West Bengal Minorities Development & Finance Corporation
 

Frequently asked questions

 
 
1. What is WBMDFC ?
2. Why WBMDFC ?
3. What are the Thrust areas of Business to be financed?
4. Who can apply for the Loan?
5. How to apply?
6. Where from can I get the application form?
7. What are the schemes available?
8. What is the rate of interest?
9. What is the Repayment period of the loan ?
10. Is there any benefit if the beneficiary repay the loan in advance?
11. At what circumstances WBMDFC will not need repayment of the Loan?
12. What is maximum project cost that WBMDFC allows?
13. What are projects that WBMDFC will finance?
14. Who should I contact if I have more questions to ask?
 
1. What is WBMDFC ? 
 

The West Bengal Minorities Development and Finance Corporation (WBMDFC) is a Statutory Corporation under the Govt. of West Bengal
 

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2. Why WBMDFC ? 
 

1. Disbursing Loans to the future entrepreneurs in colaboration with the west Bengal Govt. , Banks, and NMDFC.
2. Promoting the Beneficiaries Product and/or Services
3. Providing the Technical/Business/Marketing training to the future entrepreneurs.
4. Cultural development of the Minority communities
5. Extending other financial assistance to the minorities communities
 

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3. What are the Thrust areas of Business to be financed? 
 

A. Small business and service sectors.
B. Agricultural & allied sectors.
C. Artisian & Handicrafts.
D. Transport Sectors.
 

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4. Who can apply for the Loan? 
 

Any Indian citizen fulfilling the following criteria are eligible

1. The beneficiary must be a permanent resident of West Bengal
2. He / She must be one of the notified minorities ---- i.e. Muslims, Christians, Buddhists, Sikhs and Parses.
3. The family income of the beneficiary must not exceed the double poverty line i.e. Rs. 31,952/- in rural areas and Rs.42,412/- in Urban areas.
4. He / she should have adequate experience, training / aptitude in that activity
5. He / She is not a defaulter in respect of loan taken from any
6. Bank / Financial Institution for similar purpose

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5. How to apply? 
 

When the corporation invites applications, the candidates will submit applications in the prescribed format in Panchyat Samity Office and to Sub-divisional Office in rural and municipal areas respectively. In calcutta - G.M., DIC, Calcutta will receive the applications.
 

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6. Where from can I get the application form? 
 

Application forms are available at the WBMDFC office. You can use a xerox copy of the application. The easiest of all is you can download the form from the internet. Just switch over the Downloadables Page and download the Form. It is a zipped file. Please unzip it using WINZIP software and open with MS Word. Take a print out and use it.
 

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7. What are the schemes available? 
 

Term loan schemes
Margin money loan schemes
Micro financing
Cluster Loan

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8. What is the rate of interest? 
 

Rates of interest are different for different schemes. Normally it varies between form 4% to 11%. Please confirm the rate from info-center.
 

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9. What is the Repayment period of the loan ? 
 

Repayment periods are normally 2 years to 5 years. In 20 installment. However it may vary with schemes or time. Please confirm the rate from info-center.
 

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10. Is there any benefit if the beneficiary repay the loan in advance? 
 

Yes. There several incentives for advance repayment. It includes exemption of interest or even part exemption of Principal also. For more info please consult info-center.
 

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11. At what circumstances WBMDFC will not need repayment of the Loan? 
 

At no circumstances WBMDFC will exempt the loan. In case failure to repay loan, WBMDFC will take the legal actions to recover it.
 

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12. What is maximum project cost that WBMDFC allows? 
 

Maximum Rs. 5 lac to an individual. WBMDFC will finance 95% of the project. For a project more than Rs. 5 lac WBMDFC will try to provide a solution after examining the project only.
 

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13. What are projects that WBMDFC will finance? 
 

There is a list of projects that the Corporation finances. Please see the project list. Over there you will get the project cost also.
 

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14. Who should I contact if I have more questions to ask? 
 

You can visit send query page and send a query to us by just filling the form out there. Please remember to leave your mail address. Info-center will receive the query and send you the response at your mail address only. You can also contact our office by phone or by person. Visit the contact details page for details.
 

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