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:

    1. Must belong to one of the minority communities as notified having domicile in West Bengal.
    2. 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.
    3. 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/-.
    4. 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.
    5. Must have savings Bank Account.
    6. Must have experience of work in the trade for which the application is made.
    7. Must be able to provide surety / guarantor as per norms.
    8. Must have a valid trade licence of the existing business.

Collection & Submission of Application form:
The online application can be made through the www.tl.wbmdfc.org

Following Documents are required during online 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), First page of Savings Bank A/C passbook of the concerned SHG where account details as well as Bank particulars are available, 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 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.15,000/-, is given to each beneficiary.