How Lakhpati Didi Scheme Empowers Women Towards Financial Independence

The Lakhpati Didi Scheme is a government initiative focused at empowering women by enabling them to earn at least ₹1 lakh annually through self-employment and entrepreneurial activities. As part of its comprehensive support, the scheme offers a personal loan for women to further enhance business opportunities. This lakhpati yojana provides financial help, training, and access to credit through Self Help Groups (SHGs) to promote sustainable livelihoods

What are the Benefits of the Lakhpati Didi Scheme?

• Skill Development: Women get specialized training to improve their earning potential.
• Financial Independence & Empowerment: Access to financial aid, loans, and subsidies encouraging women to start their own businesses.
• Employment Generation: Encourages entrepreneurship and self-reliance among rural women.
• Support for Growth: Helps Self Help Groups (SHG) members expand their businesses with government-backed funding and skill development programs.

What Financial Support is Available to Self Help Groups and Their Members?

Capitalization Support (Funding Support):

• Revolving Fund: ₹20,000 to ₹30,000 per eligible SHG to promote internal lending (Internal lending is when members of a group lend money to each other from a shared pool of funds) and meet immediate credit needs.
• Community Investment Fund (CIF): SHGs and their federations receive up to ₹2.50 lakh to support socio-economic activities through micro-credit investment plans.

Bank Loan Assistance

• Collateral-free bank loan: SHGs can avail a loan up to ₹20 lakh without collateral.
• Interest Subvention: Means the government covers the difference between the bank’s lending rate and 7% on loans up to ₹3,00,000 for women Self-Help Groups.
• Overdraft Facility: SHG members with Jan-Dhan accounts are eligible for an overdraft limit of ₹5,000.

Women Enterprise Acceleration Fund

For Individual Enterprises:

• Credit Guarantee Support: Loans up to ₹5 lakh for a maximum of 5 years with a credit guarantee.
• Interest Subvention: 2% interest subvention on loans up to ₹1.5 lakh for 3 years for timely repayments.

For Enterprise Collectives/Farmer Producer Organisations (FPOs):

• Collateral Support: Provides collateral for up to 50% of total credit extended, or up to ₹2 crore, whichever is lower.

How Are Lakhpati Didis Identified?

• Potential Lakhpati Didis are identified through a survey.
• States and Union Territories may create their criteria for identifying eligible women.
• Identified lakhpati didi’s undergo through training and capacity-building programs to equip them with necessary skills.
• A customized Lakhpati Plan is created for each household.
• The Digital Aajeevika Register is used to track income and livelihood activities.

Eligibility Criteria:

• SHG Membership: Women who have been active members of SHGs for at least two years and have availed of the Community Investment Fund (CIF) (These are grants which are provided to Self-Help Groups).
• Livelihood Engagement: Eligible women should be engaged in at least two livelihood activities, ensuring income diversification.

How to Apply for the Lakhpati Didi Scheme

1. Join a Self Help Group (SHGs): Women must be part of a SHG under the National Rural Livelihood Mission (NRLM).
2. Survey & Identification: The local authorities survey to identify potential Lakhpati Didis as mentioned above
3. Training & Skill Development: Selected women undergo required training to develop skills for economic activities.
4. Access to Financial Assistance: Eligible women receive financial support through CIF, revolving funds, and bank loans.
5. Implementation & Growth: Women start their businesses and report their progress through the Digital Aajeevika Register.

The Lakhpati Didi Scheme is an empowering scheme that provides women with financial aid, training, and a way to self-sufficiency. By enabling rural women to earn ₹1 lakh per year, the scheme is transforming lives and promoting economic growth. 

Along with earning, saving, and investing are also important parts of becoming financially independent and fearless. Lxme is here to bridge the gap between women and money by enabling them to save and invest for their future. If you also want to start investing, then check out Lxme’s expert-curated mutual fund portfolios.

You can also check out the blog on self defence for women

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Further read:

• Why Hybrid Funds Are Smart Choice for Women Investors? 
• How the 8th Pay Commission Could Impact Women?
• What is Maiya Samman Yojana and How Does It Benefit Rural Women?