New Swarnima Scheme for Women: The Ministry of Social Justice and Empowerment has established a term loan program aimed at supporting women entrepreneurs from backward classes. This program enables them to access loans of up to ₹2,00,000/- at an annual interest rate of 5%, thereby ensuring both social and financial security. The National Backward Classes Finance and Development Corporation (NBCFDC) has implemented the Swarnima Scheme to support women belonging to the backward classes.
This scheme aims to provide term loans to women entrepreneurs who fall under the target group. The State Channelising Agency (SCA) acts as the nodal agency responsible for the execution of this scheme. In this article, we will delve into the comprehensive details of the Swarnima Scheme for Women.
Primary Objective of New Swarnima Scheme for Women
The New Swarnima Scheme for Women, an initiative administered by the Ministry of Social Justice and Empowerment of the Union Government, aims to facilitate self-employment opportunities and foster the advancement of economically and socially marginalized groups. This program primarily focuses on empowering women by providing them with financial assistance to secure employment. The scheme offers loans specifically tailored for various sectors including agriculture, small businesses, handicrafts, traditional occupations, technical and vocational fields, transportation, and service industries. It is important to note that applicants must be a minimum of 18 years old to be eligible for this program.
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Eligibility Requirements for Women under the New Swarnima Scheme:
To be eligible for the New Swarnima Scheme for Women, applicants must meet the following criteria:
- Gender: The applicant must be a woman.
- Age: The applicant’s age should be between 18 and 55 years.
- Employment: The candidate must be an employer.
- Income: The applicant’s family’s annual income should be less than 3 lakh.
- Underprivileged Group: The female applicant must be a member of the underprivileged group as designated by the central or state governments from time to time.
Benefits of the New Swarnima Scheme for Women include:
- Access to loans for various industries such as agriculture, small business, artisanal, traditional, technical, professional, transport, and service sectors.
- Women will receive an annual subsidy of 2,00,000 at a rate of 5% for self-employment. The balance should belong to the beneficiary.
- The program allows women to undertake projects with a maximum cost of Rs. 2,00,000 without having to invest any of their own money.
Required Documents for New Swarnima Scheme for Women:
- Proof of Identity: Aadhaar card
- Ration Card
- Domicile Certificate
- Caste Certificate (for reserved category)
- Applicant’s Passport size Photograph.
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New Funding Structure of New Swarnima Scheme for Women:
Repayment of the loan will be divided into two parts: 95% of the total amount will be paid back, while the remaining 5% will be contributed by the beneficiaries or State Channelizing Agencies (SCAs). It is important to note that the loan must be utilized within four months from the date of disbursement.
Interest Rates for the Swarnima Scheme:
The National Backward Classes Finance and Development Corporation (NBCFDC) charges an annual interest rate of 2% to the State Channelizing Agencies (SCAs), while the SCAs charge a 5% annual interest rate to the beneficiaries.
Loan Repayment
The loan balance is to be repaid in four equal quarterly installments over a period of four years. However, there is a six-month period during which the recovery of the principal amount is frozen.
Economic Development Plans
Krishi Sampada: This initiative aims to provide concessional loans under microfinance to small farmers and vegetable merchants belonging to the target demographic. These loans are specifically designed to assist them during the Rabi and Kharif seasons or for any cash crop requirements. Borrowers who meet the criteria can access loans of up to Rs. 50,000 with an annual interest rate of 4%.
Process to apply for New Swarnima Scheme for Women:
To avail the benefits of the new Swarnima Scheme, women applicants can apply through offline SCA. Follow the steps below to apply for the scheme.
- Contact your local SCA office to apply for the Swarnima Yojana for Women.
- Submit all the required paperwork to the SCA office.
- Use this link to find the nearest SCA office: https://nsfdc.nic.in/channel-patrners/scas
- Fill in the application form accurately.
- Provide details about your line of work, including any training requirements.
- Submit your completed application form and all supporting documents to the SCA office.
- The SCA will review your application and make a decision regarding the loan approval.
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FAQ’S: New Swarnima Scheme for Women
What is New Swarnima Scheme for Women?
The Ministry of Social Justice and Empowerment has established a term loan program aimed at supporting women entrepreneurs from backward classes
What amount of loan did the Women are getting from New Swarnima Scheme?
This program enables them to access loans of up to ₹2,00,000/- at an annual interest rate of 5%
What is the age limit to apply for New Swarnima Scheme for Women?
The applicant’s age should be between 18 and 55 years.
