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Business Loan

Business Loan


The scheme is for individual beneficiaries. Under the Term Loan Scheme, projects costing up to Rs. 30.00 Lakhs are considered for financing. NMDFC provides loan to the extent of 90% of the project cost subject to a maximum of Rs. 27,00,000. The remaining cost of project is met by the RMFDCC and the beneficiary. However the beneficiary has to contribute minimum of 5% of the project cost. Assistance under Term Loan Scheme is available for any commercially viable and technically feasible ventures, which for the purpose of convenience may be classified in to the following sectors:.   Target Group: The prime mandate of RMFDCC is to provide concessional finance to the Minorities for self employment/ income generation activities. As per the National Commission of Minorities Act, 1992 the notified Minorities are Muslims, Christians, Sikhs, Buddhists, and Parsis. Subsequently, Jains community was also added into the list of notified Minority Communities in January, 2014.
Age Group: Should be between 18 to 54 years.
Income Group
Credit Line I: At present, the families having annual income up to Rs. 98,000 in Rural areas and Rs. 1,20,000 in urban areas are eligible under this scheme.
Credit Line II: As a special initiative of NMDFC, a new annual family income eligibility limit of up to Rs. 6.00 lacs has been introduced with effect from September, 2014 by adopting the “Creamy Layer” criterion currently followed amongst the OBC community by Government of India.  
Loan Amount: Upto Rs. 20 Lakhs for Credit line I & 30 Lakhs for Credit line -II
Rate of Interest: 6% per annum for Credit Line –I & For Male Beneficiary 8% & For Female Beneficiary 6% per annum for Credit Line –II.  
Moratorium Period: Upto 6 months.
Repayment Period: 5 years.
Means of Finance: NMDFC: RMFDCC: Beneficiary Contribution:: 90:5:5  
Relevant Enclosures With Term loan : For loans up to Rs.1,00,000/- :
  1. Minority Certificate
  2. Income Certificate- Family income of the beneficiary should be below Rs.98000/- per annum in rural areas & Rs.120000/- per annum in urban area for credit line 1 & 6.00 lacs for credit line 2.
  3. Aadhar Card
  4. Bhamashah Card
  5. PAN Card
  6. Land Title of residence (Patta/Purchase Deed/ Rent Deed/Lease Deed)
  7. Land Title of Business Place (Patta/Purchase Deed/ Rent Deed/Lease Deed)
  8. Training / Experience Certificate if any
  9. Self guarantee deed (Rs. 500 non judicial Stamp
  10. Memorandum of agreement
  11. Post Dated Cheques (20 cheques) or instalment wise
  12. ECS Mandate
  13. Insurance Policy equal to the value of the loan, assigned in the name of DMWO.
  14. Membership fee at least 2 % of Project Cost
  15. Own Contribution 5% of Project Cost.
  For loans exceeding Rs.100000/- and up to Rs. 2,00,000/- :
  1. Minority Certificate
  2. Income Certificate- Family income of the beneficiary should be below Rs.98000/- per annum in rural areas & Rs.120000/- per annum in urban area for credit line 1 & 6.00 lacs for credit line 2.
  3. Aadhar Card
  4. Bhamashah Card
  5. PAN Card
  6. Land Title of residence (Patta/Purchase Deed/ Rent Deed/Lease Deed)
  7. Land Title of Business Place (Patta/Purchase Deed/ Rent Deed/Lease Deed)
  8. Training / Experience Certificate if any
  9. Self guarantee deed (Rs. 500 non judicial Stamp
  10. Memorandum of agreement
  11. Post Dated Cheques (20 cheques) or instalment wise
  12. ECS Mandate
  13. Membership fee at least 2 % of Project Cost
  14. Own Contribution 5% of Project Cost.
  15. Insurance Policy equal to the value of the loan, assigned in the name of DMWO.
  16. Approved securities equal to the value of the loan such as UTI/NSC/ Public Sector Bond, etc. OR Creation of charge on agriculture land having value double the loan amount. OR Personal surety of permanent employee working in Government/ PSU/ Bank /Autonomous Bodies. The employee should have sufficient years in service to cover the amount being sanctioned as loan. Or a Income Tax Payee. A certificate to be obtained from the surety that in the event of default, the repayments would be made by him/her. Or
    For loans exceeding Rs.200000/- and up to Rs. 30,00,000/- :
  1. Minority Certificate
  2. Income Certificate- Family income of the beneficiary should be below Rs.98000/- per annum in rural areas & Rs.120000/- per annum in urban area for credit line 1 & 6.00 lacs for credit line 2.
  3. Aadhar Card
  4. Bhamashah Card
  5. PAN Card
  6. Land Title of residence (Patta/Purchase Deed/ Rent Deed/Lease Deed)
  7. Land Title of Business Place (Patta/Purchase Deed/ Rent Deed/Lease Deed)
  8. Training / Experience Certificate if any
  9. Self guarantee deed (Rs. 500 non judicial Stamp
  10. Memorandum of agreement
  11. Post Dated Cheques (20 cheques) or instalment wise
  12. ECS Mandate
  13. Membership fee at least 2 % of Project Cost
  14. Own Contribution 5% of Project Cost.
  15. Insurance Policy equal to the value of the loan, assigned in the name of DMWO.
Approved securities equal to the value of the loan such as UTI/NSC/ Public Sector Bond, etc. OR Creation of charge on agriculture land having value double the loan amount. OR Personal surety of permanent employee working in Government/ PSU/  Bank /Autonomous Bodies. The employee should have sufficient years in service to cover the amount being sanctioned as loan. Or a Income Tax Payee. A certificate to be obtained from the surety that in the event of default, the repayments would be made by him/her. Or
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