To provide Micro Finance to women entrepreneurs belonging to the target group.
Women belonging to the Backward Classes as notified by Central / State Govt. from time to time and living below double the poverty line. The annual family income of the women is fixed as Rs.3.00 Lakh. The SCAs/Banks are requested to release atleast 50% of total funding to persons with annual family income upto Rs.1.50 Lakh.
Utilization Period : 4 months from date of disbursement
Rate of Interest to Beneficiary : 4% p.a.
Repayment : Loan is to be repaid in quarterly instalments within 48 months (including the moratorium period of six months on the recovery of principal).
The Objective of this scheme is to inculcate the spirit of self-dependence among the eligible Women of Backward Classes living below the poverty line. The salient features of the "New Swarnima" Term loan are:
The aim of this scheme is to involve the Voluntary Organization and National Backward Classes Finance and Development Corporation (NBCFDC) to improved educational and socio-economic conditions of the target group i.e. OBCs/DNTs/EBCs, with a view to upgrade their skill to enable them to start income generation activites on their own or get gainfully employed in some sector or the other.
The NGOs will select only such OBCs as indicated below:-
The quantum of assistance shall be determined in each case on merit. The Government of India may, however, meet 90% of the approved expenditure of the training. Presently, GIA is given to the extent of about Rs.3.00 lakh to an NGO on an average for imparting training to 50 beneficiaries, i.e. Rs.6,000/- for the training of a person. This includes cost of manpower, training material, rent, stationery, etc.
As per revised scheme, all applications as new cases of NGOs under the scheme are to be applied to National Backward Classes Finance and Development Corporation (NBCFDC) directly. All ongoing cases of NGOs under the scheme are to be applied as usual to the Ministry's online NGO Portal
Last Modified : 7/3/2023
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