Good news for women, central govt launched new swarnima scheme for women. It is a term loan scheme for women entrepreneurs from backward classes to obtain a loan of up to Rs. 2,00,000 at 5% per annum. Ministry of Social Justice and Empowerment started swarnima scheme 2024 to provide social & financial security to women.
Term loan under new swarnima scheme for women is to be repaid in quarterly instalments with maximum 8 years. This duration includes the moratorium period of 6 months on the recovery of principal amount. Read this article till the end to know swarnima scheme application process, eligibility, list of documents and other details regarding the scheme.
Ans - Under this scheme, the eligible woman entrepreneur can obtain a term loan of max. Rs. 2,00,000 @ 5% per annum.
Q - What is the minimum amount that I am required to invest on my own if the project cost is under Rs.2 LPA?
Ans - The beneficiary women is not required to invest any amount of her own on the projects upto cost of Rs. 2,00,000.
Q - How much will be the interest rate for the loan?
Ans - The rate of interest would be as follows - NBCFDC to SCA: 2% per annum and SCA to Beneficiary: 5% per annum.
Q - By when am I expected to repay the loan?
Ans - Loan is to be repaid in quarterly instalments with maximum 8 years (including the moratorium period of six months on the recovery of principal).
Q - Can women entrepreneurs from GENERAL category also apply to this scheme?
Ans - Yes, the scheme is open to women entrepreneurs from all the categories.
Q - 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?
Ans - Yes, the applicant should be atleast 18 years in age in order to be eligible to apply to this scheme. You are therefore eligible to apply.
Q - How do I know if a field in the application form is mandatory?
Ans - The mandatory fields have a red asterisk (*) mark at the end.
New swarnima scheme for women is introduced by National Backward Classes Finance and Development Corporation (NBCFDC) and implemented by State Channelising Agencies (SCAs) which act as the nodal agency. The main objective of new swarnima scheme for women is to inculcate the spirit of self-dependence among the women of backward classes under term loan.
Term loan under new swarnima scheme for women is to be repaid in quarterly instalments with maximum 8 years. This duration includes the moratorium period of 6 months on the recovery of principal amount. Read this article till the end to know swarnima scheme application process, eligibility, list of documents and other details regarding the scheme.
About New Swarnima Scheme for Women
The swarnima scheme will provide the following benefits to women entrepreneurs from backward classes:-- Each beneficiary will get a subsidy amount of Rs. 2 lakh @ 5% per annum, for self-employment purposes. The remaining amount has to be self-owned by the beneficiary.
- The beneficiary woman is not required to invest any amount of her own on the projects upto cost of Rs. 2,00,000.
Eligibility Criteria to Apply for New Swarnima Scheme for Women
- Applicant must be a FEMALE (Only women apply).
- The age of the applicant must lie between 18 to 55 years.
- Applicant must be an entrepreneur.
- The total annual family income of the applicant must be less than Rs. 3 lakh per year.
- Women applicant must belong to Backward Classes as notified by the Central/ State Governments from time to time.
Application Process for New Swarnima Scheme for Women
Let's now the process of how to apply for new swarnima scheme for women through offline mode:-- Each eligible applicant shall visit nearest SCA office and apply on prescribed form for Swarnima Scheme for Women.
- Find your nearest SCA office through the link - https://nsfdc.nic.in/channel-patrners/scas
- Enter all asked details accurately in the new swarnima scheme registration form and mention the needs and choice of vocation and training requirements, if any.
- Then you must submit your new swarnima scheme application form and the required documents to the same SCA office.
- After reviewing the application, the loan will be sanctioned by SCA.
List of Documents Required for New Swarnima Scheme for Women
- Proof of Identity (Aadhaar card)
- Ration Card
- Domicile Certificate
- Caste Certificate (for reserved category)
- Passport size Photograph of the applicant
Frequently Asked Questions (FAQ's) on New Swarnima Scheme
Q - What is the maximum size of the loan under the Swarnima Scheme?Ans - Under this scheme, the eligible woman entrepreneur can obtain a term loan of max. Rs. 2,00,000 @ 5% per annum.
Ans - The beneficiary women is not required to invest any amount of her own on the projects upto cost of Rs. 2,00,000.
Q - How much will be the interest rate for the loan?
Ans - The rate of interest would be as follows - NBCFDC to SCA: 2% per annum and SCA to Beneficiary: 5% per annum.
Q - By when am I expected to repay the loan?
Ans - Loan is to be repaid in quarterly instalments with maximum 8 years (including the moratorium period of six months on the recovery of principal).
Q - I seek to know more about the Pattern of Financing?
Ans - The loan will be provided up to 95% and balance 5% provided by the State Channelizing Agencies (SCAs) or Beneficiary contribution. The utilization period is 4 months from the date of disbursement of the loan.Ans - Yes, the scheme is open to women entrepreneurs from all the categories.
Q - 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?
Ans - Yes, the applicant should be atleast 18 years in age in order to be eligible to apply to this scheme. You are therefore eligible to apply.
Q - Can a male entrepreneur from OBC category also apply to this scheme?
Ans - No, as per the latest guidelines, this scheme is not meant for male entrepreneurs.
Q - Should the project / venture need to be from a specific sector in order to be eligible for the Swarnima scheme?
Ans - NBCFDC supports the economically weaker section in developing self-employment ventures only under the following sectors: Agriculture and Allied Activities. Small Business. Artisan and Traditional Occupation. Technical and Professional Trades/Courses. Transport and Service Sector.
Q - Is there a helpline number where I can get answers for my queries reg. the application process?
Ans - Yes, the Toll Free Number is 18001023399.
Q - What are SCAs?
Ans - NBCFDC grants financial assistance through State Channelising Agencies (SCAs). Also, they provide funding through SCAs/ Self Help Groups (SHGs). The SCAs or Banks will release up to 50% of total funding to women with annual income up to Rs.1.50 Lakh.
Ans - No, as per the latest guidelines, this scheme is not meant for male entrepreneurs.
Q - Should the project / venture need to be from a specific sector in order to be eligible for the Swarnima scheme?
Ans - NBCFDC supports the economically weaker section in developing self-employment ventures only under the following sectors: Agriculture and Allied Activities. Small Business. Artisan and Traditional Occupation. Technical and Professional Trades/Courses. Transport and Service Sector.
Ans - Yes, the Toll Free Number is 18001023399.
Q - What are SCAs?
Ans - NBCFDC grants financial assistance through State Channelising Agencies (SCAs). Also, they provide funding through SCAs/ Self Help Groups (SHGs). The SCAs or Banks will release up to 50% of total funding to women with annual income up to Rs.1.50 Lakh.
Ans - The mandatory fields have a red asterisk (*) mark at the end.
Important Links
- Entrepreneurial Schemes of NBCFDC - https://socialjustice.gov.in/schemes/13
- New Swarnima Scheme Guidelines by NBCFDC - https://nbcfdc.gov.in/loan-scheme-description/2/en
Data is taken from https://www.myscheme.gov.in/schemes/nssw
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Central Government