By Ms. Rachna Suneja, CEO of AFinoz.com
“When women participate in the economy, everyone benefits” – Hillary Clinton
Be it family, society, or country – women play a very crucial role everywhere. Across the world, educating and empowering women has proven time and again to be the catalyst for socio-economic growth. We all need good sources of capital and quality education for economic independence. Women demonstrate great skill, intelligence, innovation, hard work and commitment. If we can capitalize on these attributes effectively, India can achieve a phenomenal growth. The education of the women is therefore indispensable for strengthening the economy of India.
Female Literacy and in India and in Its Neighbourhood, 2015
| Countries | Female Literacy Rates (Youth 15 – 24) |
| Afghanistan | 32.1 |
| Bangladesh | 81.9 |
| Bhutan | 68.0 |
| India | 74.4 |
| Nepal | 77.5 |
| Pakistan | 63.1 |
Source: Research Gate
Indian census of 2011 registered 65.46% of the female population as literate, which was 54.16% a decade earlier in 2001. Increasing literacy rate is considered a harbinger for economic development. Spur in female literacy is the driving force behind women entrepreneurship and self-employment. And in line with this several nationalized banks have launched many schemes that offer specialized loans for women entrepreneurs or self-employed women.
Loan products by Bhartiya Mahila Bank
- Shringaar- Bhartiya Mahila Bank offers BMB Shringaar loan for self employed women or housewives for buying necessary equipment, setting up beauty parlours or meeting other day-to-day expenses. No security is required to be submitted while applying for this loan.
- Parvarish- BMB Parvarish loan is extended for self employed women or housewives to start a day-care centre. For this, an applicant can get up to Rs. 1 Crore collateral free loan amount under the CGSTSM scheme.
- Annapurna- BMB Annapurna loan is offered to start catering businesses. It is a term loan. Individual between 18 to 60 years old can apply for this loan.
- Kitchen Modernization- BMB Kitchen Modernization loan is meant for working women and housewives for the renovation of kitchen, and purchase of electronic items, utensils and furniture to be used in the Kitchen.
Loan schemes by Punjab National Bank
PNB offers different loans for self employed women or housewives to cater to their distinct needs.
- Mahila Udyam Nidhi Scheme– Punjab National Bank launched this scheme with the objective of supporting women entrepreneurs involved in small scale industries by extending them soft loans. Under this scheme, an applicant can get loan for beauty parlours, day care centres, purchase of auto rickshaws, two-wheelers, cars etc.
- Kalyani Card Scheme-This Mahila loan scheme offers credit for funding agricultural and non-farming initiatives.
- Mahila Samridhi Yojana– This loan is granted for setting up tailoring business, beauty parlour, internet café, telephone booth etc.
Star Mahila Gold Loan Scheme
This loan is offered for the purchase of hallmarked Gold ornaments from reputed jewelers and Gold coins of Bank of India. The quantum of loan can be 10 times of take home salary of self / spouse, in case of non-working women.
Vijaya Bank Swashakti Personal Loan
V Swashakti lending scheme is designed with the objective of providing financial assistance to women entrepreneurs to engage in small business, professional or self-employed and retail trade through credit facilities. Under this scheme, the applicant can get upto Rs. 5.00 lakh loan as working capital and term loan.
There are many other lending schemes provided by various banks such as AB Vanitha Vahan scheme by Andhra Bank, Dena Shakti Scheme by Dena Bank, Cent Kalyani Scheme by Central Bank of India, Mudra Yojana Scheme by Govt. of India, and Orient Mahila Vikas Yojana Scheme by Oriental Bank of Commerce.
Corporate Comm India(CCI Newswire)
