The IOB Mahila Shaksham Scheme 2024 is a comprehensive initiative launched by Indian Overseas Bank (IOB) aimed at supporting female entrepreneurs. With loans ranging from ₹75,000 to ₹10 lakh, this scheme offers financial assistance to empower women to start or expand their businesses, contributing to financial independence and entrepreneurial success.
Objective of IOB Mahila Shaksham Scheme
The objective of the IOB Mahila Shaksham Scheme is to:
- Provide financial support to women entrepreneurs across India.
- Ensure women earn at least ₹1 lakh annually, contributing to their financial empowerment.
- Foster employment opportunities for semi-skilled workers.
- Help elevate the social and economic status of financially vulnerable women.
The scheme aligns with the broader goals of the Lakhpati Didi Yojana, designed to increase the earning potential of women entrepreneurs.
Key Features of IOB Mahila Shaksham Scheme
| Feature | Details |
|---|---|
| Scheme Name | IOB Mahila Shaksham Scheme 2024 |
| Introduced By | Indian Overseas Bank (IOB) |
| Objective | Provide financial support to female entrepreneurs |
| Beneficiaries | Female entrepreneurs across India |
| Loan Amount | ₹75,000 to ₹10,00,000 |
| Rate of Interest (Agriculture) | Up to ₹10 lakh: 1 YMCLR + 0.20%(SP) + 1.80%(RP) |
| Rate of Interest (MSME) | Up to ₹10 lakh: RLLR + 0.40%(SP) + 1.35%(RP) |
| Repayment Schedule | 60 monthly or 20 quarterly instalments |
| Processing Fee | 0.40% of the sanctioned limit plus applicable GST |
| Eligibility | Female citizens in SHGs with a minimum loan cycle experience |
| Official Website | To be updated |
| Toll-Free Contact | 18008904445/18004254445 |
Eligible Business Activities
The scheme covers a wide range of business activities, including.
| Eligible Business Activities |
|---|
| Mushroom cultivation |
| High-value crop cultivation in greenhouse/poly house |
| Floriculture |
| Dairy, poultry, sericulture, pisciculture |
| Goat & sheep rearing |
| Beauty parlour and salon services |
| Tailoring shop |
| Rural eco-tourism |
| Restaurant |
| Internet cafe and photocopy |
| Confectionary shops including soft drinks |
| Groceries/stationary shops |
| Fruits and vegetables shop |
| Cosmetic shop |
| Papad /Traditional snacks |
| Flour mill |
| Oil processing units |
| Handicrafts, weaving, textile bags, covers, baskets, etc. |
| Pottery & ceramics |
| Artificial jewellery making unit |
| Bangles – Glass and lac items |
| Agarbathi / candle making unit |
| Soap making / liquid soap / detergent / washing soap |
| Metal and cane products |
| Hosiery unit |
| Sanitary towels/napkin manufacturing unit |
| Paper plates/cups/glass manufacturing |
| Agri Clinic and Agri Business center |
Required Documents
Applicants must provide the following documents for the IOB Mahila Shaksham Scheme:
- Aadhaar Card – Identity verification.
- PAN Card – Tax identification.
- Business Documentation – Proof of existing business or business plan.
- Mobile Number – For communication and OTP-based verification.
- Bank Details – For loan disbursement.
These documents are essential for ensuring that applicants meet the eligibility criteria and have a viable business plan.
Eligibility Criteria
To qualify for the IOB Mahila Shaksham Scheme 2024, women entrepreneurs must meet the following requirements:
Loan Details and Eligibility Criteria
The scheme provides detailed loan structures with varying eligibility criteria based on the loan amount. Below are the loan parameters for different loan ranges under the scheme:
Loan Range: ₹75,000 to ₹2 Lakhs
| Parameter | Details |
|---|---|
| Loan Amount | Above ₹75,000 to ₹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 | ₹25,000 |
| Business Vintage | 2 years of viable business |
| Co-Applicant | Not required |
| Security | Hypothecation of assets created out of bank finance. Collateral Security: NIL |
Loan Range: ₹2 Lakhs to ₹5 Lakhs
| Parameter | Details |
|---|---|
| Loan Amount | Above ₹2 Lakhs to ₹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 cycles with SHG and 3 years of membership |
| Member’s Minimum Loan | ₹40,000 |
| Business Vintage | 3 years of business experience |
| Co-Applicant | Required in registered entities |
| Security | Hypothecation of assets created out of bank finance. Collateral Security: NIL |
Loan Range: ₹5 Lakhs to ₹10 Lakhs
| Parameter | Details |
|---|---|
| Loan Amount | Above ₹5 Lakhs to ₹10 Lakhs |
| Age | 21 to 60 years (60 at the end of loan tenure) |
| SHG Eligibility | 3 years old and 2 successful bank loan cycles completed |
| Membership Vintage in SHG | At least 2 loan cycles with SHG and 3 years membership |
| Member’s Minimum Loan | ₹40,000 |
| Business Vintage | 3 years of viable business |
| Co-Applicant | Required in registered entities |
| Security | Hypothecation of assets created out of bank finance. Collateral Security: NIL |
| Additional Points | Last 24 months records with SHGs for repayment and proper financial analysis to be done. |
Repayment Schedule
- The loan repayment schedule allows up to 60 monthly or 20 quarterly instalments, including the moratorium period.
- The scheme provides flexibility for female entrepreneurs to manage repayments without heavy financial pressure.
Processing Fee
The processing fee for the loan is:
- 0.40% of the sanctioned limit, plus applicable GST.
- This applies to both term loans and working capital.
Eligible Business Activities
The scheme supports a variety of business activities, including but not limited to:
- Agriculture and Allied Activities: Mushroom cultivation, floriculture, dairy, sericulture, goat/sheep rearing, pisciculture, etc.
- Service Industries: Tailoring shops, beauty parlours, salons, eco-tourism, restaurants, internet cafes, and photocopy centers.
- Manufacturing Units: Soap making, handicrafts, textiles, cosmetic production, pottery, ceramics, artificial jewellery, hosiery, and more.
By catering to a wide range of industries, the IOB Mahila Shaksham Scheme ensures that female entrepreneurs from diverse sectors can access the benefits and grow their businesses.
Required Documents
Applicants need to provide the following documents:
- Aadhaar Card – Identity proof.
- PAN Card – Tax identification.
- Business Documents – Registration proof and business plan.
- Mobile Number – For contact and OTP verification.
- Bank Details – For direct loan disbursement.
How to Apply Online for IOB Mahila Shaksham Scheme 2024
The application process is straightforward, and women entrepreneurs can apply online via the official IOB website:
- Visit the Official Website
Go to the IOB Mahila Shaksham Scheme portal (official link to be updated). - Register and Apply
On the homepage, click on the “Apply Now” button, fill in personal details, business information, and upload necessary documents. - Submit Details
Review the information provided and submit the application. - OTP Verification
Enter the OTP received on your registered mobile number to complete the application.
Login for Online Application
To log in and track your application status:
- Visit the official IOB Mahila Shaksham Scheme website.
- Click on the “Login” button.
- Enter your registered email or mobile number and password.
- Once logged in, you can view your application status, make any required edits, and proceed with the process.
Contact Details
For any assistance, you can contact IOB at:
- Toll-Free Numbers: 18008904445 / 18004254445
- Email: To be updated on the official website.
Frequently Asked Questions (FAQs)
Who launched the Mahila Shaksham Scheme 2024?
Indian Overseas Bank launched the scheme.
What is the minimum loan amount?
The minimum loan is ₹75,000.
What is the main objective of the scheme?
The main objective is to help women earn at least ₹1 lakh annually by providing financial support for their businesses.