Indian Overseas Bank has started the IOB Mahila Shaksham Scheme 2024. This scheme is for all the girls and women in India who want to become entrepreneurs. The aim is to help them start their own businesses and become successful. If you are a female citizen of India and dream of being an entrepreneur, this scheme is perfect for you!
The IOB Mahila Shaksham Scheme 2024 offers a credit facility of up to INR 10 lakh. This means if you meet the requirements, you can get financial help to start your business. It is a great opportunity for women to turn their business ideas into reality.
To get the benefits of the IOB Mahila Shaksham Scheme 2024, you need to check if you are eligible. All the women who qualify must go to the official website. There, you need to fill out the application form online. Make sure to provide all the required information to make it easy for the bank to help you!
This scheme is designed to empower women and encourage them to take big steps in the world of business. So, if you are a woman with a dream, don’t wait! Visit the official website today and start your journey as an entrepreneur with the help of IOB Mahila Shaksham Scheme 2024!
IOB Mahila Shaksham Scheme Objective
- The main objective of launching the scheme is to make sure that all female entrepreneurs and India earn at least INR 1 lakh annually.
- The scheme is associated with the Lakhpati Didi Yojana which helps the female entrepreneurs to increase their annual income significantly. With the help of this scheme, female citizens can become financially independent and can grow their businesses significantly.
- This scheme will uplift the social status and standard of living of all the financially unstable female citizens of India. By providing financial assistance to the female entrepreneurs the Government of India will also create employment opportunities for Semi-skilled workers.
Also Read: Namo Drone Didi Scheme
Summary of IOB Mahila Shaksham Scheme
| Name of the scheme | IOB Mahila Shaksham Scheme |
| Introduced by | Indian Overseas Bank |
| Objective | Provide financial benefits |
| Beneficiaries | Female entrepreneurs |
| Official website | Update soon |
| Shivam credit facility | INR 10 lakh |
| Eligibility | Females of self-help group |
List Eligibile Bussiness (Activities)
- Mushroom cultivation
- High-value crop cultivation in greenhouse/poly house, floriculture etc.
- Allied activities like dairy, poultry, sericulture, pisciculture, Goat & sheep rearing etc.
- Beauty parlour and salon services
- Tailoring shop
- Rural eco- tourism
- Restaurant
- Internet cafe and photocopy
- Confectionary shops including soft drinks
- Groceries/stationary shops
- Fruits and vegetables shop
- Cosmetic shop
- Papad /Traditional snacks
- Flour mill
- Oil processing units
- handicrafts, weaving, textile bags, covers, baskets etc.
- Pottery & ceramics
- Artificial jewellery making unit
- Bangles – Glass and lac items
- Agarbathi /candle making unit
- Soap making/liquid soap/detergent/washing soap
- metal and cane products
- Hosiery unit
- Sanitary towels/napkin manufacturing unit
- Paper plates/cups/glass manufacturing
- Agri Clinic and Agri Business center
Required Documents
- Aadhaar Card
- Pan Card
- Mobile Number
- Business official documents
Loan Amount
- Minimum: INR 75,000 and above
- Maximum: INR Up to Rs.10,00,000
Rate of Interest
- For Agriculture and allied activities
- Up to INR 10.00 lakhs: 1 YMCLR +0.20%(SP)+1.80%(RP)
- For MSME activities including processing units
- Up to INR 10.00 lakhs: RLLR+0.40%(SP)+1.35%(RP)
Eligibility Criteria
A loan above Rs. 75,000 to Rs. 2 Lakhs
| Parameter | Details |
| Loan Amount | Above Rs. 75,000 to Rs. 2 Lakhs |
| Age | 21 to 60 years (60 at the end of loan tenure) |
| SHG Eligibility | 2 years old and 1 successful bank loan cycle completed |
| Membership Vintage in SHG | At least 1 loan cycle with SHG and 2 years of membership |
| Member’s Minimum Loan | Rs. 25,000 |
| Business Vintage | 2 years of viable business |
| Co-Applicant | Not required |
| Additional Points to Check | – |
| Security | Prime security: Hypothecation of assets created out of bank finance. Collateral Security: NIL |
Loan above Rs. 2 Lakhs to Rs. 5 Lakhs
| Parameter | Details |
| Loan Amount | Above Rs. 2 Lakhs to Rs. 5 Lakhs |
| Age | 21 to 60 years (60 at the end of loan tenure) |
| SHG Eligibility | 3 years old and 2 successful bank loan cycle completed |
| Membership Vintage in SHG | At least 2 loan cycle with SHG and 3 years membership |
| Member’s Minimum Loan | Rs. 40,000 |
| Business Vintage | 3 years of business experience |
| Co-Applicant | Required in registered entities |
| Additional Points to Check | – |
| Security | Prime security: Hypothecation of assets created out of bank finance. Collateral Security: NIL |
Loan above Rs. 5 Lakhs to Rs. 10 Lakhs
| Parameter | Details |
| Loan Amount | Above Rs. 5 Lakhs to Rs. 10 Lakhs |
| Age | 21 to 60 years (60 at the end of loan tenure) |
| SHG Eligibility | 3 years old and 2 successful bank loan cycles completed |
| Membership Vintage in SHG | At least 2 loan cycles with SHG and 3 years of membership |
| Member’s Minimum Loan | Rs. 40,000 |
| Business Vintage | 3 years of viable business |
| Co-Applicant | Required in registered entities |
| Additional Points to Check | Last 24 months’ records with SHGs for repayment and proper financial analysis be done. |
| Security | Prime security: Hypothecation of assets created out of bank finance. Collateral Security: NIL |
Repayment Schedule
- 60 monthly/ 20 Quarterly instalments including the moratorium period.
Processing Fee
- The processing fees will be 0.40% of the sanctioned limit plus applicable GST (for both term loans and working capital).
Application Process
STEP 1: All female citizens who want to avail themselves of the benefits of the IOB Mahila Shaksham Scheme 2024 are requested to visit the official website.
STEP 2: Once the female citizens reach the home page of the official website they must locate and click on the option called “Apply now”.
STEP 3: A new page will appear on your desktop screen the females must enter all the details that are asked and attach all the necessary documents.
STEP 4: After entering all the details the female citizens must quickly review it and click on the option “submit” to complete their process.
Contact Details
- Toll Free 18008904445/18004254445
FAQs
Who launched the Mahila Saksham Scheme 2024?
The Indian Overseas Bank has launched the IOB Mahila Shaksham Scheme 2024.
What is the minimum credit facility under the Mahila Saksham Scheme 2024?
The minimum credit facility of up to INR 75000 will be given to the selected female beneficiary under the Mahila Saksham Scheme 2024.
What is the main objective of launching the Mahila Saksham Scheme 2024?
The main objective of launching the Mahila Saksham Scheme 2024 is to make sure that all the female entrepreneurs in India will earn at least INR 1 lakh annually.
The Mahila Saksham Scheme 2024 is associated with which scheme?
The Mahila Saksham Scheme 2024 is associated with the Lakhpati Didi Yojana.