About VISVAS Yojana
Vanchit Ikai Samooh Aur Vargon Ko Aarthik Sahayata Yojana (VISVAS) is a pioneering initiative by the Ministry of Social Justice and Empowerment, aimed at providing financial assistance to OBC (Other Backward Classes) and SC (Scheduled Caste) individuals and Self Help Groups (SHGs). This scheme endeavors to empower these marginalized communities by offering interest subvention on loans obtained from Public Sector Banks (PSBs), Regional Rural Banks (RRBs), and similar financial institutions. The scheme, with its significant boost in December 2020 through collaborations with leading banks, aims to ensure direct benefits through lower interest rates.
Objective Of This Scheme
- To Provide interest subvention to OBC and SC individuals and SHGs.
- Directly benefit eligible beneficiaries with lower interest rates on loans.
- Empowering marginalized communities through financial assistance.
Full Overview of VISVAS Yojana
| Scheme Name | Vanchit Ikai Samooh Aur Vargon Ko Aarthik Sahayata Yojana (VISVAS Yojana) |
|---|---|
| Announcement | Ministry of Social Justice and Empowerment |
| Implementation | Implemented by various financial institutions |
| Updated On | Ongoing |
| Objectives | Provide interest subvention to OBC/SC individuals and SHGs |
| Incentive | Maximum Subvention Amount: @5% per annum |
| Beneficiaries | OBC and SC individuals, SHGs |
| Application Starts | Always Open |
| Process | Offline registration through the nearest SCA office |
| Official Website | VISVAS Yojana Official Website |
Eligibility Criteria
For Other Backward Classes (OBCs):
- Members of Backward Classes as notified by Central/State Governments.
- OBC Antyodaya Anna Yojana (AAY) cardholders, and those facing three or more deprivations as per SECC-2011.
- OBC beneficiaries engaged in agricultural activities covered under PM KISAN.
- SHGs registered with NRLM/NULM/NABARD with over two years of credit history.
For Scheduled Castes (SCs):
- NSFDC recognized SHGs registered with NRLM/NULM and NABARD.
- Individuals belonging to Scheduled Castes as per State/Central Government lists.
- Valid Annual Income Certificate issued by the competent authority.
- AAY cardholders, and individuals facing three or more deprivations as per SECC-2011.
- SC beneficiaries involved in agricultural activities covered under PM KISAN.
Benefits
- The maximum loan limit for SHGs: ₹4,00,000
- individuals loan limit: ₹2,00,000.
- Maximum subvention amount: @5% per annum.
- Mode of payment: Direct transfer of subvention amount into the operating account of SHG or individual.
Required Documents
- Aadhaar card (Proof of Identity)
- Proof of SHG membership and registration with NRLM/NULM/NABARD
- Proof of SHG credit history
- Ration Card
- Income Certificate issued by State Government authority
- Caste Certificate
- AAY card (if applicable)
- Proof of PM Kisan Scheme beneficiary status (if applicable)
- Passport size photograph
How To Apply
- Visit the nearest SCA (State Channelizing Agency) office.
- Fill out the prescribed application form with necessary details.
- Submit the application form along with required documents.
- SCA will review the application and sanction the loan.
For more information contact Toll Free No.18001023399, Website: www.nbcfdc.gov.in