Siddharth Bank Limited has introduced a new loan scheme called ‘Siddharth Mahila Samriddhi Karja’ to provide financial support and collateral-free loans of up to Rs 15 lakh to women-led businesses.
Siddharth Bank Limited has launched ‘Siddharth Mahila Samriddhi Karja’ scheme with an aim to make financial access easy for women entrepreneurs. This special loan is targeted for micro, small, and medium enterprises run or led by women to help in business expansion, creating jobs, and making them economically self-reliant.
Loan Limits and Collateral Details
Under this new scheme, eligible women entrepreneurs can get up to Rs 15 lakh loan without any collateral. Similarly, bank said that loans up to Rs 25 lakh will be available on partial collateral and up to Rs 50 lakh on full collateral.
Different Approach from Traditional Banking
According to Siddharth Bank, this scheme is different from traditional banking practices. Instead of looking only at collateral for giving loans, bank will also evaluate the potential of business and capability of the entrepreneur.
For this evaluation, bank has developed a special scorecard system with technical support of International Finance Corporation (IFC).
Through this system, the bank will check the nature of business, running experience, financial status, cash flow, management capacity, and expansion potential along with availability of collateral. Bank believe this will help to reduce the situation where capable women entrepreneurs are left out of formal banking services just because they do not have collateral.
Supporting Business Growth
The bank aims to work as a financial partner to make women’s business sustainable, competitive, and expandable, rather than just providing loans.
Siddharth Bank expects that this scheme will make financial access easier for women who want to start new business or expand existing ones. It is also expected to increase women’s economic participation and contribute positively to local production, job creation, and overall economy.
For more information about the loan, customers can contact the bank’s 24-hour customer service center called ‘Siddharth Care’.
AI Disclaimer: This article was originally published on https://bajarkochirfar.com. It has been translated with the help of AI. For the best understanding and accurate facts, we recommend reading the original Nepali version.
