SBI  launched a dedicated collateral-free low-interest rate loan offering for women entrepreneurs. The country’s largest lender launched the product christened ‘Asmita’ on the eve of the International Women’s Day, under which it aims to offer low-interest rate funding alternatives to women.

The launch comes within days of Transunion Cibil flagging a low preference for business borrowing by women, who tend to prefer borrowing for consumption purposes. As per the leading credit information company, only 3 per cent of the borrowings by women were for business purposes while a major 42 per cent was for personal finance products like personal loans, consumer durable loans, home ownership and 38 per cent against gold.

The bank’s chairman CS Setty said the newly launched product will provide faster and easier finance to women-led micro, small and medium enterprise units through a digital and self-initiated process. Its MD Vinay Tonse called the new offering a blend of technological innovation and social engineering.

The state-run bank also launched the ‘Nari Shakti’ platinum debit card powered by RuPay, which is designed exclusively for women. Its peer Bank of Baroda on Friday launched an initiative for women in the Indian diaspora, which will also help it tap into the deposit opportunity that the base provides.

The ‘Bob Global Women NRE and NRO Savings Account’ comes with benefits, such as an auto sweep facility to help customers earn higher interest, concessional rates on home loans and auto loans along with reduced processing charges, 100 per cent concession on locker rent and a customised debit card with free domestic and international lounge access at airports, as per a statement.