HP Sashakt Mahila Rin Yojana 2024 - HPSCB Collateral Free Loan Scheme Launched for Women in Himachal Pradesh

Sashakt Mahila Rin Yojana 2024 launched by Himachal Pradesh government to provide collateral free loans to bonafide Himachali women. This scheme was initially launched last year on 20 July 2023. This scheme has been launched. The women b/w the age of 18 to 55 years can take loans of Rs. 21000, 51000 and Rs. 1,00,001 on an EMI as low as Rs. 431 per month. Read this article till the end to know complete details about HP sashakt mahila rinn yojna.

HP Sashakt Mahila Rin Yojana 2024 Launch

Chief Minister Sukhvinder Singh Sukhu launched "Sashakt Mahila Rin Yojana" for women. In this scheme, women residents of Himachal Pradesh are entitled to get a collateral free loan. The scheme is an initiative of Himachal Pradesh State Cooperative Bank. HPSC will provide loan to women for pursuing their entrepreneurial dreams, engage in livelihood activities, fulfill their day to day needs and uplift their families.

Major Incentives under HPSCB Collateral Free Loan Scheme

• First Loan - Women aged 18 to 55 years having two saving accounts of the family with HPSCB shall be eligible for a loan of Rs. 21000/- for a period of 5 years with an EMI as low as Rs. 431/- only. The loan shall be guaranteed by the spouse of the woman.
• Second Loan - Once the borrower repays the entire first loan without any default, and the repayment is made after 12 months but within 15 months, she becomes eligible for a second loan. This second loan amount is Rs. 51,000/- and is provided on the same terms and conditions as the initial loan. This incentive aims to reward responsible borrowers who demonstrate the ability to repay their loans.
• Third Loan - After successfully repaying the entire second loan without default, again within the 12 to 15 months period, the borrower becomes eligible for a third loan. This third loan amount is Rs. 1,01,000/- and is provided on the same terms and conditions. This incentive further encourages consistent and disciplined repayment behavior among borrowers. 

No Requirement of Collateral / Assets as Security for Taking Loans

At the launch event, the Chief Minister lauded the efforts of HPSCB for the initiative. He said that the Sashakt Mahila Rin Yojana aims to empower women as any eligible women applying for the loan need not to provide any assets or collateral as security against the loan amount.

"The absence of collateral removes a significant barrier for women, especially those who may not have valuable assets to offer as security for taking loans," said Sh. Sukhu.

Family Account Incentive

If all the family members of the borrower open their savings bank accounts with a minimum balance, they become eligible for a 100% waiver of ATM charges for all members. This encourages the entire family to become financially included and benefit from reduced transaction costs. 

Women Empowerment through HP Collateral Free Loan Scheme 

By providing financial assistance to women for self employment and livelihood activities, the Sashakt Mahila Rin Yojana will contribute to the economic empowerment of women. It would make them financially independent and improve their socio-economic status, said the Chief Minister, adding that the bank is offering credit facility for Rs. 21000, Rs. 51000 and Rs. 1,01,000 at a relatively low interest rate of 8.51 percent. Furthermore, the scheme is designed to be easily accessible as there is no requirement for margin money.

Benefits of HP Sashakt Mahila Rinn Yojna

"Through this new initiative of the HPSCB bank, borrower women can become confident, self sufficient and contribute meaningfully to the socio-economic fabrics of the State. The collateral free loan scheme in Himachal Pradesh also focuses on rewarding timely repayment and encouraging the borrowers to repay the loan amount in time," the Chief Minister stated.

By offering collateral free loans, the scheme aims to empower women in Himachal Pradesh to access credit without the fear of losing their assets in case of difficulties in repayment. Through this inclusive initiative, these women can now confidently step into the realm of self-sufficiency and contribute meaningfully to the socio-economic fabric of Himachal Pradesh. 

The scheme's focus on rewarding timely repayment underscores its commitment to fostering a culture of financial responsibility and trust among women who have long struggled to access formal financial support. As a result, this pioneering scheme not only bridges the gap of financial disparity but also paves the way for a brighter and more equitable future for the women of Himachal Pradesh.

Features of HPSCB Sashakt Mahila Rin Yojana 

• Financial Inclusion - The scheme promotes financial inclusion by providing access to credit facilities to women in rural and semi-urban areas of Himachal Pradesh. It enables them to participate in economic activities, start their microenterprises, or engage in agricultural activities.
• Women Empowerment - By providing financial assistance to women for self-employment and livelihood activities, the scheme contributes to the economic empowerment of women. It allows them to become financially independent and improve their socioeconomic status.
• Easy Loan Accessibility - The loan scheme is designed to be easily accessible to eligible women, as there is no requirement for margin money, and the application process is simplified.
• Support for Livelihood Activities - The loan can be utilized 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.
• Social Security Coverage - The scheme encourages borrowers to enroll in social security schemes like PMJJBY and PMSBY, providing them with insurance coverage in case of unforeseen events.
• Family Financial Inclusion - The scheme promotes financial inclusion at the family level, as it encourages all family members to open savings bank accounts with the Bank. This can lead to better financial planning and management within families.

Low Interest Rates in Sashakt Mahila Rin Yojana

The loan is offered at a relatively lower interest rate of 8.51%, making it an affordable option with an EMI as low as Rs. 431/- only. The Low interest rates would be as under:

• Loan Amount Rs. 21000/- EMI Rs. 431/- 
• Loan Amount Rs. 51000/- EMI Rs. 1047/- 
• Loan Amount Rs. 101000/- EMI Rs. 2073/-

Conclusion

Overall, the HPSCB SASHAKT MAHILA RIN YOJANA aims to empower women economically and socially by providing them with financial support, helping them become self-reliant, and promoting overall development in the state of Himachal Pradesh. The benefits provided under the scheme are designed to uplift the status of women and foster inclusive growth in the region.

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