The IOB Mahila Shaksham Scheme 2024, a special initiative created to support individual Women Self-Help Group members of the DAY-NRLM. This scheme has been launched with great pride by the Indian Overseas Bank (IOB). By supporting their shift to business and guaranteeing their financial independence, this program seeks to elevate women. This program is in coordination with the “Lakhpati Didi Yojana” of the Ministry of Rural Development (MoRD), which aims to enhance the financial situation of women SHG members from established DAY-NRLM SHGs. Through financial aid and business help, the objective of IOB Mahila Shaksham Scheme 2024 is to guarantee that these women generate a steady yearly income of at least ₹1 lakh per home.
The objective of IOB Mahila Shaksham Scheme
The primary goal of the IOB Mahila Shaksham Scheme is to ensure that all Indian women entrepreneurs make at least INR 1 lakh a year. The Lakhpati Didi Yojana, which is linked to the initiative, greatly boosts the yearly revenue of female entrepreneurs. Women residents can become financially independent and greatly expand their companies with the aid of this program. This program will improve the social standing and quality of life for all Indian women who are in financial instability. Making sure these women get a consistent yearly income is the aim of the IOB Mahila Shaksham initiative 2024. By offering financial support to female entrepreneurs, the Indian government will also generate jobs for semi-skilled individuals.
Short Summary of IOB Mahila Shaksham Scheme
| Name of the scheme | IOB Mahila Shaksham Scheme |
| Launched by | Indian Overseas Bank |
| Objective | Provide financial benefits |
| Beneficiaries | Female entrepreneurs |
| Official website | https://www.iob.in/Mahila-Shaksham |
| Financial benefits | INR 10 lakh |
| Eligibility | Females of self-help group |
List Eligible Business
- Mushroom cultivation
- High-value crop cultivation in greenhouse/poly house, floriculture etc.
- Allied activities like dairy, poultry, sericulture, pisciculture, Goat & sheep rearing etc.
- 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
Also Read: Lakhpati Didi Monitoring Report
Required Documents
- Aadhaar Card
- Pan Card
- Mobile Number
- Business official documents
Loan Amount
- Minimum: INR 75,000 and above
- Maximum: INR Up to Rs.10,00,000
Rate of Interest
- For Agriculture and allied activities
- Up to INR 10.00 lakhs: 1 YMCLR +0.20%(SP)+1.80%(RP)
- For MSME activities including processing units
- Up to INR 10.00 lakhs: RLLR+0.40%(SP)+1.35%(RP)
Eligibility Criteria
Loan above Rs. 75,000 to Rs. 2 Lakhs
| Parameter | Details |
| Loan Amount | Above Rs. 75,000 to Rs. 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 | Rs. 25,000 |
| Business Vintage | 2 years of viable business |
| Co-Applicant | Not required |
| Additional Points to Check | – |
| Security | Prime security: Hypothecation of assets created out of bank finance. Collateral Security: NIL |
Loan above Rs. 2 Lakhs to Rs. 5 Lakhs
| Parameter | Details |
| Loan Amount | Above Rs. 2 Lakhs to Rs. 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 cycle with SHG and 3 years membership |
| Member’s Minimum Loan | Rs. 40,000 |
| Business Vintage | 3 years of business experience |
| Co-Applicant | Required in registered entities |
| Additional Points to Check | – |
| Security | Prime security: Hypothecation of assets created out of bank finance. Collateral Security: NIL |
Loan above Rs. 5 Lakhs to Rs. 10 Lakhs
| Parameter | Details |
| Loan Amount | Above Rs. 5 Lakhs to Rs. 10 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 cycle with SHG and 3 years membership |
| Member’s Minimum Loan | Rs. 40,000 |
| Business Vintage | 3 years of viable business |
| Co-Applicant | Required in registered entities |
| Additional Points to Check | Last 24 months records with SHGs for repayment and proper financial analysis be done. |
| Security | Prime security: Hypothecation of assets created out of bank finance. Collateral Security: NIL |
Repayment Schedule
- 60 monthly/ 20 Quarterly instalments including the moratorium period.
Processing Fee
- The processing fees will be 0.40% of the limit sanctioned plus applicable GST (for both Term loan and working capital).
Application Process
To apply for the IOB Mahila Shaksham Scheme 2024 follow these steps:
Step 1: All eligible female nationals can go to the IOB Mahila Shaksham Scheme 2024 Official IOB Website.
STEP 2: Applicants must now click the Apply Online option after they have arrived at the website’s homepage.
Step 3: Following that, you will be sent to a new website where an application form will appear. You must fill it out with all the information requested.
Step 4: After filling out the application form completely, you must double-check it and press the Submit button.
Contact Details
- Toll Free 18008904445/18004254445
FAQS
What is the IOB Mahila Shaksham Scheme 2024?
The IOB Mahila Shaksham Scheme 2024, a special initiative created to support individual Women Self-Help Group members
Who launched this scheme?
This scheme has been launched with great pride by the Indian Overseas Bank (IOB).
What are the benefits of this scheme?
This program will improve the social standing and quality of life for all Indian women who are in financial instability
What is the target audience for this scheme?
Women residents can become financially independent and greatly expand their companies with the aid of this program.
What is the financial assistance of this scheme?
The Minimum loan amount that will be provided under this scheme is INR 75,000 and above and will be a Maximum: of INR Up to Rs.10,00,000.