The Ministry of Minority Affairs through the National Minorities Development & Finance Corporation (NMDFC) is implementing the scheme.
To meet credit requirements of the artisans both in terms of working capital requirement & fixed capital requirement for purchase of equipment/tools/machineries.
All artisans belonging to notified Minority communities’ viz., Muslims, Christians, Sikhs, Buddhists, Jains & Parsis from all over the country are covered under the scheme. The scheme is implemented through the respective State Channelising Agencies (SCAs) of NMDFC.
Maximum Loan limit of upto Rs.10.00 lacs can be availed under the scheme.
NMDFC shall provide 90% of the Loan amount. Balance 10% coming from the SCA/Artisan with minimum 5% coming from the artisan.
Moratorium Period : - The SCAs will get 3 month time to utilise the funds from the date of disbursement of loan by NMDFC. The artisan shall be given 6 months moratorium period for setting up of their units. The repayment of principal by the artisan shall start in the next quarter i.e., 31st March, 30th June, 30th Sept or 31st December after the expiry of moratorium period. The artisan would however be required to repay interest for the moratorium period as well at the time of 1st instalment along with the principal amount.
Interest on Loan : - Simple Interest of 5% p.a shall be chargeable on loan extended to the artisans. The EMI shall include the Principal + Interest calculated as per banking norms. There shall be 1% discount in interest rate offered to women artisan. NMDFC shall extend loan at 2% to the SCAs wh o in turn will extend to the artisan at 5% p.a to male artisan and 4% to female artisan.
Repayment Period : - Loan shall be repaid by the artisan on quarterly rests over a period of 5 years after the moratorium period. The SCA shall repay the loan to NMDFC in 8 years.
Security for Loan :
Insurance : -
The SCAs will arrange for the insurance of the artisans against death & disability through tie - up with insurance provider. The insurance shall be taken for the duration of the loan.
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