Stree Shakti Package for Women Entrepreneurs:
In India, there is a lot of focus on advancing women entrepreneurship with the financial institutions and government having different schemes. Stree Shakti Package for Women Entrepreneurs is one such scheme promoted by SBI (State Bank of India). This article is about SBI Stree Shakti Package for Women Entrepreneurs in detail.
Eligibility for Stree Shakti Package:
Firms and companies operated by women entrepreneurs are eligible to avail loan under Stree Shakti Package. To identify “Women Entrepreneurs” firms, the definition announced by the India’s MSME Department will be appropriate.
As per the definition, a Women Entrepreneur firm is “A small scale unit of Industry or business service managed by one or more entrepreneurs in which she/they individually or jointly have a share capital of 51% or more as share holders/partners/Members of Co-operative Society/ Directors of Private Limited Company.
Thus women entrepreneur business or women entrepreneurs in manufacturing, retail trade or services are eligible for the scheme. Also, professionals in women like Doctors, Architects, Beauticians and Chartered Accountants can receive loan under this Scheme.
Loan Amount offered under Stree Shakti Package:
Loan in the form of working capital or term loan can be offered under the Stree Shakti Package.
The amount of loan provided would be based on the profile of the Borrower and the below is the package:
- For Retail traders: Rs. 50000 – Rs. 2 Lakhs
- For Business enterprises: Rs. 50000 – Rs. 2 Lakhs
- For Professionals: Rs. 50000 – Rs. 25 Lakhs
- For SSI: Rs. 50000 – Rs. 25 Lakhs
As per this package, the relaxations or concessions in margin are along with low floating rate of interest which is connected to the min rate of the bank.
No collateral (guarantee) is required for any loan more than Rs. 1 crore.
Documents required for Stree Shakti Package:
Here is the list of Documents required for the Application of Stree Shakti Package
1. Identity Proof as any one of the following
- Voter ID Card
- Driving License
- PAN Card
- If a company, signature identification from present bankers of partner, proprietor or Director.
2. Residence Proof:
- Recent telephone bill
- Electricity bill
- Property tax receipt
- Voter ID Card of partner proprietor or Director
3. Business Address Proof
4. Minority Proof
5. Balance Sheets of last three years of the units including sales/ income tax returns etc.
6. Memorandum and association articles of the Company or Partnership Deed of Partners etc.
7. Assets and statement of liabilities of guarantors and promoters along with latest returns of income tax
8. If on rent, Rent Agreement and pollution clearance from board of pollution control if applicable
9. SSI registration if applicable
10. Projected balance sheets for next two years
11. In case of advances takeover, sanction letters of services being received from Financial institutions or existing bankers including detailed terms and conditions
12. Profile of the Unit
13. Balance Sheets of last three years of Group/ Associate Companies if any
14. Project report (if term funding is required for the proposed project)
15. Account review containing month wise sales, indigenous raw material, imported raw material, production, finished goods, value of stocks in process, creditors, debtors, bank’s outstandings for term loan limits, working capital limits, bills discounted
16. Photocopies of title deeds/ lease deeds of all the properties being offered as collateral and primary securities
17. Position of all accounts (in case of any takeover)
18. If applicable, Manufacturing process details
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