How to apply for 5 lakh interest free loan for women: Empowering women through financial independence is a top priority for the Indian government. In line with this mission, the government has launched schemes offering interest-free loans up to ₹5 lakh to women who wish to start or grow their small businesses. Two such initiatives are the Lakhpati Didi Yojana (Central Government) and Mukhyamantri Mahila Utkarsh Yojana (Gujarat Government).
This article explains how women can apply for these schemes, eligibility criteria, required documents, and application steps.
What is the Lakhpati Didi Yojana?
The Lakhpati Didi Yojana is a flagship program by the Central Government of India that aims to support women in Self Help Groups (SHGs) to become financially self-reliant. Under this scheme, women can avail interest-free loans ranging from ₹1 lakh to ₹5 lakh.
Eligibility Criteria:
- Must be a woman and an Indian citizen.
- Must be a member of a Self Help Group (SHG).
- Annual household income must be below ₹3 lakh.
- No government employee in the family.
- Loan must be used for business or income-generating activity.
Required Documents:
- Aadhaar Card
- PAN Card
- Income Proof
- Residence Proof
- Bank Account Passbook
- Passport-size Photograph
- Mobile Number
How to Apply
- Join a local Self Help Group (SHG) if not already a member.
- Prepare a simple business plan (tailoring, food products, beauty parlour, dairy, etc.).
- Visit your nearest bank, women & child development office, or SHG office.
- Fill out the application form and submit it with necessary documents.
What is Mukhyamantri Mahila Utkarsh Yojana?
This is a scheme launched by the Gujarat State Government to offer interest-free loans up to ₹1 lakh to women for entrepreneurship or small business activities. The loan comes with 0% interest and 6% annual subsidy for timely repayments.
Eligibility Criteria
- Must be a woman resident of Gujarat.
- Age: 18 years or older.
- Education: Minimum 8th pass.
- Should not be a government employee.
- Should not be availing benefits from other state schemes.
Required Documents
- Aadhaar Card
- Voter ID / PAN / Driving License
- Residence Proof
- 8th Class Marksheet
- Business Plan
- Bank Passbook Copy
- Passport-size Photos
How to Apply
- Visit the official website of GWEDC – Gujarat Women Economic Development Corporation.
- Download or collect the application form from the local office.
- Fill in the form and attach all documents.
- Submit online or at the office.
Conclusion
If you’re a woman planning to start a business or expand an existing one, these government schemes offer a golden opportunity. Whether it’s a ₹5 lakh loan via the Lakhpati Didi Yojana or a ₹1 lakh loan under Utkarsh Yojana, both are powerful tools to help you become financially independent without the burden of interest.
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