Micro Credit Finance (NSFDC)

DETAILS The scheme "Micro Credit Finance" is implemented by the National Scheduled Castes Finance and Development Corporation (NSFDC) under the Ministry of Social Justice and Empowerment, Government of India. Under this scheme, loans are provided to individuals from the Scheduled Caste community for units costing up to ₹1,40,000/-. The loans support income-generating activities such as running a betel leaf shop, bakery, candle making, cycle repair, goat rearing, beauty parlour, vegetable vending, incense stick making, fish vending, milch animal rearing, papad manufacturing, pickle manufacturing, tea shop, and other similar viable activities. BENEFITS Maximum Loan Limit: NSFDC provides loans up to 90% of the Project Cost with the maximum amount of ₹1.25 lakhs. Rate of Interest: The NSFDC shall charge interest @ 2.5% from the SCAs/CAs, which in turn, shall charge 6.5% from the Beneficiaries. Repayment Period: The loan under the Scheme is to be repaid in quarterly instalments within a maximum period of three years from the date of disbursement including 3 months moratorium period. ELIGIBILITY 1. The Individual applicant should belong to a Scheduled Caste community. 2. The applicant's annual family income should be less than ₹3,00,000/-, both in rural and urban areas w.e.f. 08.03.2018. 3. The Partnership Firms and Co-operative Societies are also eligible to apply under the scheme. However, proposals submitted by Partnership Firms and Co-operative Societies shall be considered subject to the following: a) All the members of Partnership Firms/Co-operative Societies belong to Scheduled Caste community. b) Annual family income of each member/applicant should not exceed ₹3,00,000/-. Note: The verification of eligibility criteria shall be the sole responsibility of the State Channelizing Agencies (SCAs)/Channelizing Agencies (CAs). NSFDC shall, however, be entitled to re-verify the eligibility of the applicants, if it so desires.