Self Help Group (SHG) Loan Scheme, also known as Samuh Yojana, is a great initiative to make women financially self-reliant. Under this scheme, small groups of 10-20 women are formed, and they are given loans at very low interest to start or expand their work. Only 4% interest has to be paid annually on this loan. The most special thing about this scheme is that the government gives a discount of 2% on interest.
Not only this, but women who repay the entire loan on time get an additional 3% discount. That is, this loan is available at a mere 4% annual interest. So, if you are also an empowered woman and want to do something big by standing on your feet, then this scheme is a golden opportunity to make your dreams come true.
How 10-20 women together can become a symbol of power
Samuh Yojana, i.e., Self Help Group (SHG), is an organization of 10 to 20 women who collect small savings together. These women together form a fund and take loans from it for their mutual needs. Later, this group can also get a loan from the bank under government schemes. This is a wonderful way for women to unite and become financially strong, where they move forward by supporting each other.
First, the habit of saving, and then you will get a loan for business
The most important thing about this scheme is that the group of women has to first develop the habit of saving together. Every month, they create a fund by depositing small amounts. After this, they go to the bank and open an account. The bank provides loans by looking at their previous savings and the activity of the group.
In this entire process, an employee is also present at the block level to assist them. This employee checks the files of the group and plays an important role in approving the loan. Every month, the entire group contributes together to repay the installments of the loan taken. This collective effort helps in repaying the loan on time.
From small businesses to farming, every dream will get financial support
Women can use the loan received under this scheme to start or expand many types of work. Whether it is a small business (such as animal husbandry, farming, weaving-embroidery, food processing unit, running a shop) or any other enterprise, this scheme gives women a great opportunity to improve their financial condition by starting a work of their choice! This is truly a scheme that gives wings to the dreams of women.