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National Minorities Development & Finance Corporation Schemes
National Minorities Development & Finance Corporation is a Govt. Company under section 8 of Companies Act 2013, under the administrative control of Ministry of Minority Affairs, Government of India. The Corporation has been set up to promote economic development for the benefit of "Backward Sections" amongst the Minority Communities i.e. Muslims, Christians, Sikhs, Buddhists, Parsis & Jains, preference being given to the occupational group and women.
Based on annual income, target group bifurcated into two credit lines as follows:
• Credit Line-1, the benefits are available for persons having annual family income of upto Rs.3.00 lakhs.
• Credit Line-2, the benefits are available to persons with annual family income of upto Rs. 8.00 lacs.
NMDFC implements its schemes & programs through State Channelizing Agencies (SCAs) nominated by the respective State Governments & Banking Partners.
Schemes of NMDFC
i. Term Loan Scheme
Under this scheme, credit is extended for financing economically viable income generation ventures. Loan of upto Rs. 20 lacs under Credit Line-1 and upto Rs. 30 lacs under Credit line -2 is extended to beneficiaries at 6% p.a. & 8% p.a. respectively. Further, concession of 2% is extended to women beneficiaries under Credit Line-2.
ii. Education Loan Scheme
Under this scheme, loan is available for job oriented 'technical and professional courses' of durations not exceeding five years. Loan of upto Rs. 20 lacs for domestic courses & Rs. 30 lacs for courses abroad under Credit Line-1 and Credit line -2 is extended to beneficiaries at 3% p.a. & 8% p.a respectively. Further, concession of 3% is extended to women beneficiaries under Credit Line-2.
iii. Micro-Finance Scheme
Under this Scheme, credit is extended to the members of the Self Help Groups (SHGs), predominantly comprising of the minority women scattered in remote villages and urban slums, who are not able to take advantage of the formal banking credit. Under the scheme, an amount of Rs. 1 lacs under credit Line-1 & upto Rs. 1.5 lacs under Credit Line-2 is extended to each member of SHG at interest rate of 7% & 10% respectively. Concession of 2% is extended to women beneficiaries under Credit Line-2.
iv. Virasat 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 Rs.10.00 lacs 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.
| NMDFC Schemes | |||||||||
|---|---|---|---|---|---|---|---|---|---|
|
Schemes |
Term Loan |
Virasat |
Education Loan |
Micro Credit |
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| Particulars |
Domestic courses |
Foreign Courses |
Individually |
SHG (upto 20 members) |
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|
Credit Line-I (Income level of ₹ 1,20,000/- for Urban areas & ₹ 98,000/- for Rural areas) |
Max credit up to |
Rs. 20.00 Lacs |
Rs.10.00 Lacs |
Rs. 20.00 Lacs |
Rs. 30.00 Lacs |
Rs.1.00Lacs |
Rs.20.00 Lacs |
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|
Rate of Interest p.a. for beneficiary |
6% |
5% for males |
3% |
3% |
7% |
7% |
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|
4% for females |
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|
Credit Line –II (Income level of ₹ 8.00 lacs p.a.) |
Max credit up to |
Rs. 30.00 Lacs |
Rs.10.00 Lacs |
Rs. 20.00 Lacs |
Rs. 30.00 Lacs |
Rs. 1.50 Lacs |
Rs. 30.00 Lacs |
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|
Rate of Interest for |
Male beneficiary |
8% |
6% |
8% |
8% |
10% |
10% |
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|
Female beneficiary |
6% |
5% |
5% |
5% |
8% |
8% |
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|
Moratorium Period (for both Credit lines) |
6 months |
6 months |
6 months after course completion or getting job, whichever is earlier. |
3 months |
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|
Repayment Period (for both Credit lines) |
5 yrs |
5 yrs |
5 yrs |
3 yrs |
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