MICRO FINANCE

National Minorities Development and Finance Corporation (NMDFC) has launched the Micro Financing Scheme to provide concessional finance to the minorities for self-employment or income generation activities. Under this Micro Financing Scheme, assistance in the form of loan will be provided to the economically weaker sections of minorities communities for starting income generation activities. In this article, we look Micro Financing Scheme of NMDFC in detail.

Purpose of Loan

The micro-credit can be availed by the members of weaker sections amongst the Minorities organized into Self Help Groups (SHGs) for augmenting income generation activities. The activity can be undertaken by the individual member of the SHGs or by the group. The list of income-generating activities are given below:

  • Agriculture and allied activities
  • Technical trades
  • Small business
  • Artisan and traditional occupations, and
  • Transport and services sector

Eligibility Criteria

Individual

The eligibility criteria of an individual to apply for Micro Financing scheme under NMDFC are listed below:

  • The beneficiary should belong to the category of the minority community
  • The beneficiary family annual income should be up to Rs.6 lakhs for rural areas and urban areas
  • The beneficiary should be a regular member of any of the Self Help Groups(SHG).
  • The beneficiary should not avail any financial assistance under the State Government, Central Government or Financial Institutions relating to income generation activities

Note: Highest priority will be given to women and occupational groups belonging to the minority community.

NGO

The eligibility criteria of NGO for implementing the microfinance scheme under NMDFC are given below:

  • The NGO should have been registered for at least 3 years, and it should have a good reputation in the area of its operation
  • The NGO implementing the Micro Financing Scheme should have the objective of serving the economic and social needs of the weaker sections of the society
  • The NGO should have basic financial management capability, organisation skills, professional competence and flexibility to implement the lending programme
  • The NGO should have a proper system of maintaining accounts, and the accounts statement should have been audited
  • The NGO should have experience in credit administration through Self Help Groups (SHGs) for at least six months, and its recovery performance rating of 90% and above has to be maintained

Documents Required

Promoters

  • PAN of all the members
  • Aadhaar Card of all the members
  • Valid Residential proof of all the members via Bank Statement, Driving License, Aadhaar Card, Utility Bill and Passport
  • Photograph
  • Digital Signature
START

For Registered Office

  • Address Proof of the registered office of the society
  • NOC from the owner of the building in which registered office is situated
  • List of all the members of the governing body with their signatures
  • Declaration by the society’s president that he is willing and competent to hold the stated position
START

Other Details

  • Main Object
  • Name
  • Capital Contributed
  • Email ID
  • Ratio of share between partners
  • Phone number
  • Member’s Educational Qualifications

Service Charges

Rs 29999 (Government charges extra)*
BUY NOW

*Cost of Stamp paper as per Government rules

Deliverables

  • Pre Registration Consultation
  • DIN for all Directors
  • Digital Signature Token for Promoters
  • Company Name Approval
  • RBI Approval
  • MOA + AOA
  • Incorporation Certificate
  • New Incorporation Kit
  • Customized Incorporation Master File
  • Company PAN Card
  • Company TAN/TDS Number
  • Bank Account Opening Document Support
  • GST registration
  • PF and ESI registration

Service Charges

Rs 29999 (Government charges extra)*
BUY NOW

*Cost of Stamp paper as per Government rules