Micro Finance

Micro Finance (Directly to SHGs)

Description:

Small loans are required to sustain the present business, income generating economic activities &self help activities. For these purpose Micro finance is provided directly to the Self Help Groups (SHGs). At least 60% members of SHGs should be from Minority community. UptoRs. 1,00,000/- per member of Self Help Group (SHGs) are provided directly to SHGs. Repayment at the rate of Interest @7% p.a.in 24 EMI.



Eligibility Criteria:

  • Annual family income for rural area must be within Rs.98, 000/-(Rupees Ninety eight thousand) and for urban Areas it should be within Rs 1, 20,000/- (Rupees One lac twenty thousand) only.
  • Guarantor required for the application for more than Rs. 50,000/-. For Loan from Rs. 50,001/- to Rs.100,000/- –A Tax payer or professionally qualified person (e.g. Doctor, Engineer etc.) and For loan above Rs. 100,000/- -- A Govt./Semi Govt. Employee/Teacher or a good beneficiary of WBMDFC.
  • Applicants having training & experience in respect of the business for which he/she is applying, will get preference.
  • Applicant’s age must be between 18 to 50 years
  • Must have savings Bank Account.
  • Self Help Group comprising 10-20 Minority Women may apply for Loan under this scheme.
  • Annual family income for rural area must be within Rs.98, 000/-(Rupees Ninety eight thousand) and urban Areas within Rs 1, 20,000/- (Rupees One lac twenty thousands) only.
  • Self Help Group comprising 10-20 Minority Women may apply for Loan under this scheme.
  • Annual family income for rural area must be within Rs.98, 000/-(Rupees Ninety eight thousand) and urban areas within Rs. 1, 20,000/- (Rupees One lac twenty thousand) only.

Collection & Submission of Application form:

Application should be submitted in prescribed format of Corporation. For further detail about application concerned district Minority Office may be contacted. Application may be submitted at any time of the year.