The Union Bank Nari Shakti Scheme is a loan product from the Union Bank of India aimed at empowering women entrepreneurs. It offers the following features:
- It is intended to fund the capital needs of micro, small and medium enterprises (MSMEs) owned and managed by women engaged in the manufacturing, service, and trading sectors.
- It is a collateral-free loan for limits up to Rs 2.00 crore with CGTMSE coverage. For limits above Rs 2.00 crore, minimum collateral of 25% of the loan value is required.
- It offers a minimum of Rs 2.00 lakh and a maximum of Rs 10.00 crore as loan amount, depending on the purpose and eligibility of the borrower.
- It has a low margin requirement of 5% for limits up to Rs 1.00 crore and 15% for limits above Rs 1.00 crore.
- It has nil processing charges for limits up to Rs 2.00 crore and 50% concession in applicable processing charges above Rs 2.00 crore.
- It has a flexible repayment period of up to 84 months, including a moratorium period of up to 12 months.
If you are interested in applying for this scheme, you can contact the nearest branch of Union Bank of India or visit their website for more details.