SBI's 'Svyam Siddha' Empowers Women Entrepreneurs In SHGs With Simplified Loans

New Delhi, Jan 11 (KNN) The State Bank of India has launched a specialised financial product named "Svyam Siddha," designed exclusively for women entrepreneurs in Self-Help Groups (SHGs) who are seeking loans up to Rs 5 lakhs.

Charanjit Singh, Additional Secretary of Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM) and Shantanu Pendsey, Chief General Manager at the State Bank of India Corporate office in Mumbai, signed a Memorandum of Understanding (MoU) to streamline enterprise financing for rural women entrepreneurs.

This initiative is uniquely designed to alleviate the challenges associated with extensive documentation requirements for bank loan applications and reduce the Turn Around Time (TAT).

The need for documents such as quotations and Detailed Project Reports (DPRs) has been eliminated, simplifying the application process.

Now, individuals can submit a straightforward loan application with KYC details at their local SBI bank branches.

DAY-NRLM will facilitate the loan application process and oversee loan repayment through its dedicated field cadre.

During the same event, a training toolkit package was unveiled, aimed at fostering access to formal finance for women entrepreneurs in Self-Help Groups (SHGs).

This initiative represents a noteworthy achievement in DAY-NRLM's dedication to empowering communities and promoting financial inclusion at the grassroots level.

The toolkit comprehensively addresses essential subjects such as banking fundamentals, financial statement concepts, and working capital calculation.

Additionally, key modules from the toolkit have been transformed into animated videos, enabling entrepreneurs to engage in self-capacity building.

This will facilitate access to formal finance for its SHGs women entrepreneurs.

(KNN Bureau)