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Micro Finance Education Loan 2024
Micro Finance Education Loan 2024
The West Bengal Minorities’ Development and Finance Corporation (WBMDFC) plays a crucial role in supporting Self Help Groups (SHGs) associated with the notified Minority communities, including Buddhists, Christians, Jains, Muslims, Parsees, and Sikhs. The corporation extends soft loans to these SHGs, empowering them to sustain and enhance their existing business and income generation activities. The loan amounts provided range from Rs.18,000/- to Rs.1,00,000/- per member, depending on the nature and scope of the project or activities undertaken by the SHGs. This initiative aims to harness the skills and capabilities of individuals within the Minority communities, fostering economic development and financial sustainability.
Documents Required
  • Group photograph with clear face images of all members, without masks.
  • Image of the SHG with original resolution, mentioning the date of formation and the required loan amount from WBMDFC.
  • First page of the Savings Bank A/C passbook of the SHG, containing account details and bank particulars.
  • Image of the original Aadhaar card of all members.
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    Eligibility Criteria
  • Self Help Groups should consist exclusively of women members, with at least 60% belonging to minority communities.
  • The Self Help Group should have a membership of 10 to 20 individuals.
  • Members must be 18 years or above, and each member should be physically fit and sound.
  • The Self Help Group must possess a unique ID with NRLM/NULM.
  • The group must have a bank account in the name of the SHG.
  • The annual family income of each SHG member should be within Rs. 98,000/- in rural areas and Rs. 1,20,000/- in urban areas.
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    Other Criteria
    Amount of Loan:
  • The applicant is eligible for a loan amount up to Rs. 1 lakh per member, depending on the project or activities.
    • Rate of Interest:
  • The interest rate is 7% per annum for the loan.
    • Recovery:
  • Recovery may start 30 days after disbursement, and the entire loan amount with interest should be repaid in two years through equated monthly instalments (EMI).
    • Mode of Repayment:
  • Repayment of the loan will be made through NACH on a monthly basis within a period of two years.
    • Application For References
  • Mobile set of the SHG Group Leader/Dalanetri where OTP will be received.
  • Name of the SHG as printed/recorded with the Bank.
  • District/Block-Municipality/PS/GP-ward/PO/PINcode/Village-Road for location of SHG.
  • SHG details like category/formation date/age of SHG from formation date/financial activity etc.
  • Registers of SHG - Resolution Book/Loan Register/Cash Book/Savings Register.
  • Bank details like Bank name/Branch name/IFSC code/Bank account no. as in Pass Book/authorised signatories.
  • All the details as per NACH mandate to be verified properly for smooth registration with Banks
    • How To Apply
    Certainly! Step-by-step application process:
    1. Visit Our Official Website.
    2. Read carefully all the information about the program details.
    3. Click on the "Register" to complete the registration with required details.
    4. After successful registration, Use the received credentials to log into your account.
    5. Once logged in & Go to the official website of the bank offering education loans.
    6. Find the section related to education loans on the bank's website.
    7. Locate the online application form for education loans on the website.
    8. Fill out the online application form with accurate information.
    9. Scan and upload the required documents as per the specifications provided on the website.
    10. Review the information entered in the application form to ensure accuracy.
    11. Once you are satisfied with the information provided, submit the online application form.
    12. Upon successful submission, you may receive an acknowledgment or reference number for your application.
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    ₹ 1,00,000

    Micro Finance Education Loan 2024
    SCHOLARSHIP PROVIDER
    West Bengal Minority Development and Finance Corporation
    APPLICATION DEADLINE
    31 December
    EDUCATION LEVEL
    All
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    The West Bengal Minorities’ Development and Finance Corporation (WBMDFC) plays a crucial role in supporting Self Help Groups (SHGs) associated with the notified Minority communities, including Buddhists, Christians, Jains, Muslims, Parsees, and Sikhs. The corporation extends soft loans to these SHGs, empowering them to sustain and enhance their existing business and income generation activities. The loan amounts provided range from Rs.18,000/- to Rs.1,00,000/- per member, depending on the nature and scope of the project or activities undertaken by the SHGs. This initiative aims to harness the skills and capabilities of individuals within the Minority communities, fostering economic development and financial sustainability.
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