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Union Bank of India empowers women entrepreneurs through Union Nari shakti STP

Historical viewpoint

Women empowerment in India gained traction with the promulgation of the Indian Constitution on January 26, 1950, which has various laws and sections that erase uncertainty regarding the position of women in society. When Oxford Dictionaries named "Nari Shakti" the Hindi word of the year in 2018, the impact that women have had on the globe throughout the years was clearly assessed.

Women, like their male counterparts, are now authoring new stories of incredible achievement with their wit and hard work. Women are broadening their entrepreneurial horizons and delving into an unparalleled number of business fields. This covers the significance of special loan programmes to uplift the female spirit. Taking this thought ahead, Union Bank of India has come up with the Union Nari Shakti STP .

Union Nari Shakti is currently being identified as Union Bank of India’s one of the niche products to strongly support women entrepreneurs across the country.

Let us have a look at Nari Shakti Lending, a Union Bank of India loan product geared at businesswomen, in this post.

Union Nari Shakti STP Scheme

Union Bank Of India Empowers Women Entrepreneurs

This mudra loan from Union Bank of India assists women who own Micro Enterprises to satisfy their short-term and long-term business goals. The minimum loan amount sanctioned under this loan is Rs.2 lakhs, and the maximum is Rs.10 lakhs. This scheme is part of the Union Bank of India efforts to empower and encourage women to work independently to generate income.

Features of Nari Shakti Loan

  • The Union Bank of India Nari Shakti Mudra Loan is intended to fund the capital needs of Micro enterprises owned by women engaged in the manufacturing, service, and trading sectors.
  • This is a collateral-free loan.

Loan Amount Limit

To achieve need-based requirements, a minimum of Rs 2.00 lakh and a maximum of Rs.10 lakhs can be sanctioned.

Scheme offers concessional ROI & Charges as compared to conventional lending schemes of the Bank.

Eligibility for the Union Nari Shakti STP Loan

Individuals, sole proprietors, are all eligible for the Union Nari Shakti STP as long as the business is owned by a woman. The scheme will accept the following criteria:

  • Promoter’s age: 21–65 years.
  • Entity should have a valid Udyam Registration Number (URN)
  • Business entities with the constitution -Female Individuals, Proprietorship with female proprietors classified under Micro enterprise category as per MSMED Act 2006.
  • Borrower/Prop. should have valid Aadhar & PAN. (In the case of ETB customers, PAN of Business and the PAN & Aadhar of promoter fed in CBS).
  • Business entities should have a bank account with any Schedule Commercial Bank (At least 6-Month-old).
  • Borrower / Promoter and Sister concern name should not appear in any of the defaulter lists/CFR.

Security Required to Sanction Union Nari Shakti Loan

  • Working Capital: Hypothecation of Stock & Book Debts.
  • Term Loan: Charge on assets created out of bank finance.
  • No collateral Security is required.

Repayment of Union Nari Shakti Loan

Repayment of Union Nari Shakti Loan

For working capital, on-demand repayment of a running account (interest to be served as and when due).

Besides, term loans up to Rs.5 Lakhs must be paid in equated monthly instalments (EMI) in 5 years and term loans above Rs.5 Lakhs must be paid in 7 years.

How can you apply?

Now you know all about Union Bank of India Nari Shakti STP product . Click Here or you can apply through Our bank’s Website/Mobile App. If you have any further queries, reach out to the nearest branch.

The customer can Apply for Union Nari Shakti Loan:

Apply for Union Nari Shakti Loan

1.Through VYOM App:

vyom vyom app

2.By visiting Union Bank of India corporate website:

union nari shakti