksham Scheme 2024 is associated with which scheme?
The Mahila Saksham Scheme 2024 is associated with the Lakhpati Didi Yojana.