The Indian Overseas Bank (IOB) has launched the IOB Mahila Shaksham Scheme 2024 to encourage Indian women to become entrepreneurs. Under this scheme, eligible women entrepreneurs will receive financial assistance of up to ₹10 lakh. Women who meet the eligibility criteria can visit the official website to fill out the online application form and avail themselves of the scheme’s benefits.
Helpful Summary
| Name of the scheme | IOB Mahila Shaksham Scheme |
| Introduced by | Indian Overseas Bank |
| Objective | Provide financial benefits |
| Beneficiaries | Female entrepreneurs |
| Official website | iob.in |
| Shivam credit facility | INR 10 lakh |
| Eligibility | Females of self-help group |
Objective of the IOB Mahila Shaksham Scheme
The primary goal of this scheme is to ensure that all women entrepreneurs achieve a minimum annual income of ₹1 lakh. The scheme is linked to the Lakpati Didi Yojana, which aims to help women entrepreneurs significantly enhance their annual income. With the support of this scheme, women can become financially independent and expand their businesses effectively. It will also help improve the standard of living for financially weaker women and create employment opportunities for semi-skilled workers.
List of Eligible Businesses
- Mushroom cultivation
- High-value crops, floriculture in greenhouses/polytunnels
- Dairy, poultry, sericulture, fish farming, goat and sheep rearing
- Beauty parlors and salons
- Tailoring shops
- Rural tourism
- Restaurants
- Internet cafes and photocopy shops
- Sweet and soft drinks shops
- Vegetable and fruit stalls
- Cosmetics shops
- Papad/traditional snacks manufacturing
- Flour mills
- Oil processing units
- Handicrafts, textile bags, covers, and baskets
- Pottery and ceramics
- Artificial jewelry manufacturing units
- Glass bangles and other traditional items
- Incense sticks/candle-making units
- Soap, detergent, and washing soap manufacturing
- Paper plates/cups/glasses production
- Agri-clinics and agri-business centers
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Required Documents
- Aadhaar Card
- PAN Card
- Mobile number
- Business-related documents
Loan Limit
- Minimum: ₹75,000
- Maximum: ₹10,00,000
Interest Rate
- Agricultural and related activities:
- Up to ₹10 lakh: 1 YMCLR + 0.20% (SP) + 1.80% (RP)
- MSME activities:
- Up to ₹10 lakh: RLLR + 0.40% (SP) + 1.35% (RP)
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Eligibility Criteria
Loan above Rs. 75,000 to Rs. 2 Lakhs
| Parameter | Details |
| Loan Amount | Above Rs. 75,000 to Rs. 2 Lakhs |
| Age | 21 to 60 years (60 at the end of loan tenure) |
| SHG Eligibility | 2 years old and 1 successful bank loan cycle completed |
| Membership Vintage in SHG | At least 1 loan cycle with SHG and 2 years of membership |
| Member’s Minimum Loan | Rs. 25,000 |
| Business Vintage | 2 years of viable business |
| Co-Applicant | Not required |
| Additional Points to Check | – |
| Security | Prime security: Hypothecation of assets created out of bank finance. Collateral Security: NIL |
Loan above Rs. 2 Lakhs to Rs. 5 Lakhs
| Parameter | Details |
| Loan Amount | Above Rs. 2 Lakhs to Rs. 5 Lakhs |
| Age | 21 to 60 years (60 at the end of loan tenure) |
| SHG Eligibility | 3 years old and 2 successful bank loan cycle completed |
| Membership Vintage in SHG | At least 2 loan cycle with SHG and 3 years membership |
| Member’s Minimum Loan | Rs. 40,000 |
| Business Vintage | 3 years of business experience |
| Co-Applicant | Required in registered entities |
| Additional Points to Check | – |
| Security | Prime security: Hypothecation of assets created out of bank finance. Collateral Security: NIL |
Loan above Rs. 5 Lakhs to Rs. 10 Lakhs
| Parameter | Details |
| Loan Amount | Above Rs. 5 Lakhs to Rs. 10 Lakhs |
| Age | 21 to 60 years (60 at the end of loan tenure) |
| SHG Eligibility | 3 years old and 2 successful bank loan cycle completed |
| Membership Vintage in SHG | At least 2 loan cycle with SHG and 3 years membership |
| Member’s Minimum Loan | Rs. 40,000 |
| Business Vintage | 3 years of viable business |
| Co-Applicant | Required in registered entities |
| Additional Points to Check | Last 24 months records with SHGs for repayment and proper financial analysis be done. |
| Security | Prime security: Hypothecation of assets created out of bank finance. Collateral Security: NIL |
Repayment Schedule
- Duration: 60 monthly or 20 quarterly installments, including the grace period.
Processing Fee
- 0.40% of the sanctioned amount + GST
Application Process
- Visit the official website: iob.in
- On the homepage, click on the “Apply Now” option.
- Enter your details on the new page and upload the required documents.
- Verify all information and click “Submit”.
Contact Details
- Toll-Free Numbers: 18008904445 / 18004254445
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Frequently Asked Questions (FAQs)
Who launched the Mahila Shaksham Scheme 2024?
What is the minimum loan amount under this scheme?
What is the objective of the Mahila Shaksham Scheme 2024?
Which yojana is linked to the Mahila Shaksham Scheme 2024?
Still have more questions About IOB Mahila Shaksham Scheme?
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