Over the past few years, women’s participation in employment and business has increased rapidly. Nearly 20% of businesses in India are owned by women. To further accelerate this participation, the government is implementing several schemes, such as the Udyogini Scheme, which provides collateral-free loans to women. This scheme is a powerful support for women to become financially independent.
Key Features of the Udyogini Scheme
The Udyogini Scheme is for women who want to start their own businesses. Its most significant feature is that under this scheme, women receive collateral-free loans. This scheme was first launched by the Karnataka government, but is now being implemented across the country with the support of the central government.
Under this scheme, women are provided collateral-free loans ranging from ₹1 lakh to ₹3 lakh. Women can use this fund to start beauty parlors, tailoring, or other productive businesses.
Who can benefit from the scheme
There are some conditions to avail this scheme:
The woman’s family income must be ₹1.5 lakh per year or less.
There is no income limit for widows and disabled women. They can easily avail themselves of this scheme.
There is no processing fee for this loan.
Women between the ages of 18 and 55 can avail themselves of this scheme.
Great subsidy benefit
Usually, you have to repay more than the loan amount, but this is not the case with the Udyogini scheme. The government also provides a subsidy of up to 30 percent on this loan. This subsidy significantly reduces the debt burden and helps the business reach profitability quickly.
These documents will be required
The following documents will be required at the time of application:
Passport-sized photo
Aadhaar card
Family income certificate
Project report
Caste certificate (if applicable)
Training or experience certificate (if available)
How to apply for the Udyogini Scheme
You can apply for this scheme by visiting a bank or online through the myscheme.gov.in portal. Previously, this scheme was only available to women in Karnataka, but now women across India can benefit from it. If you are a woman and want to start your own business, this scheme, with its subsidy, can prove to be a huge support for you.