Disclaimer….before you read ahead!
The information contained herein is of a general nature and for information purposes only, with the intent of raising awareness around various resources, schemes etc. available for women entrepreneurs in India. It is not intended to address the circumstances of any particular individual or entity. It does not purport to be all-inclusive or necessarily contain all the information that may be relevant for the reader, and may be subject to updation, revision or amendment. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to remain accurate in the future. The reader, therefore, is required to exercise their discretion; and not act on such information without appropriate professional advice after a thorough examination of the particular situation.
Furthermore, we are not a lender and are not authorized by the Reserve Bank of India to act as one. By disseminating the information contained herein, we are not soliciting any borrower or customers for the company or organization mentioned herein nor do we intend to syndicate any capital for the reader of this email.
ABOUT THIS SCHEME…
Orient Mahila Vikas Yojana was launched by erstwhile Oriental Bank of Commerce (OBC; merged with PNB on April 1, 2020) with the objective to help women entrepreneurs become self-reliant, and empower them financially.
HOW IS IT BEING IMPLEMENTED?
Under Orient Mahila Vikas Yojana, direct financial assistance, in the form of loans at affordable rates, is given to
- Women entrepreneurs operating a Micro, Small or Medium Enterprise (defined as per MSMED Act, 2006) that is engaged in manufacturing or service activity
- Self-employed women
WHAT’S ON OFFER?
I. Product:
Term loan:
- From ₹10 Lakhs to ₹25 Lakhs for Micro, Small or Medium Enterprise (defined as per MSMED Act, 2006)
- For others, ₹2 Lakhs to ₹10 Lakhs
II. Purpose:
- Capital expenditure requirements
- Working capital requirements
III. Borrower Type:
- Individual (above 18 years), sole proprietorship, partnership firm, private limited company, public limited company or co-operative society
IV. Security or Collateral or Guarantee or Insurance:
- Nil on loans upto ₹25 Lakhs for Micro, Small or Medium Enterprise (defined as per MSMED Act, 2006)
- For others, Nil on loans upto ₹10 Lakhs
- However, first charge on all assets created out of the loan extended or assets which are directly associated with the business/project for which loan has been extended
- No guarantor required
- For information around requirement of collaterals, if applicable, please contact your nearest PNB branch
- For information around requirement of insurance, please contact your nearest PNB branch
V. Interest Rate:
- At sole discretion of Bank Less Interest Discount of up to 25% subject to a cap on Interest Concession of:
- up to 2% for loans up to ₹10 Lakhs
- up to 1% for loans above ₹10 Lakhs to ₹25 Lakhs
VI. Processing fee:
- Details don’t seem to be available in the public domain. Contact your nearest PNB branch
VII. Margin money requirement:
- 15-25%
VIII. Tenure:
- 7 years
INTERESTED? READ AHEAD TO CHECK YOUR ELIGIBILITY….
I.
Do you run a Micro-enterprise or Small-enterprise or Medium-enterprise defined per MSMED Act, meaning
- For enterprises engaged in manufacture or production of goods, is the investment in plant & machinery within ₹10 Crores?
- For enterprises engaged in providing or rendering of services, is the investment in equipment within ₹5 Crores?
OR
Are you self-employed or part of co-operative society?
II. Are you the sole owner of your business, or individually or jointly with other women hold stake of 51% or more in your business?
If your answers to the questions above are an emphatic YES, you are all set to avail loans under Orient Mahila Vikas Yojana!
SO…HOW BIG IS THIS SCHEME AND WHAT HAS BEEN DONE SO FAR?
I. Details don’t seem to be available in the public domain
SO, NOW, HOW SHOULD YOU GO ABOUT IT?
I. Reach out to erstwhile OBC (now PNB) branch nearest to you
II. Reach out to a PNB branch nearest to you
III. Call the scheme’s helpline numbers 1800180 1235 / +91 124 234 0940
Go on then…and do spread the word!
