Explore the Swarnima Scheme for Women, introduced by NBCFDC, providing term loans to empower women entrepreneurs.
The Swarnima Scheme For Women, introduced by NBCFDC, provides term loans to women entrepreneurs from backward classes. It is implemented by the State Channelising Agency (SCA) as the nodal agency. NBCFDC, regulated under the Ministry of Social Justice and Empowerment, promotes economic and developmental activities for the benefit of backward classes, assisting in skill development and self-employment.
Financial assistance is offered by NBCFDC through State Channelising Agencies (SCAs) and Self Help Groups (SHGs) to support the economically weaker section in developing self-employment ventures. The assistance is provided in various sectors, including agriculture, small business, artisan and traditional occupation, technical and professional trades/courses, and the transport and service sector.
- Agriculture and Allied Activities
- Small Business
- Artisan and Traditional Occupation
- Technical and Professional Trades/Courses
- Transport and Service Sector.
Objectives of NBCFDC
The objective is to foster self-reliance among eligible women from backward classes through term loans.
Benefits
The Swarnima Scheme for Women offers a range of benefits with a focus on enhancing the lives of women.
The key advantages include:
1. Better Livelihood:
The scheme is designed to significantly contribute to improving the livelihood of women beneficiaries. By providing support for vocational training and entrepreneurship, it aims to enhance their economic prospects.
2. Social and Financial Security:
One of the primary objectives of the Swarnima Scheme is to provide both social and financial security to women in the state. This ensures a comprehensive approach to well-being, addressing economic and societal aspects.
3. Financial Independence:
The scheme aims to empower women by fostering financial independence. Through training and financial assistance, it enables beneficiaries to lead economically self-reliant lives.
Eligibility Criteria For New Swarnima Scheme For Women
To avail of the benefits of the Swarnima Scheme, applicants need to meet the following eligibility criteria:
1. Women Entrepreneurs from Backward Classes:
The scheme is specifically designed for women entrepreneurs belonging to backward classes. Only women falling within this category are eligible to apply.
2. Age Requirement:
The woman applying for the scheme should be in the age group of 18 to 55 years. This ensures that the support is targeted towards women in a productive age range.
3.Annual Income Limit:
The annual income of the women entrepreneurs should be less than Rs.3 Lakhs per annum. This criterion is set to benefit those with limited financial means.
Additional Note:
The State Channelizing Agencies (SCAs) or Banks, as part of the scheme, may release up to 50% of the total funding to women whose annual income is up to Rs.1.50 Lakh. This provision caters to women with even lower income levels, offering enhanced financial assistance.
Application Process for Swarnima Scheme for Women:
Follow these steps to apply for the Swarnima Scheme for Women:
Step 1: Visit the Nearest SCA Office
The eligible applicant should visit the nearest office of the State Channelizing Agency (SCA), where the Swarnima Scheme is administered.
Step 2: Fill Prescribed Form
Obtain and fill out the prescribed application form for the Swarnima Scheme. Provide accurate details and specify your vocational preferences and training requirements, if any.
Step 3: Submission of Application
Submit the completed application form along with the necessary supporting documents to the same SCA office. Ensure that all required documents are included with the application.
Step 4: Application Review and Sanction
The SCA will review the submitted application, considering the details provided. If the application meets the eligibility criteria, the loan will be sanctioned by the State Channelizing Agency.
By following these steps and ensuring all necessary documentation is provided, eligible women can initiate the application process for the Swarnima Scheme, facilitating their participation in vocational training and entrepreneurship opportunities.
Quantum of Assistance
As part of the Swarnima Scheme, eligible women will receive a subsidy of ₹ 1 Lakh for self-employment, and the remaining amount of the loan is to be self-financed by the beneficiary.
Pattern of Financing
The loan will cover up to 95% of the total amount, while the remaining 5% can be provided by the State Channelising Agencies (SCAs) or through the beneficiary’s contribution. The loan must be utilised within 4 months from the date of disbursement.
Rate of Interest
The following table illustrates the interest rates applicable under the Swarnima Scheme for Women:
| Interest Chargeable from | |
| NBCFDC to SCA | 2% per annum |
| SCA to Beneficiary | 5% per annum |
Repayment of Loan
The loan amount must be repaid in quarterly installments over a period of 4 years, which includes a 6-month moratorium on principal recovery.
Documents Required For New Swarnima Scheme For Women
The following documents must be submitted along with the application form:
- Proof of identity (Aadhaar card)
- Ration Card
- Domicile Certificate
- Caste Certificate (for reserved category)
- Passport-size Photograph of the applicant
Application Procedure
The procedure to apply for the Swarnima Scheme for Women is as follows:
- Step 1: Visit the nearest SCA office and obtain the prescribed application form for the Swarnima Scheme for Women.
- Step 2: Fill in the application form with the necessary details and indicate any specific vocational and training requirements, if applicable.
- Step 3: Submit the completed application form along with the required documents to the same SCA office.
- Step 4: Once the application is reviewed, the SCA will sanction the loan.
Note: For more information about the Swarnima Scheme for Women, please contact the respective District Collector or District Manager.
FAQs New Swarnima Scheme for Women
Who is eligible for the new Swarnima scheme?
To be eligible for the new Swarnima scheme, the applicant must be a female between the ages of 18 and 55.
What is the maximum size of the loan under the Swarnima Scheme?
The Swarnima Scheme offers eligible women entrepreneurs a maximum term loan of ₹ 1,00,000/- at an annual interest rate of 5%.
What is the minimum amount that I am required to invest on my own if the project cost is under ₹ 2 LPA?
The beneficiary women are not required to contribute any amount of their own for projects costing up to ₹ 2,00,000/-.
By when am I expected to repay the loan?
The loan must be repaid in quarterly instalments within a maximum period of 8 years, which includes a six-month moratorium on the recovery of principal.
Can women entrepreneurs from the GENERAL category also apply to this scheme?
Yes, the scheme welcomes women entrepreneurs from all categories.
I seek to know more about the Pattern of Financing?
The loan will be granted up to 95% of the total amount, while the remaining 5% can be contributed by the State Channelising Agencies (SCAs) or the beneficiary. The utilisation period for the loan is 4 months starting from the date of disbursement.
I am a 21 years old female entrepreneur. I wish to know if there is an age-criteria to be eligible to apply to this scheme?
Yes, the minimum age requirement to be eligible for this scheme is 18 years. Based on that, you meet the eligibility criteria and can apply.
What are SCAs?
Financial assistance is provided by NBCFDC through State Channelising Agencies (SCAs) as well as Self Help Groups (SHGs). The SCAs or Banks will release a maximum of 50% of the total funding to women with an annual income of up to ₹ 1.50 Lakh.
Can a male entrepreneur from the OBC category also apply to this scheme?
No, according to the latest guidelines, this scheme is exclusively intended for female entrepreneurs.
How do I know if a field in the application form is mandatory?
The compulsory fields are indicated by a red asterisk (*) at the end.
