SCHEMES

1.)TERM LOAN SCHEME

(The Scheme is for individual beneficiaries and is implemented through the SCA). Under the Term Loan Scheme, projects costing upto Rs. 20 lacs are considered. The NMDFC provides loan to the extent of 90% of the project cost. The remaining cost of the project is met by the SCA and the beneficiary both  @ 5%.  Rate of interest charged from the beneficiaries is 6% p.a. The term loan  is available for any commercially viable and technically feasible ventures in the following sectors:-

a.) Agriculture & Allied
b.) Technical Trade
c.) Small Business
d.) Artisans & Traditional Occupation
e.) Transport & Service Sector

2.) EDUCATIONAL LOAN SCHEME

(The Scheme is for individual beneficiaries and is implemented through the SCA). The NMDFC has introduced the scheme of Educational Loans with the objectives to facilitate job-oriented education amongst the weaker sections of Minorities. The scheme envisages maximum loan of Rs. 10.00 lacs  & 20 lacs. in India & abroad @ Rs. 4.00 lacs per year for pursuing professional and technical courses of duration not exceeding 5 years. Funds for this purpose are made available to the SCA by the NMDFC at a interest of 1% for lending to the beneficiaries at 3%. The loan is repayable maximum in 5 years after the completion of the course.

 

SCHEMES OF MINORITY COMMUNITIES:-

----------------------------------------------------------------------------------------

S No.   Name of Units                                                Unit cost         

-----------------------------------------------------------------------------------------

 

 1.      Auto Three Wheeler                                              

 2.       General Store/ Ready made Garments                                      

 3.       Dhaba Unit                                                              

 4.       Auto Repair Centre                                                                 

 5        Flour Mill                                                            

 6.       Tea Shop                                                              

 7.       Medical Shop                                                       

 8.       Cloth Merchant                                                    

 9.       Photostat Machine                                              

10.      Village Utility Store                                               

11.      Steel Fabrication cum                                           

           Rolling Shutters

12.      Dairy Unit                                                            

13.      Hiring of Construction                                           

14.      Tractor    

15.      Taxi and any Goods carrier/vehicles in transport sector costing upto Rs. 10.00 lacs

 *The loan amount under the schemes from Sr. No. 1 to 14 is financed as per requirement of the Beneficiaries and upto Rs. 20 lacs 

                                           

(The Scheme is for individual beneficiaries and is implemented through the SCA). Under the Term Loan Scheme, projects costing upto Rs. 25.00 lacs are considered. The  NHFDC provides loan to the extent of 90% of the project cost. The remaining cost of the project is met by the SCA and the beneficiary both  @ 5%.  Rate of interest charged from the beneficiaries is 6% p.a. upto Rs.5.00 lacs and 8% above Rs.5.00 lacs. The term loan  is available for any commercially viable and technically feasible ventures in the following sectors:-

a.) For setting up small business in service/trading sector: Loan upto: Rs.3.00 lakh for sales/trading activity and Rs.5.00 lakh for service sector activity.

b.) For agricultural/allied Activities: Loan upto Rs.10.00 lakh.

c.) For purchase of vehcile for commercial hiring: Loan upto Rs.10.00 lakhs. 

d.) For self-employment amongst persons with Mental Retardation, Cerebral Palsy and Autism: Loan upto Rs.10.00 lakh

e.) For setting up small industries unit: Loan upto Rs.25.00 lakh

f. ) For technical education/training: Loan limit Rs.10.00 lakh for study in India and Rs.20.00 lakh for study in Abroad.

g.) Micro Credit Scheme: Loan upto Rs.5.00 lakh to NGO, Rs.25,000/- per beneficiary @ 5%p.a.

h.) Scheme for NGOs working in the area of disability to implement single or multiple production activity on behalf of a group of PwDs, for their capacity expansion: Loan upto Rs.5.00             lakhs. 

i.)  Scheme for Parents Association for the Mentally Retarded Persons: Loan upto Rs.5.00 lakhs.

j.)  Assistance for Skills and Entrepreneurial Development Programmes.

k.) Scheme for pursuing Vocational Studies: Loan upto Rs.2.00 lakh.

l.)  Scheme for Disabled Young Professionals: Loan utpto Rs.25.00 lakhs.

m.)Scheme of Financing Assistive Devices to enhance the employability or increased opportunity of Self Employment of Persons with Disability.

n.) Scheme for developing Business Premises: Loan upto Rs.3.00 lakh.

o.) Hand holding support to registered institutions for PwDs: Rs.1000/- per PwD. 

 

2.) EDUCATIONAL LOAN SCHEME:-

(The Scheme is for individual beneficiaries and is implemented through the SCA. The NHFDC has introduced the scheme of Educational Loans with the objectives to facilitate job-oriented education amongst the weaker sections of Minorities. The scheme envisages maximum loan Rs.10.00 and Rs.20.00 lacs in India and Abroad respectively for pursuing professional and technical courses of duration not exceeding 4 years. Funds for this purpose are made available to the SCA by the NHFDC at a interest of 1% for lending to the beneficiaries at 4%. The loan is repayable maximum in 7 years after the completion of the course.

 

 

This list is only illustrative and not exhaustive. In general HPMFDC provides loan for any commercially viable self-employment venture. 

 

ELIGIBILITY CRITERIA:

1. The applicant should be Himachal domicile & furnish a certificate of bonafide Himachali alongwith the application form beside other requirements;
2. He/She may belong to any of the minority community viz Sikh, Muslim, Bodh, Parsi & Christian notified by the Govt. of India.  Age 18-55 in between for Minorities and above 18 years in the case of Persons with disabilities.

ANNUAL INCOME:-

Minority Community               Persons with Disability

            Rural Area                   Rs. 81,000/-PA                      Now exempted

            Urban Area                 Rs. 1,03,000/-PA                    Now exempted

He/She may not be a defaulter of any Govt./Semi Govt. Institutions/Banks. 

In the case of Persons with Disability, the applicant may possess deformity to the extent of 40% or above & has to  produce a Medical Certificate thereto.

SECURITY:

The applicant shall be required to submit collateral security equivalent to loan amount in the case of land or in case of Govt. employee a guarantee of 15 times of the home take salary of the Govt. employee should not be less than the loan amount to be availed of by an individual. 

APPRAISAL REPORT: 

The recommending authority in the prescribed format may give his observations with regard to eligibility, general report, security & economic viability of the project to be established by the applicant while forwarding his case for sanction to the Corporation.

MEANS OF FINANCE:

For Minorities:

The Corporation gets 90% of the project cost (maximum of Rs. 10.00 Lacs from NMDFC). The beneficiary contribute 5%  as margin money and the balance is to be contributed by the Corpn. as State share.

For Persons with disabilities:

The Corporation gets 100% loan amount  from NHFDC Faridabad upto  50,000/.,  95% loan amount in the loan case of above  Rs.50,000/- to 1,00,000/-.  90% loan amount in the loan case upto  5,00,000/- and 85% loan amount in the case of above Rs.5,00,000/-  The beneficiary contributes 5% as margin money above Rs.1.00 lac and balance is to be contributed by the Corpn. as State share.

 

TYPES OF FINANCING: 

The Corporation is providing financial loan under the following schemes:-   

            I           Term Loan.

II          Education Loan

Maximum amount available, rate of interest and repayment period is depicted in the table below:-

 For Minority Communities:

Sr. No.	Scheme	Maximum limit of loan ( Rs. in lacs)	Interest  to be charged from beneficiaries	Repayment  period of loan	Interest to be charged by the SCA  from Corporation.
	Term Loan	20.00 Lac	6%	5 years.	3 %
	Educational Loan	10.00 in India 20.00 lacs in abroad	3%	-do-	1%

 

For Disabled Persons:

Sr. No.	Scheme	Maximum limit of loan (Rs. in lacs)	Interest  to be charged from beneficiaries	Repay- ment  period of loan	Interest to be charged by the SCA  from Corporation.
	Term Loan	25.00 Lac	Upto 50,000/-                    5%          Above 50,000 to 5.00 Lac   6% Above 5.00 lacs to 15 Lac  7% Above 15.00 lacs to 25 lacs8% (1% interest rebate for women Disabled beneficiaries)	7 years.	2% 3% 4% 5%
	Educational Loan	10.00 in India 20.00 lacs in abroad	4% (1% interest rebate for women Disabled beneficiaries)	-do-	1%

 

       LOAN FOR PROFESSIONAL/ EDUCATIONAL/ TRANING COURSES

                                   TO DISABLED PERSONS

Purpose.

 A term loan granted to Indian nationals for pursuing higher education in India or abroad where admission has been secured.

 

Eligibility.

Any Indian Citizen with 40% or more disability. 

Type of Loan. Term Loan 

Eligible Courses

All courses having employment prospects are eligible:-

 

• Graduation courses/ Post graduation courses/ Professional courses
• Other courses approved by UGC/ Government/ AICTE etc.

 

Expenses considered for loan

·Fees payable to college/ school / hostel
·Examination/Library/ Laboratory fees
·Purchase of Books/ Equipment/ Instruments/ Uniforms
·Caution Deposit/ Building Funds/ Refundable Deposit ( maximum 10% tution fees for the entire course)
·Travel Expenses/ Passage money for studies abroad
·Purchase of computers considered necessary for completion of course
·Cost of a Two-wheeler upto Rs.50,000/-

Any other expenses required to complete the course like study tours, project work, Assistive devices etc.

Amount of Loan

Need base finance subject to the repaying capacity of the parents/ students with the following ceilings-

  i)              Studies in India                        -           Maximum Rs.10.00 Lacs

ii)             Studies in Abroad                       -           Maximum Rs.20.00 lac

Promoter’s Contribution-

 

i)              Upto Rs.4.0 Lakh                 -        Nil

 

ii)             Above Rs.4.0 Lakh              -        5%  For courses in India

 

iii)            Above Rs.4.0 Lakh for        -       15% Courses abroad 

Rate of Interest-        4% p.a

A rebate of 1% on interest to women beneficiaries. 

 

Repayment of Loan-

 

i) The loan to be repaid within 7 years after commencement of repayment.

(ii) The repayment  would commence  after completion of course or 6 months after securing job , whichever is earlier. 
iii)  Interest on terms loan would be charged from the date of disbursement of loan from NHFDC (grace period as per lending policy is permissible          
iv)  In the case of loan extended/ to be extended by the Corporation under the scheme, simple interest shall be charged on the loan amount at the prescribed/ applicable rate during the moratorium period and that the unpaid interests,if any,shall be compounded and charged at the commencement of repayment of loan at per with loan terms.    
v) The manner of charging interest as specified above shall also be made applicable to loans already sanctioned/ released under the scheme not withstanding anything to the contrary contained in the sanction letter or the scheme as the case may be.

 

Application in the prescribed format to be submitted to the State Channelising agency for sanction of loan as per the lending policy of national Handicapped Finance and Development Corporation.  The interested students may also apply directly to NHFDC for education loan assistance. 

  

·Deposit of Rs.5000/- for education loan for studies abroad which will be adjusted in the margin money

 

 

Amount	For loans upto Rs.10.00 lacs for Studies in India and upto Rs.20.00 lacs for studies abroad
Upto Rs.4 lacs	No Security
Above Rs.4 lacs to Rs.7.50 lacs	Collateral security in the form of suitable third party guarantee.  The SCA may, at its discretion, in exceptional cases, waive third party guarantee if satisfied with the net-worth/ means of parent/s who would be executing the documents as “joint borrower”.
Above Rs. 7.50 lacs	Tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments.

 

All loans should be secured by parent(s) / guardian of the student borrower. In case of married person, co-obligator can be spouse or the parent(s) / parents-in –law

Suggested Documentation for SCA to follow

• Completed Education Loan Application Form.
• Mark sheets of last qualifying examination.
• Proof of admission scholarship, studentship etc.
• Schedule of expanses for the specified courses.
• 2 passport size photographs.
• Borrower’s bank account statement for the last six months.
• Income tax assessment order, of last 2 years.
• Brief statement of assets and liabilities, of the Co- borrower
• Proof of income ( i.e Salary slips/ Forms 16 etc)