Women have a plethora of responsibilities ranging from taking care of their household and children to supporting their extended families but also balancing their own careers. But in between all of these, they are also saving their hard-earned money for emergencies and future needs and requirements.

According to a survey undertaken by Scripbox in February 2020, Indian women are better at managing their finances than men, with а staggering 68% either managing their оwn finances or having an equal voice in their families' financial сhоiсes.

India is the world's fastest-growing economy, and women can play a significant role in its development. According to the National Sample Survey conducted by tech giant Dell in partnership with HIS Markit, women entrepreneurs account for roughly 14% of all entrepreneurs in India as reported by Startup Talky in January 2022.

The Government of India recognizes and understands the magnitude of the challenge соnfrоnting female entrepreneurs, which is why various wоmen-сentriс business loans and credit facilities have been introduced in India.

These programs assist ambitious women in breaking down the barrier of a convoluted credit system by simplifying the borrowing procedure.

Here are some of the popular credit schemes for women:

Mudra Yojana for Women

Pradhan Mantri Mudra Yojana is a scheme launched by PM Modi on April 8, 2015, to support and encourage women’s entrepreneurship. This scheme provides Mudra loans to women who wish to start their own businesses.

This scheme is primarily designed to promote the entrepreneurial environment and eliminate poverty. The objective behind the implementation of the Pradhan Mantri Mudra Yojana is to help facilitate women entrepreneurs to become an employer at the earliest.

The government has been more interested in providing business loans for women since the mudra women loan scheme has launched. Under the MUDRА scheme, women entrepreneurs саn get an instant business lоаn of up to ten lakhs to start or expand а business.

Mahila Udyam Nidhi Yojana

Mahila Udyam Nidhi (MUN) Scheme has been created to provide support to women entrepreneurs in the form of equity to set up micro-enterprises in the country. The scheme aims to promote self-employment by motivating women to take up self-employment opportunities, which are viable and sustainable.

This Scheme is implemented jointly by Punjab National Bank and Small Industries Development Bank of India (SIDBI). The initiative provides loans to women entrepreneurs in the amount of up to ten lakh rupees, which must be returned over a ten-year period. It is expected that this Scheme will empower self-help groups, enable women entrepreneurs and promote income and employment generation.

Dena Shakti Scheme

Dena Shakti Scheme is a scheme for financing women entrepreneurs which aims in helping women to become economically independent through their new and existing businesses. The scheme aims at increasing the level of participation of women in India's economic development, improving their welfare, and bringing about gender equality.

Through this scheme, women will be provided loans at low-interest rates and easy repayment terms. The Scheme would provide interest at а rate that is 0.25 percent lower than the base rate for women entrepreneurs. The credit is extended to those businesses which are owned and managed by the women and hold more than 50% ownership in the business.

Debt Management

Most people in the world worry about how they will pay off debts. In their quest to wipe off their debt, some end up missing out on their other needs. Some even get saddled with more debt. Debt management is a delicate issue to deal with and must be considered before you look to some of the credit schemes mentioned earlier.

Women are more susceptible to debt than men are, and it is not a good thing. One of the critical aspects of debt is how it impacts the women in the household in contrast to men. Debt is a complicated problem that needs a complex solution. That is why Debt management is such a popular way to handle debt.

Debt management is not a one-stop solution for your debt, but it helps eliminate debt over time in two ways. First, it helps you to repay your debt either through consolidation and/or making manageable payments. Second, it allows you to avoid legal action from lenders, including courts and credit collection agencies.

If you want to get out of debt and live a debt-free life, you need to educate yourself on managing your debt – especially if you are considering taking on debt for your personal needs or your business.

Conclusion

Women have been traditionally known to be the most financially responsible in the household. However, with the development of the economy in India, women have gone on to become more independent and have taken on financial responsibilities more than ever before.

Indian women are becoming more educated and are working hard to rise above the cultural and financial barriers that stand in their way. Many women are now financially empowered through the availability of exclusive loans. These lending schemes greatly encourage and support women but due to the lack of knowledge and existence of these schemes and features, many women are still not taking advantage. Take the time to educate yourself on these schemes, ensure you know how to manage debt and make credit work for you to help you realize your personal and financial goals!