Term Loan Scheme of NMDFC
Under this scheme, credit of up to ₹20,00,000/- under Credit Line-1 and up to ₹30,00,000/- under Credit line -2 is extended to beneficiaries among minority communities at 6% p.a. & 8% p.a. respectively for financing economically viable income generation ventures.
About the Term Loan Scheme of NMDFC Scheme
Under this scheme of NMDFC, credit is extended for financing economically viable income generation ventures. Loan of upto ₹20,00,000/- under Credit Line-1 and upto ₹30,00,000/- under Credit line -2 is extended to beneficiaries at 6% p.a. & 8% p.a. respectively. Further, 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 applicant must be Indian and belong to one of the six notified minority communities: Muslim, Christian, Sikh, Buddhist, Parsi, or Jain.
b) The annual family income should not exceed:
Rs. 3.00 lakh per annum under Credit Line–1.
Rs. 8.00 lakh per annum under Credit Line–2.
c) The applicant must be 18 years or above and capable of undertaking self-employment activity.
d) The applicant should not have any outstanding loan or default under any Central/State Government financing scheme.
e) The project proposal should be economically viable and technically feasible.
f) The applicant must have a valid Aadhaar-linked bank account, residence proof, income certificate, and minority community certificate issued by a competent authority.
g) Preference shall be given to women, youth, and occupational groups belonging to the minority communities.
h) Insurance of the borrower and assets financed is mandatory under NMDFC guidelines.
<br>
How to Apply for Term Loan 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 Term Loan Scheme of NMDFC scheme?
Under this scheme of NMDFC, credit is extended for financing economically viable income generation ventures. Loan of upto ₹20,00,000/- under Credit Line-1 and upto ₹30,00,000/- under Credit line -2 is extended to beneficiaries at 6% p.a. & 8% p.a. respectively. Further, conc…
Who is eligible for Term Loan Scheme of NMDFC?
a) The applicant must be Indian and belong to one of the six notified minority communities: Muslim, Christian, Sikh, Buddhist, Parsi, or Jain. b) The annual family income should not exceed: Rs. 3.00 lakh per annum under Credit Line–1. Rs. 8.00 lakh per annum under Credit Line–2. c) The applicant mu…
What benefits does Term Loan Scheme of NMDFC provide?
Concessional Credit to the beneficiaries among minority communities. <br
How can I apply for Term Loan 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.