5 Best Business Loan Schemes for Women Entrepreneurs in Mumbai

5 Best Business Loan Schemes for Women Entrepreneurs in Mumbai

March 17, 2025 By: sonimoney0 comments

Women entrepreneurs in India are making significant strides in various industries, and financial support plays a crucial role in their success. Several government and private financial institutions offer exclusive business loan schemes for women to encourage their entrepreneurial journey. If you are looking for a business loan for women in Mumbai, here are five of the best options to consider.

1. Mudra Loan for Women (PMMY)

Pradhan Mantri Mudra Yojana (PMMY) offers financial assistance to women entrepreneurs under three categories – Shishu (up to ₹50,000), Kishor (₹50,000 to ₹5 lakh), and Tarun (₹5 lakh to ₹10 lakh). This scheme is ideal for women running micro and small businesses in Mumbai, such as boutiques, beauty salons, and catering services.

Key Benefits:

• No collateral required
• Competitive interest rates
• Flexible repayment terms

2. Stree Shakti Package by SBI

State Bank of India (SBI) offers the Stree Shakti Package, designed exclusively for women entrepreneurs who own at least 50% of their business. This scheme provides business loans at concessional interest rates with relaxed eligibility criteria.

Key Benefits:

• Interest rate concession of 0.50%
• No collateral required for loans up to ₹5 lakh
• Ideal for manufacturing and service businesses

3. Annapurna Scheme

Women in Mumbai running food catering businesses can benefit from the Annapurna Scheme, offered by various banks, including the State Bank of Mysore. This loan helps in setting up food businesses by covering working capital needs such as buying utensils, raw materials, and kitchen equipment.

Key Benefits:

• Loan amount up to ₹50,000
• No collateral for small loans
• Repayment period up to 36 months

4. Cent Kalyani Scheme by Central Bank of India

This scheme is designed for women entrepreneurs in sectors like manufacturing, agriculture, and retail. The Cent Kalyani Scheme does not require collateral and offers attractive interest rates.

Key Benefits:

• Loan amount up to ₹1 crore
• No collateral or third-party guarantee
• Lower interest rates for women borrowers

5. Mahila Udyam Nidhi Scheme

The Mahila Udyam Nidhi Scheme, offered by SIDBI (Small Industries Development Bank of India), aims to assist women in setting up new small-scale industries by providing soft loans.

Key Benefits:

• Loan amount up to ₹10 lakh
• Extended repayment tenure of 10 years
• Ideal for manufacturing and service sector businesses

How to Apply for a Business Loan for Women in Mumbai

If you are looking for a business loan provider in Mumbai, Soni Money World can help you find the best loan options tailored to your needs. Applying for a business loan is simple:

1. Check Eligibility – Ensure that you meet the lender’s requirements regarding age, business type, and credit score.
2. Prepare Documents – Commonly required documents include business registration proof, PAN card, Aadhaar card, income tax returns, and a business plan.
3. Compare Interest Rates – Visit www.sonimoney.com to compare different business loan schemes for women entrepreneurs.
4. Apply Online or Offline – You can apply through a bank’s official website or visit the nearest branch for offline processing.
5. Get Approval and Disbursement – Once approved, the loan amount is credited to your account.

Conclusion

Women entrepreneurs in Mumbai have multiple financial support options to grow their businesses. Whether you are starting a new venture or expanding an existing one, choosing the right business loan for women in Mumbai can make all the difference. Explore the best financing options with Soni Money World and take your business to new heights.

For more information, visit www.sonimoney.com and get expert guidance on securing the best business loan for your needs!