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Name of the product Nature of Facility Objective Purpose

NMDFC Term loan for Backward Sections amongst minorities. Term Loan. To provide concessional credit for self employment activities. The facility shall be available for any commercially viable and technically feasible venture which for the sake of convenience has been into the following sectors: Agriculture & Allied Technical Trade Small Business Artisans & Traditional Occupation Transport & Service Sector Permanent unemployed Residents of J&K state belonging to backward sections amongst minorities (Muslims, Christians, Sikhs, Buddhists and Parsis), living below double the poverty line.
[Persons having annual family income of less than Rs 40,000/- in Rural area and Rs. 55,000/- in Urban areas fall in the category of Below Double the Poverty line.] 18-45 years Matric & above(lower qualification can be considered on case to case basis)

Eligibility

Age Qualification Quantum of finance

Applicants already availing any other central/state sponsored scheme and having loan outstanding against them are not eligible. Maximum Quantum of Finance is Rs 5.00 Lakh with the following components: NMDFC Loan: JKEDI Loan: 85% of the sanctioned amount. 10% of the sanctioned amount.

Security

Beneficiary Margin: 5% of the sanctioned amount. Amount of Loan Security to be furnished 1. Self Guarantee A. For loans upto Rs 50,000.00 2. Post dated cheques (PDCs). B. For loans exceeding Rs. 1. Third Party Guarantee of employee of 50,000/- and upto Rs 2,00,000/Government/ Bank/PSU with at least Lakhs. seven years of remaining service or income tax payee.

C. For

loans 2,00,000/-.

exceeding

2. Post dated cheques (PDCs). Rs. 1. Third Party Guarantees of two (2) employees of Government/ Bank/PSU with at least seven years of remaining service or income tax payee.

Processing Charges Rate of Interest Repayment

2. Post dated cheques (PDCs). 1.00% of the total sanctioned amount to be paid upfront Simple interest @ 6.00% per annum. Tenor: A door-to-door tenor of five years. Installments: 20 equal quarterly installments starting after three months of disbursal, secured by way of PDCs Duly filled in prescribed application form Photographs of the borrower and the guarantor

Origination Documents

Guarantors personal statement Copy of Ration Book depicting the income status of the family. Proof of identification of the borrower and the Guarantor(s) (Photostat copy of Voter ID, Passport, Driving License or any other such card issued by any government agency duly attested by the DDO)

Proof of Residence of the borrower and the Guarantor(s) (Photostat copy of Voter ID, Passport, Driving License ,Ration Card or any other such Document duly attested by a Gazetted officer)

Proforma invoice (Wherever Applicable) A simple estimation statement from the borrower Rent deed (Wherever Applicable) Personal affidavit on a prescribed format. Income certificate issued by concerned Tehsildar Composite Term loan Agreement Self or third party Guarantee Deed (s); as applicable Post dated cheques.


Legal Documentation

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