SBI Stree Shakti Scheme 2023: Collateral-Free Loan for Women

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Stree Shakti Scheme is a SBI (State Bank of India) initiative tailored for only women who dream of becoming entrepreneurs and expanding their business.

The number of women entrepreneurs has increased in the county since the launches of several initiatives by both the government and the private sector. Women are now granted safe and easy access to financial assistance, with several financial institutions and banks contributing towards women empowerment. Now SBI Stree Shakti Scheme is a new addition to the long list of finance-related initiatives for women empowerment.

Who are eligible?

Ø   The applicant must be a woman.

Ø Women entrepreneurs with shared capital of not less than 51% as directors/shareholders/partners of a private limited company or members of a co-operative society are eligible to apply for this SBI loan.

Stree Shakti Scheme Loan Details

The SBI interest rate will be decided according to the women applicant’s business profile and the existing rate of interest at the time of loan approval.

A rate concession of 0.5% will be available for loan amount above Rs 2 lakh.

Loan amount for retail traders: Rs 50, 000 – Rs. 2 Lakhs

Loan amount for Business Enterprises: Rs 50, 000 – Rs. 2 Lakhs

Loan amount for professionals: Rs 50, 000 – Rs. 25 Lakh

Loan amount for SSI: Rs. 50, 000 – Rs. 25 lakhs

Collateral Requirement: No collateral is required for loan up to Rs. 5 Lakhs

What will be the interest rates?

Interest rates will depend on the amount of loan one will take out from the bank.

A 5% reduction in the margin will be applicable to distinct categories.

Loans above Rs 2 Lakhs: A rate concession of 0.5% in the existing rate will be available for women borrowing above Rs 2 lakhs. In case of small sector units, no collateral is required for loans up to 5 lakhs. A special concession of 5% in the margin will be available.

Criteria for Relaxation: The SBI provides both concession and reduction in case of margins with optimal floating interest linked to SBI’s base rate. The scheme is tailored to provide economic incentives to women entrepreneurs. The margin is reduced by even 5% in specific categories. However, no concession will be available in interest on loan advance to retail businesswomen.

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Who are eligible for Stree Shakti Scheme?

Women candidates listed below will be eligible for Stree Shakti Scheme:

Occupation: Women from retail sectors or manufacturing service activities are eligible for this SBI loan.

Self-employed women, who are doctors, architects, chartered accountants, are eligible for the loan under this SBI scheme.

Business Ownership: The SBI loan will be provided to businesses that are run by women or wherein women have more than 50% stake.

EDP: The applicants are required to be pursing the EDP (Entrepreneurship Development Programmes) or to be a part of it, to obtain loan under the scheme. The ERDP program is organized by state agencies.

What do you think?

Written by Nilanjan

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