West Bengal Minorities'
Development and Finance
Corporation

Loans

Term Loan

Description:

West Bengal Minorities’ Development & Finance Corporation is providing the Term Loan up to Rs. 5 lakh for persons belonging to the notified minority communities. Repayment with @ 6%-8% interest in equal 20 quarterly installments in 5 years.

 

Amount of Loan:

The applicant would be eligible for a loan amount up to Rs.5 Lacs in different categories of business activities.

  • Fresh application for sanction of amount Rs. 2 lakh and below Rs.5 lakh should be submitted with an approved Project Report.
  • Application for refinance can also be made by an applicant who had taken the loan from WBMDFC previously and has repaid the same on time with no report for delayed payment and any notices for clearance of loan.  Refinance is not a right of the beneficiaries.


Eligibility Criteria:

  • Must belong to one of the minority communities as notified having domicile in West Bengal.
  • Guarantor required for the application for more than Rs.50,000/-. For Loan from Rs. 50,001/- to Rs.1 lakh a Tax payer or professionally qualified person (e.g. Doctor, Engineer etc.) and For loan above Rs. 1 lakh/- A Govt./Semi Govt. Employee/Teacher or a good beneficiary of WBMDFC.
  • Annual Family income of the applicant living in urban areas should be up to Rs. 1, 20,000/- and those living in rural areas up to Rs 98,000/-..
  • Age between 18 to 50 years as on 1st January of the year of the application for fresh applications and within 55 years for refinance cases.
  • Must have savings Bank Account.
  • Must have experience of work in the trade for which the application is made.
  • Must be able to provide surety/guarantor as per norms.
  • Must have a valid trade licence of the existing business.

Collection & Submission of Application form:

The online application can be made through WBMDFC website www.wbmdfc.org. 

 

Following Documents to be uploaded during on line application:

 

  • Aadhaar card
  • Authentic Documents showing name, proof of age and residence, in case there is any discrepancy with the Voters I-Card (e.g. school certificate, bank pass book etc.)
  • Original Hard copy of the Application form along with photograph
  • Income certificate from Competent Authority approved by the Govt of West Bengal.
  • Valid Trade License
  • Any other document as applicable ( e.g. Project Report, Quotation for purchase of Plant & Machinery etc.) where the loan amount exceeds Rs.2 lacs.
  • Copy of applicant’s passbook showing details of Bank account with IFSC ( preferably with Scheduled PSB).
  • Clear Photograph of the Place of Business.

 

Providing a surety/ Guarantor:

 

  • For Loan upto Rs. .50,000/-: No Guarantor is required.

 

Loan exceeding Rs 50, 000/- and upto 1,00,000/-:

 

  • A Government or Semi-Government employee, Teacher/Staff of a recognized Govt. Aided school/Educational Institution, ora good beneficiary of WBMDFC. Any professional like Doctor, Engineer, Advocate and Income Tax payer may be a guarantor.

 

Loan Exceeding Rs.1,00,000/-:

 

  • A Government or Semi-Government employee, Teacher/Staff of a recognized Govt. Aided school/Educational Institution.
  • A good beneficiary of WBMDFC, one who has successfully repaid the loan of WBMDFC without default and with at least equivalent loan amount.
  • Any Income Tax payer who has paid a minimum income tax of Rs 10,000/= in preceding financial year.

  • The age of the surety/guarantor should be within 55 years as on 1st day of the year of application.

    Recovery:

 

  • Recovery would be made within five or three years as applicable. 

 

  Mode of repayment:

 

  • Repayment of loan along with interest can be made through NACH in quarterly installments within a period of three or five years as the case may be .The repayment would be made to the account of WBMDFC bank account.

 If the applicant is a loanee/Defaulter in respect of loan taken from any Bank/Financial institutions, he/she will not be eligible for consideration.More than one family member will not be given the benefit.

Minority Women Empowerment Programme

Description:

This programme is launched by MA & ME Deptt. ,Govt. of West Bengal for providing soft loan maximum upto Rs.40,000/- per member to Minority women for any income generating activity or business such as small business, cottage industry, Handicrafts etc. at the rate of 3% interest.. Subsidy @50% of loan amount, subject to a maximum of Rs.15000/-, is given to each beneficiary.



Eligibility Criteria:

Collection & Submission of Application form:

Collection & Submission of Application form:Application should be submitted in prescribed format of Corporation. For further detail about application concerned district Office may be contacted. Application may be submitted at any time of the year.The financial assistance is provided subject to the availability of funds.

Micro Finance (Directly to SHGs)

Description:

The West Bengal Minorities’ Development and Finance Corporation (WBMDFC) provides soft loans to Self Help Groups (SHGs) belonging to the notified Minority communities (Buddhists, Christians, Jains, Muslims, Parsees and Sikhs) to sustain their present business and income generation activities through Self Help Groups by best using their skills. Loan amount varies from Rs.18,000/- to Rs.1,00,000/- per member depending upon the project/activities.



Eligibility Criteria:

  • Self Help Groups should be of women members only and at least 60% from minority communities.
  • Self Help Group should have 10 to 20 members.
  • Age of members must be 18 years or above & each member should be physically fit and sound.
  • Self Help Groups must have unique-ID with NRLM/ NULM.
  • The group must have Bank account in the name of SHG.
  • Annual family income of each member of the SHG must be within Rs. 98,000/- (Rupees ninety eight thousand) in rural areas and Rs. 1,20,000/- (Rupees one lac twenty thousand) in urban areas.

Collection & Submission of Application form:

 

  • The online application can be made through the WBMDFC website www.wbmdfc.org.

 

Following Documents are required during online application:

  1. Group photograph containing clear face images, without mask, of all the members
  2. Image of original resolution of the SHG, clearly mentioning the date of formation of SHG as well as requirement of loan amount from WBMDFC.
  3. First page of Savings Bank A/C passbook of the concerned SHG where account details as well as Bank particulars are available
  4. Image of original Aadhaar card of all the members

 

Amount of Loan:

 

  • The applicant would be eligible for a loan amount upto Rs. 1 lakh per Member depending upon the project/activities.
  • Application for refinance Loan can also be made by SHG who had taken the loan from WBMDFC previously and has repaid the same on time with no report for delayed payment. Refinance is not a right; it depends on its need, activities & employment generation of the Group.

 

Rate of interest:

 

  • Interest  @ 7% per annum for the loan.

 

Recovery:

 

  • Recovery may start after 30 days of disbursement and the entire loan amount with interest would be repaid in two years through equated monthly installments (EMI).

Mode of repayment:

Repayment of loan shall be made through NACH on Monthly basis within a period of two years.

Educational Loan

Description:

Maximum Rs. 20 lakhs for study within the country and Rs.30 lakh for study in abroad Education loan is provided for pursuing professional courses like Medical, Engineering, Management, Nursing and Law etc. Repayment of the loan with interest @3 % p.a.  in quarterly installments after 6 months of completion of the course or employment, whichever is earlier.The loan is provided subject to the availability of funds.



Eligibility Criteria:

  • Student must be of Minority community.
  • Annual family income Rs.1,20,000/- for urban area and Rs.98,000/- for rural area.
  • Age group 16-32 years

Collection & Submission of Application form:

Online Application through www.wbmdfc.net