- Details
- Benefits
- Eligibility
- Application Process
- Documents Required
- Frequently Asked Questions
- Sources And References
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Ministry Of Social Justice and Empowerment
Micro Credit Finance (NSFDC)
Loan
Micro Credit
NSFDC
Scheduled Caste
Self-employment
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.
Application Process
Offline
Step 1: The applicants should contact the District Office of State Channelizing Agencies (SCAs) if they wish to avail NSFDC Education loan.
Step 2: The applicants are required to submit the application in NSFDC's format with details of business and copies of caste, income, experience, etc. at the District Office of State Channelizing Agencies. Eligible applicant can also submit their loan application to other Channelizing Agencies of NSFDC such as Regional Rural Banks/ Public Sector Banks/ NBFC-MFIs etc. with whom NSFDC has signed Memorandum of Agreements.
Step 3: The District Offices of SCAs/CAs scrutinize the applications to ensure they meet the eligibility criteria.
Step 4: The District Offices forward the scrutinized applications to their respective Head Offices for further processing.
Step 5: The Head Offices of SCAs/CAs appraise the viability of the project proposals and viable project proposals are recommended for sanction and forwarded to NSFDC along with the SCAs' recommendations.
Step 6: The Project and Banking Desk at NSFDC appraises the loan proposals submitted by the SCAs/CAs. An appraisal report is prepared and submitted to the Project Clearance Committee (PCC) for concurrence.
Step 7: The PCC reviews the appraisal report and, if found in order, recommends the proposals for sanction. Sanction Letters, known as Letters of Intent (LOIs), along with Terms & Conditions, are issued to the SCAs/RRBs/Public Sector Banks/NBFC-MFIs for acceptance.
Step 8: After acceptance of the sanction terms and fulfillment of the Prudential Norms, funds are disbursed by NSFDC to the SCAs/RRBs/Public Sector Banks/NBFC-MFIs. The SCAs/RRBs/Public Sector Banks/NBFC-MFIs then disburse these funds to the beneficiaries.
Step 9: Beneficiaries repay the loans as per the repayment schedule stipulated by the SCAs/CAs.
Note 1: Applicants are required to apply for financial assistance from NSFDC through the concerned State Channelizing Agencies (SCAs)/Channelizing Agencies (CAs). Direct contact or correspondence by the Applicants/Beneficiaries shall not be entertained by NSFDC under any circumstances.
Note 2: NSFDC provides loans for income-generating activities to target groups through its Channelizing Agencies namely State Scheduled Castes Development Corporations (SCDCs), Public Sector Banks (PSBs), Regional Rural Banks (RRBs), and other Institutions.
Documents Required
- Passport-size photograph
- Aadhaar Card
- Income certificate
- Caste certificate
- Residence proof
- Bank passbook/bank details
- Any other documents as required
Frequently Asked Questions
What is NSFDC?
NSFDC stands for National Scheduled Castes Finance and Development Corporation. It was set up by the Government of India under Ministry of Social Justice & Empowerment (MOSJ&E) on 8th February, 1989 under Section 25 of the Companies Act, 1956 as a company 'not for profit'. Now, it is Section 8 Company (not-for-profit) under campanies Act, 2013.
What is the Contact Address of NSFDC?
NSFDC has its Head Office at Delhi and its full address and contact number is :- National Scheduled Castes Finance and Development Corporation 14th Floor, SCOPE Minar, Core 1 & 2, Laxmi Nagar, Delhi- 110 092 Tele: 011-22054392, 22054394, 22054396. Fax: 011-22054395 E-mail : support-nsfdc[@]nic[dot]in Website : www.nsfdc.nic.in It has three Liasion Centers at Mumbai, Kolkata, and Bengaluru.
What is the maximum loan amount provided under this scheme?
NSFDC provides loans up to 90% of the project cost, with a maximum amount of ₹1.25 lakhs.
What activities are eligible for funding under the scheme?
Eligible activities include 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.
What is the interest rate charged under this scheme?
NSFDC charges interest at 2.5% from SCAs/CAs, which in turn charge 6.5% from the beneficiaries.
What is the repayment period for the loan under this scheme?
The loan must be repaid in quarterly installments within a maximum period of three years from the date of disbursement, including a 3-month moratorium period.
Who is eligible to apply for the Micro Credit Finance scheme?
The applicant must belong to a Scheduled Caste community, and the annual family income should be less than ₹3,00,000/-.
Can partnership firms and cooperative societies apply for the loan?
Yes, provided all members belong to the Scheduled Caste community and the annual family income of each member does not exceed ₹3,00,000/-.
Where can applicants apply for the loan?
Applicants should contact the District Office of State Channelizing Agencies (SCAs) or other Channelizing Agencies like Regional Rural Banks, Public Sector Banks, and NBFC-MFIs with whom NSFDC has signed Memorandums of Agreement.
Can applicants directly contact NSFDC for the loan?
No, applicants must apply through the concerned State Channelizing Agencies (SCAs) or Channelizing Agencies (CAs).
How are the loan amounts disbursed to the beneficiaries?
The loan amounts are usually disbursed through the SCAs or the respective Channelizing Agencies.
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Check Eligibility
Ministry Of Social Justice and Empowerment
Micro Credit Finance (NSFDC)
Loan
Micro Credit
NSFDC
Scheduled Caste
Self-employment
Details
Benefits
Eligibility
Application Process
Documents Required
Frequently Asked Questions
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.
Was this helpful?
Share
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