Odisha government has launched Mission Shakti Loan Scheme on 27 February 2024. This scheme will basically benefit women of 70 lakh self-help groups (SHG) in the state. Under this scheme, the state govt. will provide interest-free loans up to Rs. 10 lakh to women in SHGs, uniform and blazer support and an interest repayment plan of Rs. 145 crore. Read the article till the end to know complete details about Mission Shakti Loan Scheme.
Aiming at ensuring affordable credit to women Self Help Groups, thereby promoting sustainable livelihood of members, the Interest Subvention Scheme was introduced by the State Government in the year 2013 where loans to SHGs were provided at an annual interest of 2% for loans upto Rs. 3 lakhs. Subsequently, to encourage SHGs to invest more capital in livelihood activities, the effective annual interest rate was reduced to 1% for women SHGs in the State, for loans up to Rs 3 lakhs from 1st April 2015.
About Odisha Mission Shakti Loan Scheme 2024
For better visibility, creation of greater awareness among women SHGs, increased response of banks to SHG Bank linkage and improved monitoring, the State Government has renamed the Interest Subvention Scheme as "Mission Shakti Loan - Interest free loan for women SHGs". Women who are eligible for Mission Shakti Loan Scheme can get interest-free loans of up to Rs. 10 lakh.
In addition to this, SHGs will get assistance in the shape of blazers and uniforms. This scheme will support 70 lakh women connected with SHGs in Odisha. Mothers now will have more financial power and stronger hands, thanks to the interest-free loan programme. Notably, the Odisha's Self-Help Groups have been granted a loan amount of Rs. 15,000 crore this year. It is proposed that the state govt. will provide an additional loan amount of Rs. 75,000 crore to women SHGs over the next five years.
Odisha Mission Shakti Loan Scheme Launch
While launching the Mission Shakti Loan Scheme on 27th Feb 2024, Chief Minister said, "Mission Shakti is my favourite programme. My government is continuously working for the dignity and welfare of women. Now women in SHGs can get interest free loans upto Rs. 10 lakh". CM also released an amount of Rs. 145 Crore towards interest refund and announced that around 5,000 Mission Shakti Bazaars will be set up in the state in the next five years.
CM further said that the Mission Shakti Maa has provided government business assistance of Rs 8,000 crore through a special livelihood initiative. "Women are now partners in various programmes of the Odisha government and are involved in the formation of new Odisha. Today Mission Shakti Ma's good work has reached several regions of the country and even abroad," CM added.
Expressing happiness that the women of self-help groups are going ahead for exposure visits to Dubai and Singapore, the Chief Minister said that more and more women will go abroad in the future. "Today women self-help group members have joined the corporate world and will be doing business. That is why Rs 730 crore rupees have been arranged for uniforms and blazers for the 70 lakh self-help group members and 1.5 lakh SHG members of the state. A total of Rs 145 crore was distributed as interest subvention directly to bank accounts of more than 2.75 lakh SHGs. In the last 5 years, Rs 925 crore has been returned to SHGs as interest subvention," CM Patnaik said.
On this occasion, the CM also launched the interest refund scheme at Maa Yamuna SHG in Bargarh district and gave a check to Maa Vimala SHG in Ganjam district. The Commissioner-Cum-Secretary of Mission Shakti said that the interest-free loan system has strengthened the hands of mothers and empowered them financially. Notably, this year, the SHGs have received a loan amount of Rs. 15,000 Crore and in the next five years they will be given a loan amount of Rs. 75,000 crores.
On this occasion, the CM also launched the interest refund scheme at Maa Yamuna SHG in Bargarh district and gave a check to Maa Vimala SHG in Ganjam district. The Commissioner-Cum-Secretary of Mission Shakti said that the interest-free loan system has strengthened the hands of mothers and empowered them financially. Notably, this year, the SHGs have received a loan amount of Rs. 15,000 Crore and in the next five years they will be given a loan amount of Rs. 75,000 crores.
Objectives of Mission Shakti Loan Scheme
- To reduce the interest burden on women SHGs.
- To enable women SHGs to invest more capital in livelihood activities resulting in improved quality of life.
- To enhance credit access to women SHGs at an affordable cost, to meet their credit requirement, creating an enabling environment for enhancing productivity and reducing vulnerability.
- To inculcate prompt repayment culture among women SHGs availing credit from Banks.
Interest Rate under Mission Shakti Loan Scheme
From 27th Feb 2024, the effective rate of interest to women SHGs for loans upto Rs. 10 lakh will be at 0% (interest free).Also Read - Mission Shakti Scooter Yojana Apply Online
Participating Banks in Odisha Interest Free Loan Scheme
Scheduled Commercial Banks (Public Sector Banks, Private Sector Banks, and Regional Rural Banks) and Co-operative banks, who are operating on the Core Banking Solutions (CBS) can participate and avail the interest subvention under the scheme.Overview of Mission Shakti Loan Scheme
| Name of Scheme | Mission Shakti Loan Scheme |
| State | Odisha |
| Type of Scheme | Interest Free Loan Scheme |
| Objective | To provide loans upto Rs. 10 lakh to women SHGs at 0% rate of interest |
| Number of Beneficiaries | Women of 70 lakh Self Help Groups |
| Launch Date | CM Naveen Patnaik launches Mission Shakti Loan Scheme on 27th Feb 2024 |
| Official website | https://missionshakti.odisha.gov.in/ |
Eligibility Criteria for Mission Shakti Loan Scheme
- Applicant must be a permanent resident of Odisha state.
- Only women candiates are eligible for Mission Shakti Loan Scheme.
- Women belonging to Self Help Groups (SHGs) only can apply online for interest free loans.
List of Documents Required for Mission Shakti Loan
- Aadhar Card
- PAN Card
- Bank Account Details
- Active Mobile Number
- Email ID
- Recent Passport Size Photographs
How to Apply Online for Mission Shakti Loan Scheme
- First of all, visit the official website of Odisha Mission Shakti Loan Scheme at https://missionshakti.odisha.gov.in/
- On the homepage, click at "Apply" link.
- Upon clicking the link, the Mission Shakti Loan Scheme online registration form will open.
- Fill in the asked details accurately and upload necessary documents as mentioned above.
- Review your filled in information in the application form through online mode.
- Finally, click on the "Submit" button to send your application to the concerned authorities for approval.
Background of Mission Shakti Loan - Interest Free Loan for Women SHGs
"Mission Shakti" has been a noteworthy endeavour for women’s empowerment in the State of Odisha. Under Mission Shakti, the SHG-Bank Linkage Programme is a major Financial Inclusion initiative.Aiming at ensuring affordable credit to women Self Help Groups, thereby promoting sustainable livelihood of members, the Interest Subvention Scheme was introduced by the State Government in the year 2013 where loans to SHGs were provided at an annual interest of 2% for loans upto Rs. 3 lakhs. Subsequently, to encourage SHGs to invest more capital in livelihood activities, the effective annual interest rate was reduced to 1% for women SHGs in the State, for loans up to Rs 3 lakhs from 1st April 2015.
Considering the increase in credit off take and to reduce the interest burden, the scheme was revised in 2019 with 0% rate of interest per annum provided the loans are repaid on time. This facility is available for loans up to Rs. 3 lakhs and applicable to both rural & urban SHGs irrespective of their promoting agency. Now from 27th Feb 2024, the scheme is offering interest free loans upto Rs. 10 lakh for women SHGs at 0% rate of interest.
For better visibility, creation of greater awareness among women SHGs, increased response of banks to SHG Bank linkage and improved monitoring, the State Government has renamed the Interest Subvention Scheme as "Mission Shakti Loan" - Interest free loan for women SHGs.
Read Mission Shakti Loan Scheme Details - https://missionshakti.odisha.gov.in/programme/mission-shakti-loan-state-interest-subvention
For better visibility, creation of greater awareness among women SHGs, increased response of banks to SHG Bank linkage and improved monitoring, the State Government has renamed the Interest Subvention Scheme as "Mission Shakti Loan" - Interest free loan for women SHGs.
Read Mission Shakti Loan Scheme Details - https://missionshakti.odisha.gov.in/programme/mission-shakti-loan-state-interest-subvention
For more details, visit the official website missionshakti.odisha.gov.in
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Odisha