Dena Shakti Scheme – Empowering Women In Business

Introduction

The Dena Shakti scheme, which aims to encourage women in India to be economically independent and have an entrepreneurial attitude, is a shining example of empowerment. This project supports and encourages women-owned businesses in recognition of the critical role they play in growing the country’s economy.

The program, supported by Dena Bank, now a part of the Bank of Baroda, aims to break down barriers and open doors for aspiring and established women entrepreneurs by giving them financial support and essential tools. The Dena Shakti scheme is more than just a financial tool; it is a force for women’s economic liberation. It creates a positive feedback loop in local communities and adds to the inclusive and sustainable development field.

What is the Dena Shakti Scheme?

Under this scheme, women entrepreneurs can get a loan of up to ₹20 lakh for agriculture, micro-credit, manufacturing, small enterprises, or retail stores. This Nari Shakti loan interest rate also has a concession of 0.25 percent. Besides, you can also get a loan for business of up to ₹50,000 in the microcredit category of this scheme.

Dena Shakti Application Form

You can apply for this Dena bank loan for business by getting the application form from the MSME branch of Union Bank of India. Below are the Nari Shakti Yojna scheme details you must fill out in the application form.

• Enterprise details – You must fill in the full name along with the address of your business.
• Category – You must mention if your business belongs to the Schedule Tribe/Caste or Minority category.
• Email address: A functional email address must be written for all future correspondence.
• PAN number – You must mention your business’s PAN (permanent account number).
• Constitution of the enterprise – This section talks about the type of your enterprise. For example, you must choose between private limited company, partnership, limited company, proprietary, or cooperative company.
• Date of establishment – It is the date when you established your company.
• Partners, directors, or proprietors details – Give all the partners/proprietors/directors’ names, PAN details, and addresses.
• Loan Information – specify the amount of business loan you need and other needed information.
• Collateral security information – This section applies if you keep any collateral security for your MSME business loan.
• Credit card and banking details – Mention your business’s existing credit cards and banking account information.

Dena Shakti Scheme Eligibility

Listed below are the MSME loan eligibility as per the Dena Shakti Yojana for women entrepreneurs:

• You must own or operate a small business in the retail, agricultural, microenterprise, or manufacturing sectors.
• If you are working under a self-employment category, such as chartered accountants, architects, doctors, etc.
• You should either be running the business entirely or must have at least a 50 percent stake in the business.
• You should also participate in the Entrepreneurship Development Programs (EDP) organised by different state agencies.
• The amount offered for these loans for small businesses will also depend on the nature of the business.
• The maximum amount provided under the Dena Shakti scheme is ₹20 lakh.

Sectors Covered Under Dena Shakti Yojana

The Dena Shakti Yojana offers loans for the below-mentioned sectors:

• Agricultural operations include growing, producing, harvesting, and caring for the land.
• Real estate
• MSME in the manufacturing sector covers human labour, processing of raw materials, chemical processing, machinery, etc.
• MSME in the service sector that covers self-employees, small business professionals, and all other service enterprises.
• Academics
• Retailing
• Microcredit

Dena Shakti Scheme Loan Details

Let’s look at the loan information related to the Dena Shakti scheme:

Interest Rate	An interest rate of 0.25 percent less for all women entrepreneurs.
Agricultural Loan	Up to ₹20 lakh
Manufacturing and Small Business	Maximum loan ₹20 lakh
Microcredit	Up to ₹50,000
Loan duration	7 years
Processing fee	0.5 percent of the total business loan amount

Documents Required for Dena Bank Loan

Listed below are the documents required for a business loan under the Dena Bank scheme:

• ID proof – Copies of Aadhaar Card, PAN Card, Voter ID, etc.
• Address proof – Copies of original passport, Aadhaar Card, property tax bill, utility bill, etc.
• Detailed bank account information
• Passport size photographs

How to Apply for Dena Shakti Scheme for Women Entrepreneurs?

To apply for this Dena Shakti scheme, visit the nearest Dena Bank and complete the form. You also have to submit the required documents along with the application form. Once done, the bank will fulfil its formalities and sanction the loan if you are eligible and qualified for it.

Benefits and Features of the Dena Bank Scheme for Women Entrepreneurs

Listed below are some of the essential benefits and features offered by the Dena Shakti scheme from Dena Bank:

1. Concessional Interest Rates

This scheme will offer financial help to you at a concessional interest rate to run your business and become an entrepreneur. You will get a concessional interest rate of 0.25 for becoming a women entrepreneur. Hence, it will support you in your journey and even reduce the burden of high interest charges.

2. Combination of Term Loan and Working Capital

The scheme understands the need for diverse funding requirements for any business. Hence, it offers working capital and term loan to women entrepreneurs. With such a move, you can meet your long-term capital requirement and short-term funds to manage your day-to-day operations. Thus helping you with growth and business expansion. With this adaptable financial support, you may better organise your working capital and take advantage of possibilities to grow your enterprises without being constrained by a lack of liquidity. 

3. Easy Repayment Options

You can return the loan amount through EMI spread across the total loan tenure period. The tenure period can range up to 7 years, which will help ease the burden of repaying the amount. Since the timeframe will be long, you will be better positioned to manage your finances. Additionally, with EMIs in place, you won’t have to worry about paying everything in one go and can pay a small amount each month.

4. Microcredit Finance

This section of the Dena Shakti Yojana will help you grow if you have a small business. Reportedly, women entrepreneurs dominate the low-capital-intensive micro business environment, especially in the rural sector. Small businesses that are frequently unable to obtain funding from standard credit sources can benefit from tailored financial support provided by microcredit. This helps to empower women entrepreneurs and encourages economic growth and independence at the local level. 

Conclusion

In summary, the Dena Shakti scheme is a powerful tool for empowering women in business by offering essential resources and financial support for your success. This initiative and the flexibility provided by companies like FlexiLoans open the path for a more promising and inclusive future as women continue to break down barriers.  FlexiLoans makes it easy for businesses to get loans sanctioned, providing specialised financial solutions and a dedication to women’s economic freedom. In partnership with FlexiLoans, this scheme enables a transformative journey for women entrepreneurs, enabling development, creativity, and long-lasting empowerment in the business sector.

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