In the budget session of 2018-19, the Himachal Pradesh Government introduced a comprehensive scheme called the “Sashakt Mahila Yojana” with the aim of empowering women in the state and promoting their financial independence. Building upon this initiative, the government has recently launched the “Sashakt Mahila Rin Yojana” in 2023. The primary objective of this new scheme is to enhance the financial well-being of women and further empower them. In this article, we will delve into the details of the Sashakt Mahila Rin Yojana 2024.
What is HP Sashakt Mahila Rin Yojana 2024?
On July 20,2023, Himachal Pradesh Sashakt Mahila Rin Yojana was launched by the Government of Himachal Pradesh to improve the economical condition of women. Under this scheme, loan facilities will be made available to women through banks to start their business to make women empowered and self-reliant. This will help women to carry out any kind of livelihood activity, micro-enterprise for selfemployment, agriculture activity, purchasing machinery/equipment for business activities and more.
If you are also a woman who is living in Himachal Pradesh and wants to start your employment, then this scheme will prove to be very beneficial for you. The initiative has been taken by the Himachal Pradesh State Cooperative Bank (HPSCB). The loan will be collateral free, which means that you can apply for the loan without any mortgage. You can apply for the loan online and offline. Let’s talk about the HP Sashakt Mahila Rin Yojana Key Highlights in detail.
| Himachal Pradesh Sashakt Mahila Rin Yojana Key Highlights | |
| Sashakt Mahila Rin Yojana Launch Date | July 20,2023 |
| Sashakt Mahila Rin Yojana is related to | Provide collateral Free loan to women of Himachal Pradesh |
| Sashakt Mahila Rin Yojana Age Limit | 18 to 55 years |
| Sashakt Mahila Rin Yojana Loan Amount | Rs 21000- Rs 1,01,000 |
| Sashakt Mahila Rin Yojana Implementing Bank | Himachal Pradesh State Cooperative Bank (HPSCB). |
| Sashakt Mahila Rin Yojana Interest Rate | 8.51% |
| Sashakt Mahila Rin Yojana Mode of Application | Offline/Online |
| Sashakt Mahila Rin Yojana Helpline Number | 1800 180 8090 (Toll Free) |
HP Sashakt Mahila Rin Yojana Objective
- The primary objective of launching Sakshat Mahila Loan Yojana is to empower the women of the state financially.
- This has been done by providing loan facilities without the need for any collateral so that women can fulfill their dreams along with day-to-day needs.
- This scheme was launched so that women of HP do not have to put their property on the mortgage to get a loan for their small business.
- Also, this scheme will protect women from the fear of losing property in case of non-payment of loans in a difficult situation as this scheme will provide collateral-free loans.
HP Sashakt Mahila Rin Yojana Loan Amount
The Himachal Pradesh Sashakt Mahila Loan Yojana aims to financially empower women by offering loan amounts of Rs 21,000, Rs 51,000, and Rs 1,01,000, directly deposited into the beneficiary’s bank account. The application process has been simplified, and there is no requirement for collateral to avail of the loans. This initiative by HPSCB will enable indebted women to gain self-confidence and self-reliance, fostering their contribution to the state’s social and economic development. This is how you can avail the incentive of the scheme( as mentioned by HPSCB).
FIRST LOAN : During the first time, a women aged 18-55 years that have atleast two savings accounts in the HPSCB can avail upto Rs 21,000 for the period of 5 years. The loan must be guaranteed by the spouse of the woman.
SECOND LOAN: If the woman would be able to repay the FIRST LOAN without any default she took from the bank within 12-15 months time, she will be eligible for the SECOND LOAN. Under this loan, she can take the loan upto 51,000 rupees with the same terms and conditions as before.
THIRD LOAN: After successful repayment of the SECOND LOAN within 12-15 months (without any default), the female borrower will be eligible for the THIRD LOAN of Rs 1,0,1000. The terms and conditions will be the same as before.
HP Sashakt Mahila Rin Yojana Interest Rate
Except for the agriculture loan, where the interest rate remains below 9%, all other loan facilities offered by the Himachal Pradesh State Cooperative Bank (HPSCB) have an interest rate higher than 9%. However, under this scheme, women will have the opportunity to avail collateral-free loans from banks at a reduced interest rate of 8.51%.
| HP Sashakt Mahila Rin Yojana EMI Rate | |
| Loan Amount | EMI |
| Rs 21,000 | Rs 431 |
| Rs 51,000 | Rs 1047 |
| Rs 1,01,000 | Rs 2073 |
HP Sashakt Mahila Rin Yojana Benefits
- Support Livelihood Activites: Through Himachal Pradesh Sashakt Mahila Rin Yojana, women will be provided collateral free loan facility to start business so that she can fulfill their dreams. She can take loans for various purposes, including livelihood activities, self-employment ventures, agriculture-related initiatives, and purchasing necessary equipment/machinery. This financial support can help women establish and grow their businesses.
- Easy Loan Accessbilty: As I mentioned earlier, no collateral is required to avail loan under this scheme. The loan facility will be through DBT which means the amount of the loan will be sent directly to the bank account of the woman.Under the scheme, loan facilities ranging from Rs 21,000 to Rs 1,01,000 will be provided to the women of the state.She can apply for the loan only through cooperative banks of the state of Himachal Pradesh.
- Financial Inclusion: Through this scheme, the women of the state will become self-reliant and empowered.
- Lowest Interest Rate: The best part of the scheme is that along with making the loans collateral, the HP Government kept the interest rate of the loan lowest for the women. She will have to pay only 8.51 percent interest on the loan taken which is a very nominal interest rate compared to the market. For the EMI, please refer to the loan amount section.
- Social Security Coverage: The scheme encourages applicants to insure their health/life through social welfare schemes like Pradhan Mantri Jeevan Jyoti Bima Yojana and PMSBY.
Himachal Pradesh Sashakt Mahila Rin Yojana Eligibility Criteria
Before applying for the scheme, it is imperative to check the complete Himachal Pradesh Sashakt Mahila Rin Yojana eligibility criteria. Here is the list of complete Himachal Pradesh Sashakt Mahila Rin Yojana eligibility which will be needed in case one applies for the scheme.
- The applicant must be a permanent resident of Himachal Pradesh.
- A woman must fall under the age bracket of 18-55 years.
- As only the women of the state, therefore one must be a woman to get the benefits of this scheme.
- The woman applicant must have a bank account in the cooperative bank of the state of Himachal Pradesh.
- As this includes DBT, therefore, the bank account of the applicant woman should be linked to the Aadhaar Card.
- She must have an Aadhar Card. She can apply for the Aadhar Card in the nearest CSC center.
- She must have a valid mobile number as this will be needed to do any future communication.
HP Sashakt Mahila Rin Yojana Documents Required
It is important to have a complete list of the documents required to avail the benefits of the Himachal Pradesh Scheme. By possessing these documents, one can fulfill the necessary requirements to avail themselves of the benefits provided by the Himachal Pradesh Sashakt Mahila Rin Yojana.
- Aadhar card: It serves as a unique identification document and is essential to establish the identity of the individual applying for the scheme.
- Address proof: This document verifies the applicant’s residential address within Himachal Pradesh, ensuring that they are eligible for the scheme within the state’s jurisdiction.
- Income certificate: The income certificate provides information about the applicant’s financial status, determining their eligibility for specific income-based schemes.
- Ration card: The ration card serves as proof of citizenship and also helps identify individuals eligible for food-related benefits and subsidies under the scheme.
- Bank account: Having a bank account is necessary for the direct transfer of benefits and subsidies to the beneficiaries.
- Mobile number: A valid mobile number is required for communication and updates related to the scheme, ensuring smooth and timely dissemination of information.
- Passport size photo: This photograph is used for identification purposes and helps in creating official records for the scheme. Keep at least 4 recently clicked passport size photos.
HP Sashakt Mahila Rin Yojana Apply Online
It is advised to check the Himachal Pradesh Sashakt Mahila Rin Yojana eligibility before applying for the scheme. There is no provision to apply online through the website. You have to visit the HPSCB bank in order to apply for the scheme. However, you can download the information regarding the “HP Sashakt Mahila Rin Yojana PDF” to know every detail about the scheme.
Downlaod the HP Sashakt Mahila Rin Yojana PDF
HP Sashakt Mahila Rin Yojana Apply Offline
In order to apply for the Himachal Pradesh Sashakt Mahila Rin Yojana offline, you have to follow the following steps:
- Visit the branch of HPSCB Bank.
- Obtain the application form for the Sashakt Mahila Loan Yojana from a bank official.
- Fill in all the required information in the application form.
- Gather the necessary documents and attach them to the application form.
- Submit the completed application form along with the attached documents to the same bank branch where you received it.
After that your application will be scrutinized and the loan amount will be credited to your bank account.
HP Sashakt Mahila Rin Yojana FAQs
What is HP Sashakt Mahila Rin Yojana ?
Sashakt Mahila Rin Yojana is a government backed scheme for the women of the state. Through this scheme a collateral free loan upto 1 Lakh will be provided to a woman so that she can start a business of her own.
What amount of loan will be provided under the Himachal Pradesh Sashakt Mahila Rin Yojana?
Women will be offered loans ranging from Rs 21,000 to Rs 1,01,000 under the Himachal Pradesh Sashakt Mahila Rin Yojana.
What interest rate is applicable to the loan facility under the HP Sashakt Mahila Rin Yojana?
The loan facility provided under the HP Sashakt Mahila Rin Yojana carries an interest rate of 8.51 percent for the beneficiary women.
How can I apply under the Himachal Pradesh Empowered Women Loan Scheme?
Women can apply for the Himachal Pradesh Sashakt Mahila Rin Yojana through both online and offline channels. For details, please refer to the article.
