Good News! Women in Karnataka can now get personal loans up to ₹3 lakh

State government to launch new cooperative societies at the panchayat level, enabling registered Gruha Lakshmi women to access personal loans with bank-linked interest rates.

The Karnataka government has announced a major financial boost for Gruha Lakshmi beneficiaries, with plans to provide personal loans ranging from ₹30,000 to ₹3 lakh. Officials confirmed that the scheme will be implemented through newly formed cooperative societies at the panchayat level, expected to be launched over the next six months.

Also Read:Karnataka to launch Gruha Lakshmi Cooperative Society; Women to get low-interest loans up to ₹3 lakh

Under the proposed structure, women enrolled under the Gruha Lakshmi scheme can become members of these societies by paying a one-time registration fee of ₹1,000. After joining, each member must contribute ₹200 every month. Once registered, they will be eligible to apply for personal loans based on their requirement.

The government aims to support women who need quick and reliable financial assistance. Initially, loan amounts will be capped at ₹3 lakh, but plans are already in place to increase the maximum limit to ₹6 lakh in the coming months. The loans will be processed under the interest norms followed by nationalised banks, ensuring transparency and standardised financial terms.

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Officials stated that the scheme will have a 30-60 day window for women to submit their applications. Only applicants who register within this period will be eligible for the loan facility. The initiative is being positioned as a direct step toward empowering women with easier access to credit for household, emergency, or small business needs.

With the cooperative societies set to be established across every panchayat, the government expects lakhs of beneficiaries to gain from this new financial support system once it goes live.