The Mahila Udyam Nidhi Yojana, which is being run by Punjab National Bank, aims to empower and empower women by giving them jobs. Women can apply for loans under this initiative up to Rs 10 lakh for small businesses. Under this program, all women who are unable to launch their businesses owing to financial constraints can obtain a loan with a low interest rate and few stipulations, enabling them to realize their aspirations. You can even launch your own company. You are eligible to apply for a loan under this program if you also intend to launch your own company.
Through this essay, we will give you information on the Mahila Udyam Nidhi Yojana today. We will also inform you about the types of business loans that are available. Now let’s examine the Women’s Enterprise Fund Scheme in more detail.
Information about the Women Entrepreneurship Fund Scheme 2024
- Scheme Name: Mahila Udyam Nidhi Yojana
- Launched by: PNB – Punjab National Bank
- Benefit for: Women of the country
- Objective: To make women self-reliant and encourage them to employment Benefits Loan up to Rs.10 lakh for small business
- Category: Central Government Scheme
- Application process: Online
Mahila Udyam Nidhi Yojana: Objectives
The Women Entrepreneurship Fund Scheme’s primary goal is to empower women and support their pursuit of employment. So that through this program, women can bolster existing industries or businesses or launch new ventures by obtaining bank financing. PNB Mahila Udyami Nidhi Yojana provides financial support to women who wish to launch their businesses. so that there are no financial barriers in the way of women starting their businesses. and are eligible to apply for a loan for your medium-sized and small business’s service manufacturing and production activities.
When to repay the loan
Women can start small businesses or create their enterprises with a loan of up to Rs 10 lakh under PNB’s Women Entrepreneurship Fund Scheme. women to benefit from this program and grow their small-scale industrial businesses and service-related sectors. Women who take out a loan under this arrangement are required to repay it within five to ten years. We would like to clarify that not all banks charge a service fee of just 1%. Furthermore, we would like to inform you that interest rates fluctuate.
List of industries/businesses
Repairing mobile devices Typing Center, Sewing Training Institute, Photocopy (Xerox) Center Network of Cable TV Computerized desk in the canteen and restaurant Leading Publishers Nursery Internet café Day Care Center for Road Transport Operators Dry cleaning and Laundry for ISD/STD Booths Salon Autorickshaw, Dual-Wheelers, Automobile Purchasing TV Servicing Auto-Tuning and Maintenance Facility Agriculture and Equipment Service for Beauty Parlors washing machine, as well as additional electrical and electronic devices, etc.
Mahila Udyam Nidhi Yojana: Important details
- It is not necessary to pledge any property to obtain a business loan under the Mahila Udyam Nidhi Yojana. Women can start their small businesses or apply for business loans up to Rs 10 lakh under this initiative.
- A quarter of all project costs will need to be borne by female entrepreneurs. This sum is set aside for projects totaling no more than Rs. 2.5 lakh. Seventy-five percent of the total will be provided as business loans to women.
- The Mahila Udyam Nidhi Yojana allows business loans with repayment terms of up to ten years. The loan moratorium lasts for the final five years of the first five-year period.
- If women choose to choose the loan moratorium option, they will be required to deposit the loan’s monthly installment after five years.
- Under this program, business loans have a lower interest rate than other loans. The interest rate is subject to change over time and can differ between banks.
- When women obtain loans under the Mahila Udyam Nidhi Yojana, the lending institution levies an annual service tax equal to 1% of the loan amount.
Eligibility for Mahila Udyam Nidhi Yojana
- To apply for the Women Entrepreneurship Fund Scheme, you must meet the following requirements. which is comparable to this. This program only accepts applications from women.
- The application woman needs to be connected to an industry to launch a small business.
- More than 51% of the company must be owned by the applicant. The company’s yearly revenue ought to exceed Rs 10 lakh.
- To be included in the MSME sector, Micro, Small, and Medium-Sized Enterprises (MSMEs) must exist.
- To launch a firm, you need to invest a minimum of Rs 5 lakh and a maximum of Rs 10 lakh.
Documents required for Women Entrepreneurship Fund Scheme
- Aadhaar Card
- PAN Card
- Bank Statement for the previous nine months
- A copy of the ITR filed documents
- A mobile number
- Passport size for home or business
- Passbook for a bank account in picture
How to apply under Mahila Udyam Nidhi Yojana 2024?
The offline application process is available to any interested woman who wishes to apply for a business loan under the Women Entrepreneurship Fund Scheme. This method only allows applications to be submitted offline. The steps involved in applying for the Women Entrepreneurship Fund Scheme are shown below.
- You must first proceed to the closest bank.
- To apply for the Women’s Enterprise Fund Scheme, you must go there and obtain the application form.
- Once you obtain the application form, you must fill it out with the requested information.
- After that, you must include the application form and the necessary documents.
- You must specify which firm you wish to borrow money from when completing the application.
- Following this, the bank will review your paperwork.
- You will receive a loan under the Women Enterprise Fund Scheme following document verification.