The State Bank of India (SBI) has introduced a dedicated loan product called ‘Asmita’ aimed at supporting women entrepreneurs. Launched just before International Women’s Day, this initiative offers collateral-free loans at low interest rates specifically designed for women.
The introduction of ‘Asmita’ comes shortly after TransUnion Cibil reported that women show a low preference for borrowing for business purposes, often opting for loans related to personal consumption instead.
According to the credit information company, only 3 percent of women’s borrowings were for business-related needs, while a significant 42 percent were used for personal finance products, such as personal loans, consumer durable loans, and home ownership. Additionally, 38 percent of women borrowed against gold.
