SBI Unveils ‘Asmita’ Loan, ‘Nari Shakti’ Debit Card To Empower Women

In a significant move to empower women entrepreneurs across India, the State Bank of India (SBI), the country's largest bank, has introduced 'Asmita', a collateral-free digital loan designed exclusively for women-led micro, small, and medium enterprises (MSMEs). Launched on the International Women's Day eve, this initiative aims to provide easy access to finance at low-interest rates, along with comprehensive support to help women entrepreneurs scale their businesses.

Speaking about the initiative, SBI chairman Challa Sreenivasulu Setty said, "SBI Asmita is crafted with the vision of providing faster and easier finance to women-led MSME units through a digital and self-initiated process. This solidifies our position as the leading MSME lender for women entrepreneurs."

The launch of Asmita comes shortly after a report by TransUnion CIBIL, which highlighted the low participation of women in business borrowing. The data revealed that only 3 per cent of women's borrowings were for business purposes, whereas 42 per cent were for personal finance products, such as personal loans and home loans.Meanwhile, 38 per cent of borrowings were against gold, emphasizing the need for financial products tailored to support women in entrepreneurship.

Key Features Of The SBI Asmita Scheme

• Customized Financing - Tailored loan amounts to suit different business needs.
• Collateral-Free Loans - No need to pledge assets to secure funding.
• Financial Literacy And Support - Guidance on business growth and financial management.
• Low Interest Rates - Affordable repayment options to ease financial burden.
• Paperless Process - Fully digital and hassle-free application process.
• Entrepreneurial Training - Top borrowers will be given a chance to participate in skill development programs to enhance business acumen.

'Nari Shakti' Platinum Debit Card: A Step Towards Inclusion

Alongside the Asmita scheme, SBI has also launched the 'Nari Shakti' RuPay Debit Card, which is made entirely from recycled plastic as part of the bank's commitment to sustainability. This debit card is designed to provide exclusive benefits on shopping, travel, entertainment, insurance, and more, catering to the changing financial and lifestyle needs of women.

Commenting on the initiative, Vinay Tonse, managing director, retail banking and operations, SBI, said, "This card is a step toward progress, inclusion, and convenience, aligning with our green initiatives."
SBI has consistently introduced financial schemes to support women's business growth. One such initiative is the Stand-Up India scheme, a specialized business loan program for women entrepreneurs, particularly those from SC, ST, and OBC backgrounds.

Under this scheme, eligible applicants can avail loans ranging from Rs 10 lakh to Rs 1 crore, with an interest rate of Bank MCLR + 3 per cent + tenor premium. The loan tenure extends up to seven years, with a maximum moratorium period of 18 months. A processing fee of 0.20 per cent of the loan amount, along with applicable GST, is also charged.

To qualify, an individual must be a woman above 18 years, and for non-individual enterprises, at least 51 per cent of the shareholding and controlling stake must be held by SC/ST and/or women entrepreneurs. Additionally, the business should be an existing venture, not a new startup. This scheme is designed to empower women from marginalized communities, ensuring they receive the financial support needed to grow and sustain their businesses.

With these schemes, SBI aims to bridge the gender gap in business financing and encourage more women to step into entrepreneurship by offering financial assistance, training, and customized benefits.