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Term Loan Scheme (GMFDC)

The scheme aims to promote self-employment among individuals from the minority communities by providing financial assistance for agriculture and allied activities, small-scale businesses, craftsmanship, transport sector, traditional occupations, and service-based businesses/trades.

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About This Scheme

The scheme "Term Loan Scheme" is implemented by Gujarat Minorities Finance and Development Corporation (GMFDC) under the Social Justice and Empowerment Department, Government of Gujarat. The scheme aims to promote self-employment among individuals from the minority communities by providing financial assistance for agriculture and allied activities, small-scale businesses, craftsmanship, transport sector, traditional occupations, and service-based businesses/trades. Under this scheme, beneficiaries can avail loans at concessional interest rates to purchase equipment, raw materials, or working capital.

Benefits

₹1.0 L

1. Financial Assistance for Business: Loans ranging from ₹1,00,000/- to ₹20,00,000/- are provided businesses/trades in various sectors listed below:

Agriculture and allied businesses, such as animal husbandry, fisheries, etc.

Technical & Skilled self-employment businesses.

Service-oriented businesses such as provision stores, ready-made garment shops, cyber cafés, cold drink parlors, auto repairing, beauty parlors, etc.

Handicraft businesses.

Transport sector.

1. Interest Rates:

₹1.2 L · annual

For annual income up to ₹1,20,000/- (rural) and ₹1,20,000/- (urban), the interest rate is 6% per annum.

₹1.2 L

For families with annual income above ₹1,20,000/- and up to ₹8,00,000/-, the interest rate is 8% for male beneficiaries and 6% for female beneficiaries.

3. Repayment: The loan amount has to be repaid to the corporation in 60 equal installments over five years, including interest.

Eligibility

Note: You may be eligible based on the information shown. Please verify the official eligibility requirements before applying.

Required Documents

✦
Proof of Identity (Aadhaar Card, Voter ID, PAN Card, etc.)
✦
Proof of Address (Utility Bill, Aadhaar Card, etc.)
✦
Proof of Age (Birth Certificate, School Leaving Certificate, etc.)
✦
Minority Community Certificate
✦
Income Certificate
✦
Educational Qualification Certificates (relevant to the business)
✦
Experience Certificate (relevant to the business)
✦
Bank Passbook/Statement
✦
Business Project Report
✦
Collateral/Guarantor Documents (as per loan amount)

✦ Required ◦ Optional

How to Apply

OOnline

IIn-person

Interested individuals should contact either the Gujarat Minority Finance and Development Corporation office in Gandhinagar or the District Deputy Director/District Social Welfare Officer (Developing Castes) office in their respective district to obtain the application form.

Quick Info

Level: Central Government
Max benefit: ₹1.2 L