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This scheme by the Ministry of Social Justice offers loans up to ₹15 Lakh to individuals from Read More... backward classes for starting or expanding income-generating ventures. Read less
Details
Looking to start your own business or expand an existing one? The National Backward Classes Finance & Development Corporation (NBCFDC) under the Ministry of Social Justice and Empowerment has a scheme that might be perfect for you.
What Is This Scheme?
The NBCFDC General Loan Scheme is designed to provide financial support to people belonging to Backward Classes. It aims to help them pursue various income-generating activities by offering loans at reasonable interest rates.
Who Can Benefit From This Scheme?
This scheme is specifically for entrepreneurs from Backward Classes (OBC) who wish to undertake activities that can generate income. If your family's annual income is below ₹3 Lakh, you could be eligible.
Why This Scheme Is Important
The scheme plays a crucial role in empowering economically weaker sections of society. By providing financial assistance for self-employment and income generation, it helps individuals from backward classes improve their livelihood and economic status.
Objective
Benefits
Sources and references
Eligibility Criteria
- You must be an entrepreneur looking to start or grow a business.
- You must belong to a Backward Class (OBC).
- Your total annual family income should not exceed ₹3 Lakh per year.
- For landless agricultural labourers and marginal farmers (up to 1 hectare land), the annual family income is considered below ₹1.50 Lakh.
- For small farmers (between 1 to 2 hectares land), the annual family income is considered below ₹3 Lakh.
How To Apply
The application process typically involves the following steps:
- You'll need to apply through the State Channelising Agencies (SCAs) or the banks that are partners with NBCFDC.
- Fill out the application form carefully. Mandatory fields will be marked with a red asterisk (*).
- Submit the completed form along with all the required documents.
- Your application will be assessed by the SCAs or Banks.
For more details or to find a channel partner, you can visit the official NBCFDC website.
Official Website: https://nbcfdc.gov.in/
Documents Required
- Proof of Identity (e.g., Aadhaar Card)
- Caste Certificate issued by the relevant authority.
- Recent passport-sized photograph.
- Proof of Income: You can provide one of the following:
- Income Certificate issued by the Competent Authority of State Government/District Administration.
- Antyodaya Anna Yojana (AAY) Card or Below Poverty Line (BPL) Card.
- For loans applied through banks, a self-certification endorsed by the Branch Manager might be accepted.
- For landless agricultural laborers, marginalized farmers (up to 1 hectare), and small farmers (up to 2 hectares), their status will be assessed by the bank, and they will be considered as per the income criteria mentioned.
- Domicile Certificate.
Note: For landless agricultural labourers and marginalized farmers with land holdings less than one hectare, the annual family income is deemed to be below ₹1.50 Lakh. For small farmers with land holdings between one and two hectares, the annual family income is deemed to be below ₹3 Lakh.
Official Sources
FAQ’s
What is the highest loan amount available under this scheme?
The maximum loan amount a beneficiary can receive under this scheme is ₹15,00,000.
Can women entrepreneurs apply for this loan scheme?
Yes, absolutely. Women entrepreneurs are welcome to apply as the scheme supports income-generating activities for all eligible individuals.
What are the different interest rates for loans under the NBCFDC General Loan Scheme?
The interest rates are structured based on the loan amount: 6% per annum for loans up to ₹5 Lakh, 7% per annum for loans above ₹5 Lakh up to ₹10 Lakh, and 8% per annum for loans above ₹10 Lakh up to ₹15 Lakh.
How long do I have to repay the loan?
You will need to repay the loan in quarterly installments. The repayment period can extend up to 8 years, which includes a moratorium period of six months for principal repayment.
What is the pattern of financing for this loan?
The loan covers up to 85% of the project cost, with the remaining 15% to be contributed by the State Channelizing Agencies (SCAs) or the beneficiary. The funds must be utilized within 4 months of disbursement.
Are there specific business sectors that are supported by this scheme?
Yes, NBCFDC supports self-employment ventures in sectors like Agriculture and Allied Activities, Small Business, Artisan and Traditional Occupations, Transport and Service Sectors, and Technical and Professional Trades/Courses.
Is there a way to get help if I have questions about applying?
Yes, you can reach out for assistance on the Toll-Free Number 18001023399 for any queries related to the application process.
What does SCA mean in the context of this scheme?
SCA stands for State Channelising Agency. NBCFDC provides financial assistance primarily through these agencies, and sometimes also through Self-Help Groups (SHGs).
How can I identify which fields in the application form are mandatory?
Mandatory fields in the application form are clearly marked with a red asterisk (*) symbol next to them.
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