Micro Finance Scheme of NMDFC
Under the scheme, an amount of Rs. 1 lakh under credit Line-1 & upto Rs. 1.5 lakh under Credit Line-2 is extended to each member of SHG (belong to Minority communities) at interest rate of 7% & 10% respectively. Concession of 2% is extended to women beneficiaries under Credit Line-2.
About the Micro Finance Scheme of NMDFC Scheme
Under this Scheme of NMDFC, credit is extended to the members of the Self Help Groups (SHGs), predominantly comprising of the minority women scattered in remote villages and urban slums, who are not able to take advantage of the formal banking credit. Under the scheme, an amount of ₹1,00,000/- under credit Line-1 & upto ₹1,50,000/- under Credit Line-2 is extended to each member of SHG at interest rate of 7% & 10% respectively. Concession of 2% is extended to women beneficiaries under Credit Line-2.
<br>
Benefits
- Concessional Credit to the beneficiaries among minority communities.
<br>
Eligibility Criteria
a) The scheme is implemented through Self Help Groups (SHGs) or Thrift and Credit Groups (TCGs) comprising members of minority communities.
b) At least 75% of the members of each SHG/TCG must belong to notified minority communities. The remaining up to 25% may belong to weaker sections, including Scheduled Castes, Scheduled Tribes, Other Backward Classes, or Persons with Disabilities.
<br>
In exceptional cases, groups with minimum 60% minority members may also be considered.
c) The annual family income of each beneficiary must not exceed:
Rs. 3.00 lakh under Credit Line–1.
Rs. 8.00 lakh under Credit Line–2.
d) The SHG should have a satisfactory record of thrift and credit activity for at least six months.
e) The beneficiaries should not be defaulters under any other loan scheme.
f) Loans shall be used for income-generating activities such as petty trade, handicrafts, food processing, and service enterprises.
g) Preference shall be given to women SHGs and groups operating in rural and minority-concentrated areas.
<br>
How to Apply for Micro Finance Scheme of NMDFC
Application mode: Offline
- NMDFC implements its schemes & programs through State Channelizing Agencies (SCA list: www.nmdfc.org/SCA ) nominated by the respective State Governments & Banking Partners (Presently through Canara Bank & Punjab Grameen Bank).
<br>
Exclusions
Other than Six Notified minority communities having annual family income of more than Rs. 3.00 Lakhs under credit line 1 and of more than Rs.8.00 Lakhs under credit line 2.
<br>
Frequently Asked Questions
What is the Micro Finance Scheme of NMDFC scheme?
Under this Scheme of NMDFC, credit is extended to the members of the Self Help Groups (SHGs), predominantly comprising of the minority women scattered in remote villages and urban slums, who are not able to take advantage of the formal banking credit. Under the scheme, an amount…
Who is eligible for Micro Finance Scheme of NMDFC?
a) The scheme is implemented through Self Help Groups (SHGs) or Thrift and Credit Groups (TCGs) comprising members of minority communities. b) At least 75% of the members of each SHG/TCG must belong to notified minority communities. The remaining up to 25% may belong to weaker sections, including S…
What benefits does Micro Finance Scheme of NMDFC provide?
Concessional Credit to the beneficiaries among minority communities. <br
How can I apply for Micro Finance Scheme of NMDFC?
NMDFC implements its schemes & programs through State Channelizing Agencies (SCA list: www.nmdfc.org/SCA ) nominated by the respective State Governments & Banking Partners (Presently through Canara Bank & Punjab Grameen Bank). <br
Source: official scheme details published on the Government of India's myScheme portal. Always verify eligibility and deadlines on the official portal before applying. Scheme rules can change.
Related Government Schemes
Self-Employment loan scheme for Minority Widows, Divorcees / Abandoned Women
The scheme aims to provide self-employment loans to women from minority communities. Financial assistance with a 20% subsidy is provided to widows, divorced women, and abandoned women from minority communities. The scheme is implemented by the KSMDFC.
"Agricultural Income Tax Holiday" under the "Assam Tea Industries Special Incentives Scheme"
The scheme aims to ensure long-term financial sustainability of the Tea industry and to incentivize manufacturers to move from Crush, Tear, Curl tea to Orthodox tea production. The scheme is implemented by the Finance Department and the Industries & Commerce Department, Government of Assam.
"Annual Insurance Premium for Boat Owners" under "Financial Assistance for Availing Subsidy Components for the Development of Marine Fisheries"
"Annual Insurance Premium for Boat Owners" under "Financial Assistance for Availing Subsidy Components for the Development of Marine Fisheries" is introduced to increase marine fish production through subsidies for the annual premiums for insurance coverage paid by the mechanized boat operators.
"Interest Subvention on Working Capital" under the "Assam Tea Industries Special Incentives Scheme"
The scheme aims to ensure long term financial sustainability of the Tea industry and incentivize Orthodox tea production over Crush, Tear, Curl tea. It provides interest subvention, production subsidies, plant & machinery subsidies, tax holidays to tea plantations and manufacturing units in Assam.
"Orthodox or Specialty Tea Production Subsidy" under the "Assam Tea Industries Special Incentives Scheme"
The scheme aims to ensure long-term financial sustainability of the Tea industry and to incentivize manufacturers to move from Crush, Tear, Curl tea to Orthodox tea production. The scheme is implemented by the Finance Department and the Industries & Commerce Department, Government of Assam.
"Subsidy for Orthodox & Speciality Tea Unit for Plant & Machinery" under the "Assam Tea Industries Special Incentives Scheme"
The scheme aims to ensure long-term financial sustainability of the Tea industry and to incentivize manufacturers to move from Crush, Tear, Curl tea to Orthodox tea production. The scheme is implemented by the Finance Department and the Industries & Commerce Department, Government of Assam.