kmdc.kar.nic.in Apply For NMDFC Scheme Karnataka : Minorities Development Corporation Ltd

Name of the organisation : Karnataka Minorities Development Corporation Ltd
Type Of Facility : Apply For NMDFC Scheme
Home Page :https://kmdc.karnataka.gov.in/
Apply here :https://www.statusin.in/uploads/537-NMDFC.pdf

How To Apply For KMDC NMDFC Scheme?

The NMDFC is funding for the implementation of Term Loan scheme through KMDC which is a SCA.The NMDFC works purely as banking financial institution.

Related / Similar Service :
KMDC Apply For Arivu Education Loan Scheme Karnataka

It finances at subsidized rate of interest with an aim to help the minority community living below double the poverty line under the scheme, project costing upto Rs.10 lakhs are considered for financing to individual beneficiary for income generating activities / Educational Loans.

Some of the highlights of the Scheme are as under :
** term Loan Scheme for purchase of Transport Vehicle.
** Under Micro Finance Scheme, enhancement of loan component from Rs.25,000/- to Rs.50,000/- to each member of SHG Under Educational Loan Scheme, Short Term Loan upto a maximum of Rs.3.00 Lakhs
** Loan upto Rs.20.00 Lakhs to the student pursuing studies for 05 years abroad.

Eligibility Criteria of KMDC NMDFC Scheme

The applicant must belong to religious minority community as notified by the Central Government under National Minorities Commission Act, 1992. Persons belonging to Muslims, Christians, Buddhists, and Sikhs and Parsis communities are eligible to apply under the scheme. The family annual income of the applicant should be Rs.81, 000/- in rural areas and Rs.1.03 Lakhs in urban areas. Preference will be given women beneficiaries. Under Educational Loan the applicant should be in the age group of 16-32 years. Confirmed admission in the intended course in recognised institutes is the basic requirement for availing the loan.

Means of Finance :
The applicant shall invariably produce his Savings Bank Account Number along with IFSC code
of the Bank in the loan application so as to credit directly the loan amount under Direct Benefit Transfer
(DBT) and to bring him into financial inclusion programme. Under Transport Sector the amount of loan
will be transferred to the suppliers account. The account number of the supplier and the IFSC code of the
suppliers Bank are furnished. The contribution of the beneficiary is made directly to the supplier.

Rate of Interest :On loans upto Rs.50, 000/- 5% per annum On loans over Rs.50, 000/- 6% per annum.

Moratorium period :
6 months from the date of release of loan. The beneficiary has to repay interest for he moratorium period as per NMDFC norms.

Repayment Period :
In case of need based and transport sector the repayment period will be a maximum of 5 years.
In case of Educational loan after completion of the course the repayment period will be a maximum of 5 years.

Security :
For loans upto Rs.50,000/- Guarantee of one employee of PSU/Govt/Bank who is having a minimumtake home salary of Rs.10,000/- with a minimum remaining service of 5 years and who can provide under taking from the salary drawing officer or head of the department.

Functions of KMDC

The Karnataka Minorities Development Corporation (KMDC) is a government organization in the state of Karnataka, India, dedicated to the socio-economic development of minority communities. The corporation carries out several functions to promote the welfare and upliftment of minority communities in the state.

Some of the key functions of the Karnataka Minorities Development Corporation include:
Financial Assistance:
KMDC provides financial assistance and loans to minority communities for various purposes such as education, skill development, entrepreneurship, and self-employment. It aims to empower individuals from minority communities by providing them with the necessary financial support to enhance their socio-economic status.

Scholarships and Educational Support:
The corporation offers scholarships and educational support to deserving students from minority communities. It provides financial aid for school education, college education, professional courses, and higher education, helping students pursue their academic goals.

Skill Development Programs:
KMDC organizes skill development programs and vocational training initiatives for minority communities. It aims to enhance their employability by providing them with relevant skills and training in various fields, thereby increasing their chances of securing sustainable livelihoods.