The Indian Overseas Bank launched the IOB Mahila Shaksham Scheme 2024 to support female residents of India in becoming entrepreneurs. Under this scheme, all eligible female citizens aspiring to be entrepreneurs can receive financial assistance. A credit facility of up to INR 10 lakh will be provided. Eligible applicants can visit the official website and complete the application online to avail themselves of the scheme’s benefits.
Objective of the IOB Mahila Shaksham Scheme
The main goal of this scheme is to ensure that female entrepreneurs in India earn at least INR 1 lakh annually. It is associated with the Lakhpati Didi Yojana, which aids female entrepreneurs in significantly increasing their income. This scheme empowers women to become financially independent and grow their businesses, uplifting the economic status and lifestyle of economically disadvantaged women across India.
Scheme Details
- Name of the Scheme: IOB Mahila Shaksham Scheme
- Introduced by: Indian Overseas Bank
- Objective: Provide financial assistance
- Beneficiaries: Female entrepreneurs
- Credit Facility: Up to INR 10 lakh
- Eligibility: Females in self-help groups
Eligible Business Activities
- Mushroom cultivation, High-value crop growth, Dairy, Poultry, Sericulture, Goat and Sheep rearing
- Salon services, Tailoring, Rural eco-tourism, Restaurants, Internet cafes
- Confectionery, Fruit and vegetable shops, Cosmetic shops, Papad/snacks production
- Handicrafts, Pottery, Jewelry making, Agarbatti/candle making
- Soap and detergent production, Hosiery, Paper plate manufacturing
- Agri Clinics and Agri Business Centers
Required Documents
- Aadhaar Card
- PAN Card
- Mobile Number
- Official Business Documents
Loan Amount and Interest Rate
- Minimum: INR 75,000
- Maximum: INR 10,00,000
- Interest Rates vary for agriculture and MSME activities.
Eligibility Criteria
| Credit | Amount | Age | SHG Eligibility | Additional Details |
|---|---|---|---|---|
| INR 75,000 to 2 Lakh | Age 21-60 | 2 years SHG membership | Minimum loan of INR 25,000 | |
| INR 2 Lakh to 5 Lakh | Age 21-60 | 3 years SHG membership | Minimum loan of INR 40,000 | |
| INR 5 Lakh to 10 Lakh | Age 21-60 | 3 years SHG membership | Last 2 years repayment history |
Repayment Schedule
Repayment is scheduled over 60 monthly or 20 quarterly installments, including a grace period.
Processing Fees
For both term loans and working capital, a processing fee of 0.40% of the approved limit plus applicable GST will be charged.
Application Process
- Visit the official website for the IOB Mahila Shaksham Scheme 2024.
- On the homepage, click “Apply Now.”
- Fill in all necessary details and attach the required documents.
- Review the details and click “Submit” to complete the application.
Contact
Toll-free: 18008904445 / 18004254445
FAQs
Who launched the IOB Mahila Shaksham Scheme 2024?
The Indian Overseas Bank introduced the IOB Mahila Shaksham Scheme 2024.
What is the minimum credit facility under the scheme?
A minimum credit facility of INR 75,000 is available for eligible applicants.
What is the primary objective of the scheme?
The primary objective is to ensure female entrepreneurs in India earn at least INR 1 lakh annually.
Which scheme is the IOB Mahila Shaksham Scheme 2024 associated with?
This scheme is associated with the Lakhpati Didi Yojana.