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Syndicate Bank to help women entrepreneurs

Syndicate Bank has launched a new scheme ‘SyndMahilaShakti’, aiming to reach out to over 20,000 women entrpreneurs across the country. The bank is observing ‘SyndMahilaShakthi’ week currently across the country and aims to extend loans to over 20,000 women entrepreneurs to take up various self-employment activities under micro, small and medium enterprises, a press release by the bank said. The bank has sanctioned loans worth Rs 68 crore to about 5,415 women entrepreneurs, officials said. Under the scheme, the bank is extending finance up to Rs 5 crore per woman beneficiary at concessional interest rates. The rate of interest for loans up to Rs 10 lakh is at the base rate of 10.25%, while for loans exceeding Rs 10 lakh, a concession of 0.25% is being provided on applicable interest rate. The borrower has to contribute 15% margin on the loan, while the processing and documentation charges are fully waived on these loans. No collateral security and no guarantee is insisted for loans up to Rs 10 lakh.

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