The Udyogini Yojana Scheme is a flagship initiative by the Ministry of Women and Child Development (WCD) in India. The scheme offers subsidised loans of up to ₹3 lakh to eligible women entrepreneurs.
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Udyogini Yojana Scheme 2024
The Udyogini Yojana Scheme 2024 offers a maximum loan amount of up to Rs. 3 lakh to eligible applicants.
This financial assistance is aimed at empowering women entrepreneurs, particularly those from socioeconomically disadvantaged backgrounds, to establish and expand their businesses.
The scheme provides a substantial loan amount without the requirement of collateral and with a nil processing fee, making it accessible and supportive for women looking to venture into entrepreneurship.
Udyogini Yojana Scheme 2024 Eligibility
The people who are eligible under the Udyogini Yojana Scheme are:
- This scheme is exclusively for women entrepreneurs.
- Applicants must be between 18 and 55 years of age.
- The scheme prioritises women from families below the poverty line (BPL). There might be some relaxation in income limits for certain categories.
- General and Special Categories: The family income of the applicant should be less than ₹1,50,000/- (approx. USD $1,800).
- Widowed or Disabled Women: No limit on family income for these categories.
- Geographic Location: While the scheme is pan-India, some states might have additional residency requirements. It’s best to check with your state’s nodal agency for confirmation.
- Loan Default History: A good credit history with no past loan defaults from financial institutions is generally preferred.
How to apply for Udyogini Yojana Scheme 2024?
To apply for the Udyogini Yojana Scheme 2024, follow these steps:
- Go to the nearest bank participating in the Udyogini Yojana Scheme.
- Fill out the application form available at the bank with accurate details.
- Provide necessary documents like Aadhaar card, income certificates, and bank passbook photocopies.
- Ensure you meet the eligibility criteria, which typically include being a woman aged 18 to 55 with an annual family income of Rs. 1.5 lakh or less.
- Benefit from interest-free loans of up to Rs. 3 lakh without the need for collateral and with no processing fee
- Online Application: Alternatively, applicants can apply online by visiting the official websites of banks participating in the Udyogini Yojana Scheme.
Udyogini Yojana Scheme 2024 Loan Amount and Interest Rate
The loan amount and interest rate for Udyogini Yojana Scheme 2024 are:
- Maximum Limit: The scheme offers loans up to a maximum of ₹3 lakh to eligible women entrepreneurs.
- Sector-Specific Variations: There might be some variations in the loan amount based on the business sector you choose. It’s advisable to check with the designated WDC or nodal agency in your state for any specific limitations based on your chosen business activity.
- Interest Rate: The interest rate for loans availed under the Udyogini Scheme is 6%.
- Special Categories: Women entrepreneurs from special categories like widows and disabled women may receive interest-free loans under this scheme.
Which Industries come under Udyogini Yojana Scheme 2024?
The Udyogini Yojana Scheme 2024 specifically targets women entrepreneurs in micro and small enterprises (MSEs).
Types of Businesses Supported:
- Manufacturing: This could include production of items like incense sticks, bakery goods, textiles, garments, handicrafts, and furniture.
- Services: The scheme might cover businesses like beauty parlours, tailoring units, travel agencies, typing institutes, daycare centres, and catering services.
- Retail: Setting up small shops selling groceries, stationery, stationery items, clothes, or other consumer goods could be eligible.
Expected Industries:
- Food Processing
- Agriculture and Allied Activities
- Handlooms and Handicrafts
- Textile and Apparel
- Services (including beauty, tourism, education, healthcare)
- Manufacturing (small-scale)
Udyogini Yojana Scheme 2024 Benefits
The Udyogini Yojana Scheme 2024 offers a multitude of benefits for aspiring women entrepreneurs, empowering them to take charge of their financial futures and contribute to the economy.
Financial Independence:
- Access to Capital: The scheme provides crucial financial assistance in the form of subsidised loans up to ₹3 lakh. This initial investment can be the foundation for starting or expanding a micro-enterprise.
- Concessional Interest Rates: While information on the latest rates awaits official confirmation, previous iterations offered loans at significantly lower interest rates compared to market rates.
Entrepreneurial Development:
- Business Training: The scheme often mandates participation in Entrepreneurship Development Programs (EDPs). These programs empower women with essential business skills, including financial management, marketing, and operations.
- Mentorship and Guidance: Programs offer women business skills and may provide mentors and resources for entrepreneurial journey support.
Economic Empowerment and Growth:
- Job Creation: Establishing micro-enterprises through the Udyogini Yojana Scheme fosters employment opportunities not just for the beneficiary but also for others in the community.
- Improved Livelihoods: By enabling women to become financially independent, the scheme empowers them to improve their living standards and provide better opportunities for themselves and their families.
- Increased Confidence: Successfully running a business boosts women’s confidence, empowering others in the community.
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