‘Spoorthi’
Program launched by L&T Finance to support women entrepreneurs
¨
‘Spoorthi’ Program
launched by L&T Finance to support women entrepreneurs.
¨
A specialised program
named “Spoorthi” has been launched by L&T Finance to support and empower
women entrepreneurs across India.
¨
Under this program,
specific relaxations and financial benefits are being provided to eligible
women borrowers, particularly for housing and business expansion purposes.
¨
Extended loan tenors of
up to 25 years for house property purchases or Loan Against Property (LAP) have
been introduced under the scheme.
¨
Apart from this,
Non-Banking Financial Company (NBFC) will provide Industrial LAP tenure up to
12 years.
¨
Enhanced eligibility
norms, including higher debt-to-income ratios, have been introduced to provide
greater financial flexibility to women entrepreneurs.
¨
To qualify for the
programme, the woman borrower must hold at least a 50% stake in the business
and play a key managerial role in the enterprise.
¨
It has also been
specified that the borrower’s income must constitute at least 50% of the total
appraised income when combined with other borrowers.
¨
The business applying for
support must show an annual cash profit of at least ₹5 lakh according to the
latest Income Tax Return and should not have reported losses in the last two
years.
¨ The programme will initially be rolled out in major metropolitan regions such as Mumbai MMR, Delhi NCR, Bengaluru, Chennai, Pune, Ahmedabad, Kolkata and Hyderabad.
¨ Through the Spoorthi programme, L&T Finance aims to provide women with easier access to capital, strengthen women-led enterprises and promote a more inclusive financial ecosystem.
