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Self-Employment Schemes for Minority Communities in WB

Self-employment Schemes under West Bengal Minorities Development & Finance Corporation (WBMDFC) are schemes launched by the state to provide loans to promising entrepreneurs from minority communities i.e. Muslims, Christians, Buddhists, Sikhs, Farsi, etc to improve their finances as well as a social condition.

Loan provided:

  • A term loan is given on any need based commercial scheme to an entrepreneur of the project cost up to ₹ 1 lakh
  • Loan for projects costing between ₹ 1 lakh and ₹ 5 lakh, a scheme requires to get approval from National Minorities Development & Finance Corporation (NMDFC).

Eligibility:

  • The applicant must belong to minority community
  • Annual family income in rural areas must be within ₹ 40,000 and in urban areas must be within ₹ 55,000
  • The applicant must not have any dues unpaid in Banks or financial institutions.

Margin Money Scheme-

  • Under this scheme, project cost up to ₹ 5 lakh is approved by commercial banks who are willing to sponsor 60% of the project cost.
  • WBMDFC may provide financial assistance at a maximum of 25% of the project cost only to eligible entrepreneurs. This financial assistance however is limited to ₹ 1.25 lakh.
  • Rate of interest is 4% after an individual gets sanctioned from respective bank.

Cluster loan-

An entrepreneur can avail loan of up to ₹ 25,000 under any ongoing available scheme however he/she has to repay the amount in 23 monthly installments.

Microfinancing-

Under this scheme financial assistance is provided to increase activities like trade, small businesses, micro-industry, artisan service, agriculture-related activity, and transport sector activity which generate income. Here, credit is provided through Non-governmental Organizations (NGOs). NGOs can provide financial assistance to the beneficiaries directly or through the Self Help Group. The maximum short-term loan (for 6 to 15 months) one can get is ₹ 6000 and ₹ 10,000 for medium-term (for 2 to 3 years).

How to avail?

One can submit application available in a prescribed format to the Panchayat Samity office and/or to Sub-Divisional office in rural as well as municipal areas respectively. Al though, in Kolkata, applications need to be submitted to the GM, DIC Kolkata. For further information contact on the given address below. 

West Bengal Minorities Development & Finance Corporation

Bhabani Bhaban, 2nd Floor

Alipore (West)

Kolkata-700027

Phone-033 2479-2998/2893

Fax- 033 2479-2995

Email- [email protected] / [email protected]

Application Form for this scheme is demonstrated HERE

About Sahitya

3 comments

  1. I am looking for a small Music school but I don’t have that much of amaont to achieve my Dream comes true, so I am looking for a Government loan. Thank you.

    • Hello Bose,
      Your dream will sure come true.
      Visit and contact here:
      https://www.anagrasarkalyan.gov.in/forms/self-emplmnt.pdf

      West Bengal Minorities Development & Finance Corporation
      Bhabani Bhaban, 2nd Floor
      Alipore (West)
      Kolkata-700027
      Phone-033 2479-2998/2893
      Fax- 033 2479-2995
      Email- [email protected] / [email protected]

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