Source: News Bharati English30 Nov 2016 09:19:46

New Delhi, November 30: National Minorities Development and Finance Corporation (NMDFC) under Ministry of minority affairs provides concessional loans to minorities for self-employment and income generating ventures, through the State Channelising Agencies (SCAs) nominated by the respective State Governments/UT Administration.
Mukhtar Abbas Naqvi, the Minister of State (IC) for Minority Affairs, in Rajya Sabha on Tuesday informed schemes provided by the ministry as assistance to minority, which are as follows-

For seeking assistance under NMDFC schemes, the annual family income eligibility criterion under Credit Line-1 is Rs.81, 000 for rural areas and Rs.1.03 lakh for urban areas. Higher annual family income eligibility criterion of up to Rs.6.00 lakh has also been introduced as Credit Line-2, for increasing coverage of beneficiaries under NMDFC schemes.

The details of the lending schemes and loan limit therein are as under:-

  • Term Loan: Maximum Loan of up to Rs.20.00 Lakh per beneficiary is available under Credit Line-1 at an interest rate of 6% per annum. Higher loan of maximum up to Rs.30.00 Lakh per beneficiary is available under Credit Line-2 at an interest rate of 8% per annum for male beneficiaries and 6% per annum for female beneficiaries.
  • Micro Finance: Maximum loan upto Rs.1.00 lakh per SHG member is available under Credit Line -1 at an interest rate of 7% per annum. Higher loan of maximum upto Rs.1.50 lakh per SHG member is available under Credit Line-2 at an interest rate of 10% per annum for male beneficiaries and 8% per annum for female beneficiaries.
  • Education Loan: The Educational Loan of upto Rs.15.00 lakh (Rs.20 lacs for courses abroad) is available at an interest rate of 3% per annum for pursuing technical and professional courses with maximum course duration of 5 years. Higher Educational Loan of upto Rs.20.00 lakh (Rs.30 lakh for courses abroad) under Credit Line-2 is available at an interest rate of 8% per annum for male candidates and at 5% per annum for female beneficiaries.
  • Mahila Samridhi Yojana: Skill development training is imparted to group of women in women friendly trades. Training period is of maximum 6 months with training and raw material cost of upto Rs.1, 500 per women and stipend @ Rs.1, 000 per women.

During the period of training, the women are formed into Self Help Group, followed by infusion of micro-credit maximum up to Rs.1.00 lakh per member for the purpose of using the skill developed during the training, for income generation activities.