Micro Finance (Directly to SHGs)

Description:

The West Bengal Minority Development and Finance Corporation (WBMDFC) provides soft loans to Self Help Groups (SHGs) belonging to the notified Minority communities (Buddhists, Christians, Jains, Muslims, Parsees and Sikhs) to sustain their present business and income generation activities through Self Help Groups by best using their skills. Loan amount varies from Rs.18,000/- to Rs.1,00,000/- per member depending upon the project/activities.

Eligibility for loan to SHG:

Self Help Groups should be of women members only.
Self Help Group should have 10 to 20 members.
Age of members must be 18 years or above and each member should be physically fit and sound.
Self Help Groups must have at least 60% minority members.
Self Help Groups must have unique-ID with NRLM/ NULM.
The group must have Bank account in the name of SHG.
Annual family income of each member of the SHG must be within Rs. 98,000/- (Rupees ninety eight thousand) in rural areas and Rs. 1,20,000/- (Rupees one lac twenty thousand) in urban areas.

Amount of Loan:

The applicant would be eligible for a loan amount maximum upto Rs. 1 lakh per Member depending upon the project/activities.
Application for refinance Loan can also be made by SHG who had taken the loan from WBMDFC previously and has repaid the same on time with no report for delayed payment. Refinance is always up to the discretion of the Head office and not a right of the beneficiaries.

Rate of interest:

Interest @ 7% per annum for the loan

Following Documents are to be uploaded along with the application:

Group photograph containing clear face images, without mask, of all the members.
Copy of resolution of the SHG,clearly mentioning the date of formation of SHG as well as requirement of loan amount from WBMDFC.
First page of Savings Bank A/C passbook of the concerned SHG where account details as well as Bank particulars are available.
Aadhaar card of all the members

Following details to be ensured at the time of application for references:

Mobile set of the SHG Group Leader/Dalanetri where OTP will be received.
Name of the SHG as printed/recorded with 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/authorized signatories.
All the details as per NACH mandate to be verified properly for smooth registration with Banks

Submission of Application form:

On successful completion, the system will generate Application-ID of the SHG. This application-ID may be used to know the status of loan process thereafter.

Language : English / Bengali