IOB-MAHILA SHAKSHAM Scheme Overview
Indian Overseas Bank has launched the IOB-MAHILA SHAKSHAM scheme, a program aimed at empowering women entrepreneurs and supporting their economic independence. Designed to facilitate access to affordable credit, training, and mentorship, this initiative is part of IOB’s mission to enable women in India to start, grow, or improve their businesses.
Key Features of IOB-MAHILA SHAKSHAM
- Easy Access to Credit: Offers loans at appealing interest rates to help women start or expand businesses, with flexible repayment options.
- Comprehensive Business Support: Includes financial assistance across various industries like manufacturing, retail, services, and agriculture.
- Training and Mentorship: Provides guidance in areas such as financial management and marketing to equip women with essential business skills.
- Networking Opportunities: Facilitates connections with other entrepreneurs, mentors, and investors to support business growth.
- Customized Financial Products: Tailored financial solutions that fit the specific needs of women-led enterprises.
Eligibility Criteria
To qualify, applicants must be women entrepreneurs with either newly established businesses or existing businesses they own. They should ideally operate in sectors like manufacturing, services, retail, or agriculture and hold an IOB account. The scheme is open to women in both rural and urban areas across micro, small, and medium enterprises (MSMEs).
Application Process
- Visit an IOB Branch or Apply Online: Applicants can apply in person or through the bank’s website.
- Submit Necessary Documents: Required documents include ID proof, a business proposal, and bank statements.
- Loan Approval and Disbursement: Applications are reviewed, and upon approval, funds are transferred directly to the applicant’s IOB account.
Empowering Women Entrepreneurs
The IOB-MAHILA SHAKSHAM scheme helps women achieve financial independence, enhance their skills, and advance gender equality in business. It opens opportunities for women to confidently build and manage businesses in diverse sectors, from traditional crafts to modern industries like tech and e-commerce.