I don’t understand why women pretend that they are equal to men; rather they are far better and superior and will always remain.
The abilities of women in making decisions, education, and profession have been largely suppressed since ages, considering them inferior to men. The situation is worst in underdeveloped and developing nations where women in a family are not allowed to take financial decisions or decide on matters regarding their own education.
With such state of affairs, it would be a fallacy to dream about the goals of sustainable development and gender equality. There is an instant need to take measures to lift the social, personal and professional status of women, bringing them shoulder to shoulder with men. These particular measures constitute a process, which is known as “Women Empowerment”. Providing better education and employment opportunities to women, ensuring their better health, providing justice and ensuring professional equivalence, are the few methods of women empowerment.
Indian Women has come a long way from the time when she used to be dependent on the male members of their family for every small need of them. Now, females can equally reinforce their financial independence by using the various financial benefits available to them.
Gone are the days when a female was behind a successful man. Now “a woman is ahead of every successful man.”
Women empowerment is for the betterment of our country as they have proved that they can manage both office and home simultaneously. Women play a key role as a mother, wife, daughter and a sister and that is why we should educate our daughters and give wings to fly in this free space. The following are the various financial benefits given to women:
Let’s learn about the above schemes and get to know how they benefit our modern women.
This scheme was started to help and provide benefits to the women who run food related business. It is offered by Mahila Bank and State Bank of Mysore. The loan is given without any collateral for Rs.50, 000 and has to be repaid within three years of borrowing.
Women who are a part of entrepreneurship development program are eligible to avail this loan. The applicant must have a 50% of the partnership in the business and the loan is sanctioned for upto 50 lakhs.
Now, a part of State Bank of India was started to finance underprivileged females who want to start their business. This scheme offers the loan amount of 20 Crores for small businesses at the interest rate of 12.25%.
This scheme was started to provide financial stability for small and medium enterprises in the agriculture and retail trading. Loan amount of 1 CR. is sanctioned without any guarantee and is offered by Central Bank of India.
This scheme was started by Punjab National Bank and aims to help the women who wants to set up new projects. The scheme sanctions up to 10 Lakhs of loan amount.
The scheme offers a loan amount of up to 20 Lakhs and the women who want to do business apart from education, housing and retail trading re eligible for it. A concession of .25% is given in the interest rates as compared to other financial products.
Various schemes and incentives are introduced to promote entrepreneurship among women. This aims to provide financial benefits to women and allows to borrow a loan of Rs. 10 Lakhs to 1 Cr. a scheme called Mudra Yojna was also started to grant loans between 50,000 to 10 Lakhs to the women. Aspiring women entrepreneurs who want to start new projects, enterprises and businesses are eligible to avail it.
Women applying for home loans can enjoy low rate of interest on their home loans. There is a difference of about 0.5% between the applications made by women and men. The same is applicable for other financial products as well.
Banks have special saving accounts for a woman that offers discounts, cash backs and other benefits who love to spend on shopping, wellness, food entertainment and lot many through the bank’s debit card. This helps to earn while spending. Various banks offer additional discounts on medical tests specifically for women. This encourages them to be more aware towards their health. Women can also open a Junior Account to save for their children’s education and it requires no minimum balance if it is linked to recurring deposit account (RD) or a systematic investment plan (SIP).
There are special medical schemes at premium rates to meet the special need of their health. Life insurance companies offer different and special schemes by keeping women centric diseases in mind like cervical cancer and breast cancer. This encourages them to invest in health insurance depending on their current medical health. The premiums paid towards health and life insurance is exempted from Income Tax Act. Therefore, women pays lower amount of premiums as compare to men and also have higher life expectancy.
Some states in our country provide exemption in stamp duty and transfer duty for conveyance deeds, sales deeds and gift deeds. But this is only possible when the property is in the name of a female. The other states that do not provide this facility give a small rebate on the percentage of duty charges.
This scheme was initiated by Oriental Bank of Commerce to empower women o want to start their small business. There is a concession of 2% on the interest rate as compared to other financial products and also does not involve any collateral upto the loan amount of 25 Lakhs.
The discount offers doesn’t end to the above points. And moreover it is not only about the discounts but also keeping a property in the name of a female family member and availing tax benefits but also giving them a security for their life. The females are sensitive in terms of putting their assets at stake so the property can bought as a sole or a co-owner. Government and Banks offer several sops that include tax and other certain benefits. This encourages women to register their assets in their name and empower them into reality sector.
There it is always a good idea to buy a property in your mother’s, wife or daughter’s name. this allows the female member to enjoy the tax benefits if she is a working person. If there is any legal dispute then both the partners will be equally involved (when the property is in joint name).
Thanks to the above benefits provided by the government and initiatives taken by the Banks, women can now have their own individuality without worrying about the finances with which they can always look after their health, borrow funds and make their dream come true. Yes indeed, there are many other ways where Indian mindset still needs to be developed and become more aware and conscious about female integrity, but hope we will see the day soon.