Mahila Samriddhi Yojana

Description
Mahila Samridhi Yojana MSY is a scheme aimed to benefit women entrepreneurs from backward backgrounds or poor backgrounds. The scheme was launched as part of the National Backward Classes Finance and Development Corporation NBCFDC under the Ministry of Social Justice and Empowerment. Under this scheme, the Corporation bears the training cost and stipend for training that is provided to groups of about 20 women, in suitable craft activities. The group is formed into a SHG and after the training, micro-credit is provided. This scheme is being implemented by a wide range of channel partners nationwide. Targeted women beneficiaries are identified and given loans either directly or in the form of Self-Help Groups SHGs . The two main targeted beneficiaries are: 1. Self-help groups SHGs : It aims to strengthen and assist SHGs, particularly those that include women. These people make up the autonomous, economically disadvantaged category. 1. Women belonging to economically and socially backward classes targeted groups : Women from the underprivileged classes are considered, particularly those who fall under the SC or ST category. Objectives of Mahila Samridhi Yojana 1. To encourage women belonging to minority groups from rural regions and underprivileged classes to adopt an entrepreneurial attitude. 1. To help these women meet their entrepreneurial goals by providing microfinance loans at lower interest rates. 1. To encourage women from scheduled castes or scheduled tribes or any other minority populations to pursue their aspirations. 1. To encourage women to overcome social stigma and gain financial independence. 1. To assist women who are unable to establish their own businesses or careers owing to a lack of financial assistance. 1. It is also a Micro Finance Scheme for women with rebate in interest.

Exclusions
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Benefits
• It is a microfinance scheme for women with a rebate in interest. Financial Assistance up to the cost of Rs. 1,40,000/- is provided.
• The repayment period is within 3.5 years, in quarterly installments from the date of each disbursement including the moratorium period.
• On repayment of loans under MSY, through the concerned State Channelizing Agencies (SCA), the eligible beneficiaries can avail of any loan under the NSFDC scheme.

Eligibility Criteria
1. Applicant must be between 18 to 55 years of age.
2. Applicable to Women from low-income families or women who belong to SC/ST/OBC categories as notified by the Central/State Government and whose family income is less than Rupees three lakhs per annum.
3. Applicable to Women looking to start their own business or engage in income-generating activities.

Required Documents
• Address Proof
• Identity Proof
• SHG membership ID
• Caste certificate (if applicable)
• Income Certificate from a competent authority
• Aadhaar Card
• Bank Account details
• Recent Passport Size Photographs

Frequently Asked Questions
Q: What is Mahila Samriddhi Yojana?
A: Mahila Samriddhi Yojana is a microfinance scheme offering loans under NBCFDC to women entrepreneurs from below poverty line (BPL) section of the society or backward classes.

Q: Interest Rate per annum chargeable to SCAs and Beneficiaries?
A: In the case of State Channelizing Agencies (SCAs) it is 1% whereas in case of beneficiaries it is 4%.