Virasat Loan Scheme of NMDFC
Concessional credit of up to ₹10,00,000/- can be availed under Credit Line-1 & 2. to meet Working Capital and Fixed Capital for purchase of equipment/tools/machineries/raw material by the Minority Artisan.
About the Virasat Loan Scheme of NMDFC Scheme
This scheme is part of the Term Loan scheme and is implemented with the objective to meet Working Capital and Fixed Capital for purchase of equipment/tools/machineries/raw material. Maximum loan of upto ₹10,00,000/- can be availed under Credit Line-1 & 2. Simple interest of 5% p.a. is charged under Credit Line-1 and at 6% p.a. from Male Artisan under Credit line- 2. Concession of 1% is provided to Female Artisan under both the Credit Lines.
<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 of the applicant shall 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 an artisan or craftsperson engaged in a traditional occupation (such as handloom, handicraft, metalwork, leatherwork, embroidery, pottery, etc.).
d) The applicant should have basic skills or certification in the relevant craft or trade, verified by a competent authority or local body.
e) The loan shall be used for procurement of tools, equipment, raw materials, or working capital to enhance production and market linkage.
f) Preference shall be given to women artisans and occupational clusters in minority-dominated areas.
g) The applicant should not be a beneficiary of any other similar artisan financing scheme at the time of application.
h) The beneficiary must possess a valid Aadhaar-linked bank account and minority certificate.
<br>
How to Apply for Virasat 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 Virasat Loan Scheme of NMDFC scheme?
This scheme is part of the Term Loan scheme and is implemented with the objective to meet Working Capital and Fixed Capital for purchase of equipment/tools/machineries/raw material. Maximum loan of upto ₹10,00,000/- can be availed under Credit Line-1 & 2. Simple interest of…
Who is eligible for Virasat 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 of the applicant shall not exceed: Rs. 3.00 lakh per annum under Credit Line–1. Rs. 8.00 lakh per annum under Credit Line–2. c)…
What benefits does Virasat Loan Scheme of NMDFC provide?
Concessional Credit to the beneficiaries among minority communities. <br
How can I apply for Virasat 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.