LOAN SCHEMES

SCHEMES FOR MINORITY COMMUNITY (Financial assistance from NMDFC)

Financing Schemes

• Credit line 1:- persons having annual family income of up to Rs. 98,000/annum in rural areas and Rs. 1.20 lakhs/annum in Urban areas.
• Credit line 2:- persons having an additional household income of Rs. 6 lakhs/annum can also avail the scheme facility

TERM LOAN

1.Self-employment loan up to a maximum of Rs. 20,00,000/- for credit line 1 and a maximum of Rs. 30,00,000/- for credit line 2.

The scheme is to promote self-employment among the members of the minority communities. Any viable projects can be considered under the scheme.

The beneficiaries are expected to utilize the amount along with the loan amount for the project.

ELIGIBILITY

1. The applicant must belong to the minority community as notified by central Government and state government from time to time.
   Age of the applicants must be between 18 and 55.
   Rate of interest – 6%

Penal Interest – 6%

EDUCATION LOAN SCHEME

NMDFC introduced the Educational Loan Scheme with the objectives to facilitate job oriented education amongst the weaker section of the Minorities.

OBJECTIVES

The identified courses should be such which have the utmost probability of equipping the beneficiaries for jobs, and should be shorter duration at the most 5 years. Educational loan should be given for courses, which are within the reach of the targeted group and have the least possibility of being misused.

ELIGIBILITY

1.The applicant should be in the age group of 16-32 years.

2.Confirmed admission in the intended course is the basic requirement for availing the loan. However, application for loan can be made in anticipation of admission. Similarly, loan can also be sanctioned in anticipation of admission.
3.Women and Physically challenged candidates would be given preference.
4.Selection out of the eligible candidates will strictly be on merit.

ELIGIBLE COURSES

 i) The course of study should have good potential in the job market. Any Technical/Professional courses     including Diploma & Degree courses may be considered.
ii) The duration of the course will not exceed five years. However, shorter duration courses may be preferred.
iii) The College/Institute should have been offering the courses for the last 3 years and should be recognized by the Central/State Government or by appropriate authority such as AITCE.

PURPOSE OF THE LOAN AND MAXIMUM LOAN AMOUNT

Loan will be admissible for expenditure on the following items:

 i)  Admission fee and tuition fee.
ii)  Cost of books, stationery and other instruments required for the course.
iii) Examination fee
iv) Boarding and lodging expenses.

Sl No.	Parameters	Scheme Details
		Credit 1	Credit 2
1	Loan Amount	Max. 15 Lakhs/ Beneficiary for profession or job oriented courses in India with max duration 5 years @ 3 lakhs/annum	Max. 20 Lakhs/ Beneficiary for profession or job oriented courses in India with max duration 5 years @ 4 lakhs/annum
		Max. 20 Lakhs/ Beneficiary for courses abroad with a max duration of 5 years @ 4 lakhs/annum	Max. 30 Lakhs/ Beneficiary for courses abroad with a max duration of 5 years @ 6 lakhs/annum
2	Rate of interest for beneficiaries	3% per annum	5% per annum
3	Repayment period for Beneficiaries	5 Years	5 Years

Scheme 3
MICRO FINANCE SCHEME [Loan through NGOs]

Sl No.	Parameters	Scheme Details
		Credit 1	Credit 2
1	Loan Amount	Up to Rs. 1 Lakh per member of SHG	Up to Rs. 1.5 Lakh per member of SHG, Rs.30 Lakhs for a group of 20 members in 1 SHG
2	Rate of interest for beneficiaries	Max 7% per annum	Max 8% per annum
3	The repayment period for Beneficiaries	3Years	3Years
4	Utilization period	3 Months/ 1 month	3 Months/ 1 month
5	Sanctioning Amount	Limit of Rs. 25 lakhs per NGO/ Federation This limit is increased to rs. 50 Lakhs in case of 100% track record for the past 2 years	Limit of Rs. 25 lakhs per NGO/ Federation This limit is increased to Rs. 50 Lakhs in case of 100% track record for the past 2 years

SCHEMES FOR BACKWARD CLASSES (Financial Assistance from NBCFDC)

Under this scheme, women belonging to the backward classes are provided with the loan for opening or developing of a venture.

Scheme 1
TERM LOAN
The scheme is to promote self-employment among the members of the Backward Classes. Any viable projects can be considered under the scheme.
Beneficiary contributions need not be collected from the beneficiary under this scheme. The beneficiaries are expected to utilize the amount along with the loan amount for the project. The maximum loan that can be disbursed under this Scheme is 85% of the project cost or Rs.10,00,000/- whichever is lower and is limited to the amount requested by the beneficiary. 

ELIGIBILITY 

1. The applicant must belong to any one of the notified Backward Classes of the state.
2. The annual family income of the applicant must be below Rs.3,00,000/- in both urban areas and rural areas.
3. Age of the applicants must be between 18 and 55.
4. The applicant should not be a beneficiary to any of the Self Employment loans under any scheme of any other Corporation/Bank/Agency

Rate of interest

For loan amounts up to Rs.5 Lakh: 6% p. a
For loan amounts above Rs.5 Lakh: 8% p. a

EDUCATION LOAN SCHEME FOR BACKWARD CLASSES
Towards the fulfillment of the overall objectives of empowerment and development of Backward Classes in the country, we  promises financial assistance on loan basis to eligible beneficiaries.

OBJECTIVES

To extend Education loans to the members of Backward Classes for pursuing Professional or Technical education at graduate and higher level.

ELIGIBILITY

i) The loan shall be granted to members of backward classes, as notified by State Government from time to time.
ii) The annual income of the applicant’s family should be below double the poverty line i.e., Rs.98,000/- p.a. in rural areas and Rs.1,20,000/-p.a. in urban areas.
iii) The applicant should have obtained admission for any Professional/Technical Courses through Entrance Test/ Merit based selection process. Course should be approved by appropriate authority such as AICTE, Medical Council of India, UGC, etc.
iv) Priority will be given to women, physically impaired and dependent of war widows.
v) Distant education/Off-campus programs are not covered under this scheme.
vi) Age Limit: 16-32

COURSES COVERED

All professional and technical courses at the graduate and higher levels are approved by an appropriate authority such as AICTE, Medical Council of India, UGC, etc.

PURPOSE OF LOAN

Admission fee & Tuition fee
Books, Stationery & other instruments required for the course
Examination fee
Boarding & lodging expenses
Insurance premium for student borrowers for policy during the loan period.
Travel expenses/passage money for studying aboard

MAXIMUM LOAN LIMIT 90% of the expenditure of the course subject to a maximum loan limit of RS.10 lakh per student or Rs.2.50 lakh p.a. (for studying within India) & 85% of the expenditure of the course subject to a maximum of Rs.20 lakh per student (for studying abroad), the balance will be borne by student/SCAs.

Rate of interest: 3.5%

REPAYMENT PERIOD
The moratorium, besides being co-terminus with the course for which loan has been obtained by the students, will have a further six months period for starting repayment after the completion of the course.

SECURITY & MONITORING OF EDUCATION LOANS

The SCAs would ensure security of loan, tracking of beneficiaries’ students and their monitoring during the loan period. The Education loan scheme would envisage providing education loans to eligible students pursuing their higher professional courses in approved institutions only.

LOAN SCHEMES FOR SCHEDULED CASTE (NSFDC SCHEMES)

Scheme 1
SELF-EMPLOYMENT LOAN SCHEME

ELIGIBILITY
The loan shall be granted to women members of scheduled classes as notified by the central government and state government from time to time.
The family income of the applicant must be below Rs.3,00,000/- p.a in both rural areas and urban areas.
Applicant must be in the age group of 18-55 years.

Maximum Amount of Loan
The maximum amount under this scheme is Rs. 3,00,000

Rate of interest and Repayment
Loans are extended at 6% interest p.a and a penal interest 6% to be repaid in 60 equal monthly installments. The minimum time of repayment is 36 months.

Scheme 2
MAXIMUM LOAN LIMIT of RS.10 lakh per student or Rs.2.50 lakh p.a. (for studying within India) & a maximum of Rs.20 lakh per student (for studying abroad), the balance will be borne by student/SCAs.

Rate of interest: 4%

REPAYMENT PERIOD
The moratorium, besides being co-terminus with the course for which loan has been obtained by the students, will have a further six months period for starting repayment after the completion of the course.

For more details contact our regional offices.

MICRO FINANCE SCHEME

Scheme 1
Micro Financing through SHGs

In order to cater to the Micro Finance needs of small entrepreneurs belonging to the target group, the corporation has introduced a scheme for micro financing through nominated channelsing agencies. It is desirable to disburse loans through self help groups by SCAs under micro finance scheme. This scheme is carried out through legally registered SHGs which consist of up to 20 persons.

ELIGIBILITY

1. The annual family income of the applicant must be below Rs.1,20,000/- in urban areas and Rs.98,000/- in rural areas.

2. In a SHG/ NGO 75% of the members can be from backward classes and remaining 25% members may be from other weaker section including SC/ST/handicapped etc.

Maximum Limit of Loan
The maximum amount of loan that can be extended is Rs.10,00,000/- to an NGO

Pattern of Finance
i) NBCFDC Loan : 90%
ii) KSWDC Loan : 5%
iii) Beneficiaries Contribution : 05%

Rate of Interest – 4% p.a.
Penal Interest- 6% p. a

REPAYMENT PERIOD

Loan is to be repaid in quarterly installments within 48 months (including the moratorium period of six months on the recovery of principal)

SCHEMES FOR FORWARD CLASSES (Financial Assistance from State Government)

Loans are granted to economically weaker women of general/ forward communities for self employment.
ELIGIBILITY
The loan shall be granted to women members of general category
Income of the applicant’s family should be below double the poverty line i.e. Rs. 1,03,000/- p.a. in urban and Rs.81,000/- p.a. in rural areas.
The age in between 18 and 55 years.
Deed or salary certificate as security
Any income generating projects is eligible for loan.

Maximum loan amount is Rs 5,00,000/- . The entire loan amount for women of general communities has to be met from the fund provided by the State Government. 95% is proposed to be channelized under the plan scheme of the State Government and the balance 5% as beneficiary contribution.
Rate of Interest and Repayment mode:
Loans are extended at 6% interest p.a. to be repaid in 60 monthly installments penal interest at a rate of 6% p.a.