Udyogini Scheme for Women Entrepreneurs – Scheme Details, Online Apply

Over the past few decades, the number of women-owned enterprises has grown significantly in India. Although women have made considerable strides in the economic sector, many female entrepreneurs still face several challenges, lack of funds being one of the most prominent issues.

So, to address this issue among women entrepreneurs, empower them, and aim to make them self-sufficient, the government of India has initiated several schemes for them. One such notable initiative is the Udyogini Yojana Scheme. It is a government loan scheme for aspiring women business entrepreneurs from Indian villages that aims to assist them with financial support to start their businesses.

In this guide, we discuss the Udyogini scheme details that you ought to know. Read on!

What is Udyogini Scheme Yojana?

The Udyogini Scheme Yojana gets its name from the term ‘Udyogini,’ which literally means a woman who is employed or owns a business. This Government of India scheme aims to encourage women entrepreneurs in rural regions of the country and from low-income families to dream big and start their business enterprises by giving them financial support. Under the program, the women entrepreneurs who qualify as beneficiaries also receive specialised training to develop their skills.

Through the Udyogini Yojana scheme, the government aims to help women set up and flourish their own microenterprises, fostering a sense of self-independence within them and improving their family’s financial status. More importantly, through this scheme, the government aims to start an economic boom in the country.

Today, many banks and financial institutions from both public and private sectors, participate in the Udyogini Scheme to extend Udyogini Loan to the eligible beneficiaries.

What Are the Objectives of the Udyogini Scheme?

The Indian government has a very clear set of objectives defined that it wants to achieve through Udyogini Scheme, which include –

• Allowing women to avail of a loan from the banks and other financial institutions and earn a living by setting-up or expanding their business enterprise
• Provide loans to the women entrepreneurs from the SC (Scheduled Caste) and ST (Scheduled Tribe) segments and other marginalised communities at a lower interest rate
• Provide free interest advances to all women in India without any prejudice or discrimination based on caste, creed or age
• Ensuring the success of the EDP (Entrepreneurship Development Program)

Eligibility Criteria for Udyogini Yojana Scheme

As a women business owner, if you want to avail the Udyogini Loan and set-up or expand your business, you must meet certain eligibility requirements, including-

• This is a business loan, and is only available to women entrepreneurs
• You must not have defaulted on any loan payments in the past
• You must have a good credit score and have the financial capacity to repay the loan

Documents required to apply for a business loan under Udyogini Yojana Scheme

Just like any other kind of loan, when you avail a business loan under the Udyogini Yojana Scheme, you must comply with the documentation process. Here are some of the basic documents you must submit –

• The application form, fully filled and signed
• Passport-sized photograph
• Birth certificate and Aadhaar card
• Proof of income
• Cast certificate (if applicable)
• Copy of the bank passbook, clearly mentioning the account number, bank name and branch name, MICR number and IFSC code
• Other documents as requested by the financial institution

Applying for the Udyogoini Yojana Scheme

Now that you know the eligibility and document requirements, it would help to know the steps to apply online for the Udyogini Scheme, which are discussed below.

As a women entrepreneur in India looking for financial assistance to expand your enterprise, the Udyogini Yojana would be your perfect partner. To help women access funds easily and accomplish their business goals, the application process for the Udyogini Loan is quite simple, and you can easily apply for it online or offline.

Steps to apply for Udyogini Yojana Scheme online

• Step 1 – Visit the official website of the financial institution that offers business loan under Udyogini Yojana Scheme
• Step 2 – Navigate to the Udyogini Scheme section and fill in the application form
• Step 3 – The official body overlooking the business loan applications under the Udyogini Scheme, i.e., CDPO will review your application, visit the proposed site, and if they approve your request, they will inform the same to the financial organisation accordingly
• Step 4 – Upon receiving the nod from the CDPO, the financial organisation will then review your application, verify all the documents, and once approved, they will request the corporation to release the subsidy
• Step 5 – Once the final approval is completed, the bank will transfer the loan amount directly to your account

Steps to apply for Udyogini Yojana Scheme offline

If you are not comfortable with applying for the Udyogini Loan online, you can apply for it offline.

• Step 1 – You can either download the application form from the financial organisation where you want to apply for the loan with or you can visit the office of the Deputy Director or CDPO and collect the form
• Step 2 – Keep all the documents ready and visit the nearest financial organisation that is offering the Udyogini Scheme
• Step 3 – Fill out the application form and submit it to the financial organisation along with the necessary documents
• Step 4 – The financial organisation will review your application, verify the documents, assess the business proposal and decide whether to sanction or disapprove your loan application
• Step 5 – Once the financial organisation approves your loan application, they will disburse the amount directly into your bank account

Final Word

The Udyogini Scheme is an excellent opportunity for women entrepreneurs in India to start their business ventures or expand their existing enterprises, become financially independent, and improve their lives. Through the scheme, they can get the financial assistance they need and use it for business expenses, giving themselves a chance to flourish.

If you are an aspiring business owner, you can take advantage of this scheme and get the funds you want. Also, if you need more financial support, you can consider applying for an unsecured business loan with Udyog Plus, which offers loans of up to Rs. 2 Lakh without submitting any documents.

Besides, the simple online application process, competitive interest rates, and same-day approval and disbursal ensure that you get the funds quickly and enjoy a smooth borrowing experience.