SBI Introduces Collateral-Free Loans for Women Entrepreneurs on the Eve of International Women’s Day

The State Bank of India (SBI) has introduced a collateral-free loan with low interest designed for women entrepreneurs. The scheme, named Asmita, was launched on Friday, March 7, 2025, a day before International Women’s Day. It aims at providing low-interest rate loan options to women. The bank added that it will identify top women entrepreneurs among borrowers of SBI Asmita to provide them with entrepreneurial and management training.

SBI launched this new loan for women just after a report from a credit company highlighted that women mostly borrow money for personal things rather than for starting or running a business. The report showed that only 3% of women borrow money for business, while 42% borrow for personal finance products like buying homes, personal loans or consumer durable loans and 38% for gold.

The chairman of SBI, CS Shetty, mentioned that this newly launched initiative will offer quicker and easier finance to women-led micro, small and medium enterprise units through a digital and self-initiated process. The bank’s Managing Director, Vinay Tonse, described the new product as a balance of advanced technological and social engineering.

The institution has also introduced the ‘Nari Shakti’ platinum debit card powered by RuPay, which is designed specially for women. At the same time, Bank of Baroda introduced a new program named ‘Bob Global Women NRE and NRO Savings Account’ for women who have migrated to abroad from India. The program offers several benefits. It includes an auto-sweep feature to help women customers earn more interest, lower rates on home and car loans with reduced processing fees, no locker rent charges, and a special debit card that gives free access to airport lounges both in India and abroad, according to a statement. It will help the bank attract more deposits from them.