IOB Mahila Samriddhi Mahila Samriddhi
Indian Overseas Bank's loan for micro and small units run by women, for machinery, premises and working capital, with CGTMSE cover in place of collateral.
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- Cost to apply
- No processing charge for loans up to ₹50 lakh, as stated on the product page
- Status
- Open
- Run by
- Indian Overseas Bank
What you get
- From above ₹20 lakh up to ₹10 crore
- Covered by CGTMSE up to ₹10 crore, with the premium paid by the borrower. The bank's scheme list says no collateral up to ₹5 crore
- Repay over up to 84 months, including a holiday of up to 12 months
- Concession on the applicable interest rate
- No processing charge for loans up to ₹50 lakh
- An extra term loan of 3% of the original loan can be taken to pay the yearly CGTMSE fee for the first 3 years
Who can apply
- Micro and small enterprises.
- Only for women.
- The most on offer is ₹10 crore.
- Udyam registration is needed. It is free.
- Proprietorship owned by a woman, or a firm or company where women hold at least 51% of the shares
- The unit must bank only with Indian Overseas Bank
- No overdue loan flags in the last 12 months
- New borrowers need a credit score of 700 or more for every promoter
How to apply
- Visit your nearest IOB branch with your Udyam registration and business papers
- The bank's general MSME online application is linked from its MSME pages
In person, nearest Indian Overseas Bank branch, or call 1800 890 4445
In Kerala, any Indian Overseas Bank branch in Kerala
Where we found this
An independent guide by The Company of Four, not a government website. Schemes change often, so check every detail on the official website before you apply. Links marked ↗ open external websites that we do not run, and we are not responsible for their content. Seen something out of date? Tell us and we will look into it.