“Svyam Siddha,” a specialised financial product offered by the State Bank of India, is only intended for female entrepreneurs in Self-Help Groups (SHGs) who are looking for loans up to Rs 5 lakhs.
A Memorandum of Understanding (MoU) was signed by Shantanu Pendsey, Chief General Manager of the State Bank of India Corporate office in Mumbai, and Charanjit Singh, Additional Secretary of Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM) to expedite enterprise financing for rural women entrepreneurs.
This program is uniquely designed to alleviate the issues associated with significant documentation requirements for bank loan applications and reduce the Turn Around Time (TAT).
The application process is now simpler because quotations and Detailed Project Reports (DPRs) are no longer required.
People can now go to their local SBI bank branches and complete a simple loan application with their KYC information.
DAY-NRLM will assign a dedicated field cadre to manage loan repayment and help with the loan application procedure.
A training toolkit package was introduced at the same event with the goal of assisting female Self-Help Group (SHG) entrepreneurs in gaining official financing access.
In terms of DAY-NRLM’s commitment to empowering communities and advancing financial inclusion at the local level, this project is a notable accomplishment.
The toolkit covers all the important topics, including working capital computation, financial statement concepts, and banking fundamentals.
Important toolkit modules have also been turned into animated films, allowing business owners to participate in self-capacity building.
This will make it easier for the women entrepreneurs in its SHGs to obtain official financing.
Read More: https://womenworldindia.com/
