Under the Micro Financing Scheme, micro-credit is extended to the members of the Self Help Groups (SHGs), specially the minority women scattered in remote villages and urban slums who are not able to take advantage of the formal banking credit as well as the NMDFC programmes. We are implementing this scheme on the pattern of Grameen Bank of Bangladesh and Rashtriya Mahila Kosh (RMK). The scheme requires that the beneficiaries are organized into Self Help Groups (SHGs) and get into habit of Thrift & credit, however small. The scheme envisages micro–credit to the poorest among the poor through NGOs of proven bonafide and their network of Self Help Groups (SHGs). It is an informal loan scheme which ensures quick delivery of loan at the door steps of the beneficiaries. Under this scheme, small loans up to a maximum of Rs. 1,50,000 per member of SHG are provided through the NGOs / SHGs. The scheme is implemented through the SCAs as well as the NGOs. The repayment period under the scheme is maximum of 36 months.
Rate of Interest:
- Up to Rs. 1,00,000/- per member of SHG Up to 20 Lakh (maximum 20 member) for Credit Line-I &
- Up to Rs. 1.50 Lakh per member of SHG Up to 30 Lakh (maximum 20 member) for Credit Line-II
- 7% per annum for Credit Line –I &
- For Male Beneficiary 10% & For Female Beneficiary 8% per annum for Credit Line –II.
Means of Finance:
NMDFC: RMFDCC: Beneficiary Contribution:: 90:5:5
Relevant Enclosures With Micro Finance : For loans up to Rs.100000/- :
- Registration Certificate in case of NGO
- Copy of Memorandum of association/ Bye Laws
- Provision to borrow from outside agency
- A brief note stating Main objectives/purpose/background of forming the organization,
- Bio data of Chief Functionary,
- Composition of current Managing Committee with name Designation & address.
- Copy of audited Balance Sheet of last 3 years
- Copy of resolution passed seeking loan from NMDFC.
- Annual Report of last 3 years
- Copies of testimonials received from funding agencies/ Govt. Departments.