The State Bank of India (SBI), the country’s largest public sector bank, has launched a unique loan scheme for women called ‘Asmita.’
This initiative, introduced on International Women’s Day, aims to provide financial assistance to women-run Micro, Small, and medium Enterprises (MSMEs).
Through the ‘Asmita’ scheme, women traders and small entrepreneurs can access loans at low interest rates, enabling them to expand their businesses and industries.
Recently, TransUnion CIBIL released a report indicating that women’s participation in business loans is very low. The data showed that only 3 percent of loans taken by women were for business purposes, whereas 42 percent were for personal needs, such as personal loans and home loans.
Additionally, 38 percent of loans were secured against gold, with some women opting for loans by pledging their gold assets. In light of this, the State Bank introduced the ‘Asmita’ scheme to empower women entrepreneurs.
Details and Benefits of the SBI Asmita Scheme
- Unsecured Loan: No collateral is required to obtain a loan under the Asmita scheme.
- Customized Loans: Loan amounts are tailored to meet various business needs.
- Low Interest Rates: Attractive interest rates and flexible repayment options to ease the financial burden.
- Paperless Process: A completely digital and hassle-free application process.
- Support from the Bank: Bank representatives’ guidance on business growth and financial management.
- Entrepreneurship Training: Borrowers have the opportunity to enhance their business skills.
‘Nari Shakti’ Platinum Debit Card
On International Women’s Day, the State Bank introduced the ‘Nari Shakti’ RuPay debit card in addition to the Asmita scheme.
These debit cards are made entirely from recycled plastic, promoting environmental sustainability. The ‘Nari Shakti’ RuPay Debit Card offers special benefits, including discounts on shopping, travel, entertainment, and insurance, catering specifically to women’s evolving financial and lifestyle needs.
Stand-Up India Loan Scheme
Additionally, the State Bank has launched several financial schemes, including the ‘Stand-Up India Scheme,’ to support women-run businesses.
This program is designed to provide loans to women entrepreneurs, especially those from SC, ST, and OBC backgrounds.
Eligible applicants can avail themselves of loans ranging from ₹10 lakhs to ₹ one crore, with a loan tenure of up to seven years and a maximum moratorium period of 18 months. The processing fee is 0.20 percent of the loan amount, including GST.