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

Name of the Organization : Karnataka Minorities Development Corporation Ltd
Type of Facility : Apply For NMDFC Scheme
Location: Bangalore

Official Website : https://kmdc.karnataka.gov.in/english

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. 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. The State Channelizing Agency is supposed to sanction loan as per the ground realities and requirement of the beneficiaries. Preference is required to be given to poorest of poor while selecting the beneficiaries for maximizing number of beneficiaries. Keeping in mind the directions of the NMDFC and the ground realities following guideline have been framed for sanction of loan under the Term Loan of the NMDFC. For having transparency in sanctions and for identifying the beneficiaries and to have checks and balances photo ID is required to be introduced. Wherever possible Aadhar Card be linked with the scheme.

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 for high skill development programme of 01 year duration.
** Loan upto a maximum of Rs.10.00 lakhs for Professional Courses of maximum 05 years duration.
** Loan upto Rs.20.00 Lakhs to the student pursuing studies for 05 years abroad.
** Vocational training programme for unemployed minority youth. Marketing assistance scheme.
** Revised income limit for implementation of NMDFC Scheme enhancement from Rs.40,000/- to Rs.81,000/- in rural areas and from Rs.55,000/- to Rs.1.03 Lakhs in urban areas
** Enhancement of Monthly Training fee from Rs.1,000/- to Rs.2,000/- for vocational training courses. Enhancement of Stipend from Rs.500/- to Rs.1,000/- Under the Scheme 70% of the Total finances from the NMDFC will be utilised for the Need Based activity. 20% will be for Transport sector and 10% will be for educational purposes which can be increased upto a maximum of 20%.

Eligibility Criteria:
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. However application for loan can be made in anticipation of admission to the recognised institutes and the loan will be sanctioned on confirmation of admission. Women and physically challenged would be given preference. Selection out of the eligible candidates will strictly be on merit. The selected candidates should fulfil an annual income criterion which has been specified for rural and urban areas. duration of the course will not exceed five years however; shorter duration courses may be preferred. The college/Institute should have been offering the course for the last 3 years and should be recognised by the Government at the Central/State Government or by appropriate authority such as AITCE. The illustrativelists of recognised course are in annexure I and illustrative list of Short Term High skill courses in Annexure II.

The borrowers already covered under any other scheme of financing sponsored by Central or State Government or financing institutions and having loans against their names shall not be eligible. The District Manager should certify that the applicant has not availed any loan from any scheme of the KMDC or NMDFC or any financial institution.

The Applicant desirous of taking loan under Transport sector should posses a valid driving licence along with public service badge and the RTO and respective jurisdictional authority are issuing valid permits.

The following Transports are considered in the scheme.
1) Goods Auto rickshaw Diesel
2) Goods Vans
3) Passenger Car/ Jeep Taxi Means of

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

For education loan:
3% per annum.

Moratorium period:
6 months from the date of release of loan. The beneficiary has to repay interest for the 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

A. General Documents / Papers To Be Submitted:
1. Application in the prescribed format complete in all respects.
2. Project Report under the prescribed format
3. Agreement
4. Power of Attorney (if the property not in applicants name)
5. Affidavit (if the FDRS/ Bonds not in applicants name)
6. a. Copy of Partnership deed in case of partnership firm
b. 2 references from the locality
c. Address proof
d. NDC from the local financial Institutions.
e. Necessary sanctions in case of Industries.
f. pro note
g. Guarantee deed
h. Letter of Repayment

B. Parties Who Furnish Bank Guarantee Or Fdr:
1. All conditions whatever applicable in A.
2. Confirmation letter from Bank Guarantee and FD
3. Bank acceptance to pledge the FDR along with interest.

C. Parties Who Furnish Title Deed:
1. All conditions whatever applicable in A.
2. Original Title deeds
3. Khata Extract and Khata Certificate or mutation
4. Phodi / Partition deed in respect of revenue lands and phani
5. Nil encumbrance certificate in form No.15
6. Upto date Tax paid receipt
7. Guidance rate from appropriate authority
8. Affidavit sworn before the notary
9. Memorandum of deposit of title deeds/ equitable mortgage deed
10. No objection from family member to pledge the title deed
11. Spot inspection report of the property by the District Manager
12. Valuation report by registered valuer.

D. Final Report:
1. District Manager’s recommendation and report.
2. District Committee approval.

Application Forms: https://kmdc.karnataka.gov.in/english