Micro Financing Scheme Notification at www.nhfdc.nic.in So, the National Handicapped Finance and Development Corporation (NHFDC) has been set up to advance financial and improvement activities attempted by Persons with Disabilities. Moreover, the Corporation helps them by giving loans for self-employment as well as other financial endeavors. Meanwhile, most of the disabled people will continually need a small loan for the credits for supporting their current business. So, for the age of further work as additionally for gathering different individual and social needs.
Highlights Of Micro Financing Program
| Name of the Authority | National Handicapped Finance and Development Corporation (NHFDC) |
| Name of the Scheme | Micro Financing Scheme/ Scheme of Micro Financing Program |
| Category | Scholarships |
| Mode of Application | Online |
| Starting Date | Available Now |
| End Date | Throughout Year |
| Official Site | www.nhfdc.nic.in |
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Micro Financing Scheme Info
The poorest among the poor need advances of an extremely limited quantity yet their prerequisite is a snappy conveyance of advance at their doorsteps. Meanwhile, customarily, private cash loan specialists have been assuming this job yet their aim has been to abuse the poor as opposed to helping them. As well as this somewhat exacerbated predicament of poor people. Over a period of time, the importance of an arrangement of credit as an instrument of financial change and advancement is being acknowledged and numerous universal and national associations including the nationalized banks have come up to give delicate advances to the poor. So as to liberate them from the grasp of private cash loan specialists. Nonetheless, the task is massive and a wide according to details given some of the factors
Main Purpose Of Loan – Micro Financing Scheme
Well, the main purpose of this scheme is to give the financial assistance to the weaker people who are suffering from the disabled. As well as begining or increasing the income generation activities. So, the illustrative nature of income-generating activities is available in the beneath section.
- Transport sector activities
- Agricultural and allied activities
- Artisan activities
- Tiny/cottage industry or service activity
- Small business/ trade
Eligibility Criteria Of The Beneficiaries
Here we have mentioned the eligibility criteria of beneficiaries. So, interested people can verify them without wasting your time.
- The age of the candidates must be above 18 years
- Any Indian citizen with 40% or more disability is eligible
- The main preference must be given to the women beneficiaries
- So, the associated educational/vocational/ technical qualification, experience, and background
- Already the borrowers must be treated beneath any other scheme of financially sponsored by state or central govt or financing institutions which having the loans upon to their names are not suitable to apply
- The borrowers must rather be a regular member of the Thrift and Credit Group (Self Help Group).
Eligibility Requirement of NGO
This section shows the info regarding the Eligibility requirements of NGOs. So, scroll down and refer to the each point.
- The applicant NGO needs to register for at least 3 years. As well as it must have a good reputation
- The NGO aiming to perform Micro Credit Program must have the objective of serving the economic as well as social needs of the weaker people or who are having a disability
- Must have the necessary professional competence, flexibility, organization skills and basic financial management capability to fulfill the lending program. So, it should have outreach services in the operational areas
- Its office bearers must not be elected as a member of any political party
- They need to have a decent system of managing the accounts. And the accounts must be audited. The accounts must be published with a good report
- Therefore, it must be running on the sound lines As well as preferably have experience of Credit and Thrift administration. And it should be at least 3 years. So, its recovery performance over the last 3 years. And it must be approximately 90% or more.
Micro Financing Scheme Interest and Rebate
- Per annum, the interest payable by the beneficiaries must not more than 5%
- Per annum the NHFDC lending rate to the SCA must be 2%
- The interest spread of 3% may be split between the SCA and NGO as per their mutual agreement
- The loan is directly reached by NHFDC to SHG/ NGO, the interest payable by the beneficiaries must not more than 5% per year
- Per annum, 1% on the interest rate must be given to the women
- Therefore, per annum, a 0.5% loan on the interest rate must be admissible to PwDs beneath VH/HH/MR category.
Repayment for Micro Financing Scheme
- The repayment will be done within the time period of 36 months in the quarterly installments
- The installment of the term interest and loan will be repayable to NHFDC on every year 31st March 30th June, 30th September and 31st December. Or on various dates allowed by the NHFDC
- For installment, to the NHFDC 6 days, the time period must be admissible for the payment.
Grant For promotion/ training
- For every block the amount of Rs. 2000 is for Rs. 1 lakh also be implemented by NHFDC to the NGO for training purpose/ motivation of the beneficiaries, orientation, organizing SHGs, capacity building, administrative expenses and awareness creation .
- There will be no ceiling of the amount of grant to an NGO.
Step By Step Process To Obtain Loan from Micro Financing Scheme
Follow the below steps because we have given the info related to the complete procedure to secure the Micro Financing Scheme Loan.
- The applications should be given by the National Handicapped Finance and Development Corporation (NHFDC) to the respective SCA (State Channelising Agency)
- You need to fill the applications with suitable information
- Also, documents must be required
- The State Channelising Agency must verify the application form to satisfy the info related to an agreement of NGO for the implementation of the Scheme
- The SCA may approve loans up to Rs. 2 lakh to an NGO for additional financing to SHGs of disabled persons or beneficiaries.
Important Dates
The application is available for throughout a year
Mandatory Link
To know more Micro Financing Scheme Info: View More Details
Micro Financing Scheme Address and Contact Info
Address: Unit No. 11 & 12, Ground Floor, DLF Prime Tower, Okhla Phase – I, Near Tehkhand Village, New Delhi – 110020
Ph: (011)45803730