How to get loan under Mahila Samridhi Yojana to start a business

Mahila Samriddhi Scheme or MSY Features, Benefits, how to apply, application document

Today women are not just becoming housewives, but today women are starting their own jobs on a small scale. In any field, the contribution of women is not less than men. In such a situation, if some women in the country, who belong to the backward class, become financially weak, it becomes difficult for them to fulfill their dreams. But the Central Government has started the to help enterprising women, is called ‘Mahila Samridhi Yojana’, under which they will be provided loans. This scheme is a micro finance scheme for women. Through this loan scheme, the female beneficiary will be helped to fulfill her dream. You can get all the information regarding loan in the following write-up.

Mahila Samridhi Yojana

What are the objectives of Mahila Samridhi Yojana

The main objective of this micro finance scheme is that the National Backward Classes Finance and Development Corporation (NBCFDC) to cater to the micro finance needs of small entrepreneurial women belonging to the economically weaker and backward classes of rural and urban areas. They will be provided a loan the interesting part is the loan is provided directly to women or through self-help groups (SHG’s).

What are Self Help Groups?

Economically equal castes and related groups of poor people have formed self-help groups on their own wish, so that they can save the common funds of their members.

What are Channel Partners?

Channel partners, who play an important role through the officers in their field, encourage the backward and economically weaker sections targeted to form self-help groups. And provide financial assistance under this scheme. The channel partners in this scheme are National Backward Classes Finance and Development Corporation (NBCFDC).The maximum number of members in the self-help group has been fixed at 20. In which each self-help group will consist of 60 percent backward class people and the rest 40 percent people belonging to weaker section, which can be from SC or disabled or minority.

Key features of Mahila Samridhi Yojana for Business

  • Helping the people belonging to low caste and backward classes-By starting this scheme, the central government wants to help women entrepreneurs belonging to low caste and backward classes.

  • Promoting women entrepreneurs- Through this scheme, women entrepreneurs are being promoted in the country by the central government. This will increase the number of women in this area and they will become self-reliant and empowered, as well as their self-confidence will also increase.

  • Increase in employment opportunities- Through this assistance to women entrepreneurs, more employment opportunities will be created in women.

  • Scheme supervision- The scheme is being overseen by the Ministry of Social Justice and Empowerment Development, Government of India.

  • Investment- Under this scheme, the beneficiary women do not have to pay any amount on the project worth up to about 2 lakh rupees.

  • Total loan amount- Women entrepreneurs taking loan under this scheme can also be a scavenger and also for small business and diversified income generating activities. The maximum loan amount available to the beneficiaries is 60,000 rupees.

  • Disbursement of loan amount- Under this scheme, loans to applicants are to be given through State Channelizing Agencies, Regional Rural Banks and Nationalized Banks. Therefore, as per the guidelines of this scheme, up to 95% of the loan will be approved under the scheme, while the remaining 5% will be funded by the state channelizing agencies. With this, they will have to use the loan received within 4 months, which will start from the date of getting the loan.

  • Payment of loan- Under this scheme, beneficiaries have been given a period of 4 years along with a prohibition period of 6 months to repay the loan amount, in which they can pay this amount in installments every 3 months. This period will start from the day the money is transferred to the beneficiary’s bank account.

  • Interest Rate-The interest rate on the loan amount that will be provided to the beneficiaries from National Backward Classes Finance and Development Corporation (NBCFDC) is 1%, while the interest rate on the loan amount will be provided to the beneficiary by the State Channelizing Agencies 4%. Huh.

Eligibility Criteria for Mahila Samridhi Yojana

  • Women belonging to backward classes- In this scheme, women who belong to backward castes notified from time to time by the Central and State Government, and live below twice the poverty line, are eligible to avail the scheme.

  • Income eligibility-Women, whose annual family income is less than 3 lakh rupees, are being given permission by the central government to apply in this scheme. But if the annual family income of the woman is 1.5 lakh rupees or less, she will be provided 50% of the amount by the bank or state channelizing agency.

  • Age Limit- To get the benefit of this scheme, the minimum age of beneficiary women entrepreneurs should not be less than 18 years.

  • Criminal case- If any criminal case is going on against the beneficiary woman, then she will not be considered eligible to get the benefit of this scheme.

Documents required for application in Mahila Samridhi Yojana

  • Identification and residence certificate of the beneficiary-To apply in this scheme, the beneficiaries have to attach their identity in the form of voter ID card, Aadhar card and ration card etc. for proof of residence.

  • Proof of joining self-help group- When beneficiary women want to avail this scheme by joining a self-help group, they should also apply for membership of the membership card to provide proof of membership of the self-help group. Have to show.

  • Income certificate- Such women are eligible to join this scheme whose income falls within the income limit fixed in this scheme. Therefore those women will need income certificate to apply in this scheme.

  • Age certificate- Women entrepreneurs who are beneficiaries of this scheme can use photocopy of birth certificate for proof of their age.

  • Caste certificate- Since this scheme is only for backward class, minority, disabled or SC category women. Therefore, those women will also have to provide proof of their caste during the application.

  • Bank account information- Under this scheme, the amount of loan will be provided in the account of women beneficiary who have an account with their bank. For this, it is necessary that the beneficiaries provide some information related to that account; so that they can successfully reach their account.

  • Passport size photo- When the beneficiary women go to fill the form of this scheme, then their passport size photo will be demanded from them in that form. They must also keep this document with them.

How to apply for Mahila Samridhi Yojana loan?

To apply in this scheme, eligible women entrepreneurs will first have to go to the office of the State Channelising Agency (SCA). From there you will get the application form for this Mahila Samridhi Yojana. In this form, you will be asked some information about your enterprise and your own. Fill all that information. Apart from this, you can also mention training requirements and employment by choosing from them. After all this is done, attach a photocopy of all the dream documents with this form. And submit that form to the office of the same state channelizing agency (SCA). After this, all your documents will be reviewed by the concerned officer. And then the loan will be approved by the State Channelising Agency (SCA).

Therefore, the beneficiary women entrepreneurs will be able to take advantage of this scheme by adopting all the above steps. For more information about Mahila Samridhi Yojana, you can contact the District Collector or District Manager. As the scheme was launched by the Ministry of Social Justice and Empowerment it is considered as one of the visionary schemes to empower the women in true sense by making the self-dependent.

FAQ’s related to Mahila Samridhi Yojana

When we talk about Mahila Samridhi Yojana, what does the target group mean in it?

In Mahila Samridhi Yojana, the target group means the women belonging to the backward classes of the society and the women who are twice the poverty line.

What is the term of use of loan in Mahila Samridhi Yojana?

The period of use of the loan in this scheme will start from the day you receive the loan amount and will be valid for the next 4 months. During this period, the beneficiary will have to use the loan amount and also complete the formalities of usage.

I am from the backward caste of the society, but I do not have caste certificates, what should I do for this?

As per the protocol of this scheme, caste certificates issued by the competent authority are mandatory. You can approach the designated department to get caste certificate.

What are the final repayment periods?

The loan availed under this scheme can be repaid within 4 years i.e. within 48 months in installments of 3 – 3 months, including the prohibition period of 6 months available under the scheme.

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