SBI Asmita: The State Bank of India (SBI) has launched ‘Asmita’, a special loan scheme designed to support women entrepreneurs by providing collateral-free (no security required) loans at a low interest rate. This initiative was introduced on the eve of International Women’s Day to encourage more women to start and grow their own businesses.
Why SBI Launched ‘Asmita’?
A recent study by TransUnion CIBIL revealed that:
- Only 3% of loans taken by women are for business purposes.
- 42% of loans taken by women are for personal finance needs, such as personal loans, home loans, and consumer durable loans (for buying household items, electronics, etc.).
- 38% of loans are secured against gold, meaning women often rely on their gold jewelry to borrow money instead of getting business loans.
These findings show that most women do not take loans to start or expand businesses. SBI’s ‘Asmita’ loan aims to change this trend by providing an easy, affordable, and hassle-free financing option for women-led businesses.
Key Features of ‘Asmita’ Loan Scheme
- Collateral-Free Loans – Women entrepreneurs can borrow money without pledging any security or assets.
- Low Interest Rate – The loan comes with a special reduced interest rate, making it more affordable for women business owners.
- For Micro, Small & Medium Enterprises (MSMEs) – The loan is available for women-led businesses in the MSME sector.
- Fully Digital & Easy Process – Women can apply for the loan online through SBI’s digital platform without visiting a bank branch.
- Quick Approvals – The loan is designed to provide fast and hassle-free access to funds.
How ‘Asmita’ Will Help Women Entrepreneurs
- Women who want to start a new business or expand an existing one can get financial support without worrying about collateral.
- The low interest rate makes borrowing affordable, reducing financial burden.
- Since the application process is digital, women can apply from anywhere, making it more accessible and convenient.
- The scheme encourages financial independence and empowerment by helping women become self-reliant business owners.
SBI’s Vision with ‘Asmita’
SBI’s Chairman, CS Setty, stated that this initiative is aimed at providing faster and easier financing to women-led businesses. Managing Director, Vinay Tonse, described ‘Asmita’ as a blend of technology and social impact, making it a modern solution for women entrepreneurs.
With ‘Asmita’, SBI hopes to increase women’s participation in business and entrepreneurship, ultimately contributing to the country’s economic growth.
How to apply for SBI Asmita Scheme?
You can apply for SBI Asmita scheme via SBI YONO app or you can visit branch for more details.
