The National Minorities Development and Finance Corporation (NMDFC) offers concessional loans to minorities for the propagation of income-generating ventures and self-employment. The enterprise provides these loans through State Channelizing Agencies (SCAs) that have been nominated by the corresponding UT Administration or State Government.
In order to be eligible for the NMDFC schemes, the annual family income under Credit Line-1 should be Rs.81,000 for rural regions and Rs.1.03 lakh for the urban sectors. Under Credit Line-2, a higher annual family income limit of Rs.6 lakh has been introduced in an attempt to increase the beneficiaries covered under the schemes.
This scheme offers a maximum loan of up to Rs.20 lakh at an interest rate of 6% per annum, for each beneficiary under Credit Line-1. Under Credit Line-2, a higher loan of up to Rs.30 lakh for each beneficiary is available. The interest rate for male beneficiaries is 8% per annum, and that for female beneficiaries is 6% per annum.
Under this scheme, the beneficiary can avail an educational loan of up to Rs.15 lakh at an interest rate of 3% per annum. This loan is applicable for technical and professional courses with maximum course duration of 5 years. If the beneficiary is required to travel abroad for the course, the educational loan will be provided for up to Rs.20 lakh.
Under Credit Line-2, a higher educational loan of up to Rs.20 lakh at an interest rate of 8% per annum is offered to all male beneficiaries. The female beneficiaries get the loan at an interest rate of 5% per annum. This loan amount can go up to Rs.30 lakh when the course pursued is abroad.
This scheme offers a maximum loan of up to Rs.1 lakh at an interest rate of 7% per annum for each SHG member under Credit Line-1. Under Credit Line-2, a higher loan of up to Rs.1.5 lakh at an interest rate of 10% per annum is offered to each male beneficiary. The loan is offered at the interest rate of 8% per annum to each female beneficiary.
Under this scheme, skill development training is offered to a group of women in certain trades that are women-friendly. The training period can be up to a maximum of 6 months with the cost of training and raw materials amounting to Rs.1,500 per woman. A stipend of Rs.1,000 per woman is also offered under the scheme.
During the training period, the women form Self Help Groups. Following this, a micro-credit will be provided up to a maximum of Rs.1 lakh per member. This credit is utilised for income generation activities from the skill developed through the training.
Apart from these lending schemes, there are various promotional schemes for improving the self-employment activities of eligible candidates. These schemes impart various skills/training or assist beneficiaries in marketing and promotional activities of their ventures. Some of these include the Vocational Training Scheme, Marketing Assistance Scheme, and Assistance for Design Development or Skill Up-gradation.
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