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:

    1. Self Help Groups should be of women members only and at least 60% from minority communities.
    2. Self Help Group should have 10 to 20 members.
    3. Age of members must be 18 years or above & each member should be physically fit and sound.
    4. Self Help Groups must have unique-ID with NRLM/ NULM.
    5 .The group must have Bank account in the name of SHG.
    6. 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.dls.wbmdfc.org

Following Documents are required during online application:
Group photograph containing clear face images, without mask, of all the members Image of original resolution of the SHG, clearly mentioning the date of formation of SHG as well as requirement of loan amount from WBMDFC. First page of Savings Bank A/C passbook of the concerned SHG where account details as well as Bank particulars are available 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 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.