About Mahila Samiriddhi Yojna
Mahila Samriddhi Yojana is a government initiative aimed at providing microcredit to underprivileged women entrepreneurs in India. The objective of the scheme is to meet the microcredit needs of women entrepreneurs through self-help groups (SHG) and to provide loans for small and micro businesses and various income-generating activities. Benefits of this scheme include access to financial assistance, promotion of women entrepreneurship and overall economic empowerment of the underprivileged.
Objectives
The main objective of the Mahila Samriddhi Yojana is to empower women entrepreneurs from the Scheduled Caste category by providing them with financial assistance to set up their businesses. Some of the other objectives of the scheme are as follows:
- To provide financial assistance to women entrepreneurs belonging to the Scheduled Caste category.
- To promote self-employment opportunities among women entrepreneurs.
- To uplift the socio-economic status of women entrepreneurs.
- To reduce the financial burden of women entrepreneurs in terms of high-interest rates.
- To provide access to credit facilities to women entrepreneurs for small income-generating activities.
Full Overview Of Mahila Samriddhi Yojana
| Name of Scheme | Mahila Samriddhi Yojana |
|---|---|
| Announcement | Ministry of Social Justice and Empowerment |
| Objective | To provide financial assistance to women entrepreneurs of the Scheduled Caste Category for small income generating activities |
| Beneficiaries | Entrepreneurs of Scheduled Caste Category with an annual family income up to Rs 3.00 lakhs |
| Incentive | Up to 90% of the project cost of Rs 1,40,000 with interest rates chargeable at 4% |
| Application Process | Offline through the nearest Channeling Agency or other Channelising Agencies of NSFDC |
| Official Website | https://nsfdc.nic.in/ |
Eligibility Criteria
To be eligible for the Mahila Samriddhi Yojana, applicants must fulfill the following criteria:
- The scheme is only applicable to women entrepreneurs belonging to the Scheduled Caste category.
- The annual family income of the applicant should be up to Rs 3.00 lakhs.
- The applicant should submit the application form to the District Offices of State Channelizing Agencies (SCAs).
- The applicant should have a viable project proposal.
- The applicant should provide proof of caste, income, and experience.
Benefits
The Mahila Samriddhi Yojana offers several benefits to eligible women entrepreneurs from the Scheduled Caste category. Some of the benefits are:
- Financial assistance up to 90% of the project cost of Rs 1,40,000 for small income-generating activities.
- The interest rate chargeable to beneficiaries is only 4%, which is much lower than the prevailing interest rates.
- The loan repayment period is set at 3 and a half years, which means borrowers will have 42 months to repay the loan. The repayment schedule will be in quarterly installments, meaning borrowers will need to make payments every 3 months from the date of each disbursement. Additionally, there will be a moratorium period of 3 months, which means borrowers will have a grace period of 3 months before they are required to make their first payment.
- Eligible beneficiaries can avail of any loan under the NSFDC scheme after repayment of loans under Mahila Samriddhi Yojana through the concerned SCAs.
Required Documents
To apply for the Mahila Samriddhi Yojana, applicants must submit the following documents:
- Proof of residence (Electricity bill or ration card can be furnished)
- Proof of Identity
- Self-help group membership card
- Income certificate
- Aadhaar Card
- Caste certificate
- Bank account book
Application Procedure
The application process for the Mahila Samriddhi Yojana is straightforward. Eligible women entrepreneurs from the Scheduled Caste category can follow these steps to apply:
- The interested eligible person shall contact the nearest Channeling Agency.
- The loan applications are to be submitted by the eligible target group to the District Offices of State Channelizing Agencies (SCAs).
- The viability of the project proposals is appraised by the SCAs, and the viable projects are forwarded to NSFDC along with their recommendations for sanction.
- The eligible target group can also submit their loan application to other Channelizing Agencies of NSFDC.
- After acceptance of the terms and conditions of the sanction and fulfillment of Prudential Norms, as applicable, funds are disbursed to the SCAs/ RRBs/ Nationalized Bank for onward disbursement to the beneficiaries.