90% of the project cost is provided as a loan.
This scheme is for individual beneficiaries and is implemented through the SCAs.
Individual beneficiaries are served by this scheme, which is carried out by SCAs. NMDFC offers loans up to a maximum of INR 27 lacs, covering 90% of the project cost. The beneficiary and SCA each cover the remaining project costs.
Scheme Benefits & Highlights.
1.Projects up to INR 30 lacs in cost are eligible for financing under the Term Loan Scheme.
2.NMDFC offers loans up to a maximum of INR 27 lacs, covering 90% of the project cost. The beneficiary and SCA each cover the remaining project costs.
3. The beneficiary is required to contribute at least 5% of the project's total cost.
4. The beneficiary will be charged interest at a rate of 8% per year for male beneficiaries and 6% per year for female beneficiaries, calculated using the declining balance method.
5.Rate of Interest for SCAs- 3% pa
6.Moratorium period- 6 months
7.Repayrnent period for beneficiaries- 5 years
8.Repayment period for the SCAs- 8 years
9.Means of Financing NMDFC: SCA:Benef. Contribution- 90 : 5 : 5
10.Utilization Period- 3 Months
- Anyone who satisfies the NDMFC requirements may apply.
In terms of direct advantages, people from minority communities will be the target market for NMDFC. Under Credit Line 2, minority people with annual family incomes up to Rs. 6.00 lacs—the "Creamy Layer" requirement for OBC—are eligible for concessional credit.
The State/UT government selects the appropriate State Channelizing Agencies (SCAs) to carry out this plan. Each channelizing agency's district office must receive a formal application from the beneficiary.