by Empowering Backward Classes Through NBCFDC Loan Assistance : The National Backward Classes Finance & Development Corporation (NBCFDC) stands as a beacon of hope for individuals from backward classes, offering them loan assistance for diverse income-generating activities. This scheme, however, comes with specific eligibility criteria and features designed to facilitate financial empowerment. Here’s a detailed look into what the NBCFDC offers:
Eligibility Criteria:
1. Membership: Applicants must belong to the Backward Classes as notified by either the Central Government or State Governments.
2. Income Limit: The annual family income of the applicant should not exceed Rs. 3.00 lakh.
Salient Features:
– Maximum Loan Limit: Beneficiaries can avail loans up to Rs. 15.00 lakh.
– Pattern of Finance: NBCFDC extends 85% of the loan amount, while the remaining 15% is expected to be covered by the channel partner or the beneficiary.
Interest Rates:
– Loans up to Rs. 5.00 lakh incur an annual interest rate of 6%.
– For loans ranging from above Rs. 5.00 lakh up to Rs. 10.00 lakh, the interest rate stands at 7% per annum.
– Loans exceeding Rs. 10.00 lakh up to Rs. 15.00 lakh attract an interest rate of 8% per annum.
Repayment Terms:
– The repayment schedule entails quarterly installments over a maximum period of 8 years.
– A moratorium period of six months is granted on the recovery of the principal amount, easing the burden on borrowers during the initial phase.
Supported Activities:
The NBCFDC loan assistance is directed towards fostering various income-generating endeavors, including:
1. Agriculture and Allied Activities: Empowering individuals engaged in agricultural pursuits and related sectors.
2. Small Business/Artisan & Traditional Occupation: Providing a financial backbone to small-scale businesses, artisans, and those involved in traditional occupations.
3. Transport Sector & Service Sector: Facilitating access to funds for individuals operating in transportation and service-oriented industries.
4. Technical & Professional Trades/Courses: Supporting skill development and education by financing technical and professional courses.
Aim and Objective:
The overarching goal of the NBCFDC loan scheme is to offer robust financial support to individuals hailing from backward classes. By providing access to capital, the scheme endeavors to uplift and empower these communities economically. It seeks to bridge the gap by fostering entrepreneurship, skill development, and sustainable livelihoods, thereby contributing to the holistic development of the nation.
In essence, the NBCFDC’s loan assistance program emerges as a vital instrument in realizing the vision of an inclusive and equitable society, where every individual, irrespective of their background, has the opportunity to thrive and prosper.
