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Mahila Samridhi Yojana is a loan scheme for the underprivileged women who belong to the lower strata of the society and find it difficult to financially achieve their dreams. This loan scheme is offered by State Channelizing Agencies (SCAs), Regional Rural Banks (RRBs) and Nationalised Banks to those women who need capital in order to start their own business.
Up to 95% of the loan amount will be provided under the scheme to the applicant while the rest of the 5% will be provided by State Channelizing Agencies (SCAs) or Beneficiary contribution. The utilisation period will be 4 months from the date of disbursement of the loan amount.
There is a moratorium period of 6 months under this scheme. The applicant is supposed to pay back the loan amount in quarterly installments within 4 years from the date on which the loan amount was disbursed to the applicant’s bank account.
The rate of interest chargeable on the loan amount from National Backward Classes Finance and Development Corporation (NBCFDC) to SCA is 1%, while the interest rate charged on the loan amount from SCA to the beneficiary is 4%.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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