1 week ago
Tamil Nadu Launches Loan Scheme for Women Entrepreneurs
Tamil Nadu has created a new program to help women start or grow businesses.
Women may be able to borrow between Rs 10 lakh and Rs 5 crore.
The loans will come through the Tamil Nadu Industrial Investment Corporation.
The yearly interest rate will be 9.95 percent.
Borrowers can have as long as nine years to repay the money.
MLAs will identify 10 possible applicants in each Assembly constituency.
This could create an initial list of 2,340 women across the state.
Being nominated does not guarantee that a woman will receive a loan.
Officials will check each person’s plan and eligibility before deciding whether to provide support.
Women in Tamil Nadu can seek loans from Rs 10 lakh to Rs 5 crore to start or expand businesses.
The loans will be provided through the Tamil Nadu Industrial Investment Corporation at an annual interest rate of 9.95%.
Borrowers can receive up to nine years to repay the loans, calculated on a diminishing-balance basis.
MLAs have been asked to identify 10 prospective women entrepreneurs in each of the state’s 234 Assembly constituencies.
Nominations will undergo scrutiny, and loan amounts will depend on each applicant’s proposal and applicable lending criteria.
- Who
- Women seeking to start or expand businesses in Tamil Nadu, with applicants identified by MLAs and assessed by the industries department.
- What
- The Tamil Nadu government has introduced the Vetri Magalir Thozhilmunaivor Membattu Thittam, offering business loans of Rs 10 lakh to Rs 5 crore.
- Where
- Across Tamil Nadu’s 234 Assembly constituencies.
- When
- The announcement does not specify deadlines for nominations or dates for loan sanctions.
- Why
- To improve women’s access to institutional finance, support entrepreneurship, create jobs and contribute to the state economy.
Key facts
- Scheme
- Vetri Magalir Thozhilmunaivor Membattu Thittam
- Loan range
- Rs 10 lakh to Rs 5 crore
- Interest rate
- 9.95% annually on a diminishing-balance basis
- Repayment period
- Up to nine years
- Identification target
- 10 prospective women entrepreneurs per constituency
- Potential initial pool
- 2,340 applicants across 234 constituencies
- Lending institution
- Tamil Nadu Industrial Investment Corporation
Sources
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