Cheap Hostels & Low Interest On Loans: Financial Benefits Offered By Government Schemes For Working Women

Working women often find themselves wondering how to increase their savings and how much should be the interest on a home or car loan. The government of India runs a few schemes catering to the requirements of women.

Under such schemes, women can avail multiple benefits while maintaining their savings. It helps them gain control of finances and make decisions related to money, property and accommodations. Here are some of the key benefits that are presently being offered:

Low-Interest Loans For Women Entrepreneurs

The government of India runs several schemes for women entrepreneurs, one of which is Bhartiya Mahila Bank (BMB). Under this, women entrepreneurs can avail of a loan for INR ₹20 crores at an interest rate of 10.15%. Women who own small and micro enterprises can get a collateral-free loan of ₹1 crore.

Women in the food catering business can avail of loans of ₹50,000 under the Annapurna scheme. They can use the money for essentials like kitchen tools, utensils and other necessary items to set up the business.

Hostels At Economical Prices

The government of India launched Working Women Hostels in 2017. Under this scheme, women can avail themselves of safe, economical living spaces in urban and rural areas of the country. Along with accommodation, women also get daycare facilities for their kids.

In the urban areas, a woman looking for working women spaces must have a salary below ₹50,000. However, the salary cap in the rural areas is ₹35,000. The living spaces are also available in semi-urban areas.

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Low Transfer And Stamp Duty

If a woman owns a property, she will have to pay lower stamp and transfer duty charges. In New Delhi, the stamp duty charge for female owners is 4%, while for males is 6%.

The same is the case with gift deeds and conveyance. According to several instances reported in the media, some municipal corporations let women property owners off the hook for the property tax.

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Mahila-E-Haat

The Ministry of Women and Child Development started this scheme in 2016. Mahila-E-Haat is a bilingual marketing platform that allows self-help groups and women entrepreneurs to promote their services and products. Thus, businesswomen can expand their business without burning a hole in their pockets for marketing.

If you liked this story, let us know in the Facebook comment if you have ever availed of any benefits under the aforementioned schemes. Stay tuned with us for more!