Schemes Of HP Minorities Finance & Development Corporation

Description
The H.P. Minorities Finance & Development Corporation HPMFDC was registered under Section 25 of the Companies Act, 1956 not for profit on 23-09-1996 and was declared State Channeling Agency SCA for National Minorities Finance & Development Corporation, New Delhi NMFDC with the objective to give social, economic and educational upliftment to the people of Minorities below double the poverty line in H.P. by providing financial assistance/loans to them for setting up of self employment ventures of income generating activities and education loan for acquiring professional/technical education and job oriented degrees in India and abroad as well, as per NMDFC guidelines and schemes. Similarly, the Corporation was also declared State Channeling Agency SCA for National Handicapped Finance & Development Corporation, Faridabad NHFDC on 20-01-1999 for providing them financial assistance/ loan for setting up of self employment ventures of income generating activities and education loan for acquiring professional/technical education and job oriented degrees in India and abroad as well.

Benefits
• Loans are given for self-employment for 5 years at 6 percent interest rate up to Rs.5.00 lakh.
• Loans for professional and technical education like JBT, Nursing, Hotel Management, MBA, MBBS, Engineering, LLB and B.Ed etc. are given at 3% interest rate up to Rs 10,00 lakh.
• The age of the applicant should be between 16 years to 32 years.

Eligibility Criteria
1. Individuals belonging to minority communities (Sikhs, Muslims, Christians, Buddhists, Jains and Parsis) in the age group of 18 years to 55 years whose annual income is Rs.98,000/- (rural areas) and Rs.1,20,000/- (urban areas) be less than.

Application Process
Step 1: It is mandatory for the eligible person to submit his application on the prescribed form along with caste certificate, income certificate, age certificate and Himachali certificate issued by the executive magistrate.
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It is mandatory for the eligible person to submit his application on the prescribed form along with caste certificate, income certificate, age certificate and Himachali certificate issued by the executive magistrate.

Required Documents
• Caste certificate.
• Income certificate.
• Age certificate.
• Himachali certificate issued by the executive magistrate.

Frequently Asked Questions
Q: What is the full form of HPMFDC?
A: The H.P. Minorities Finance & Development Corporation (HPMFDC) was registered under Section 25 of the Companies Act, 1956 (not for profit) on 23-09-1996 and was declared State Channeling Agency (SCA) for National Minorities Finance & Development Corporation, New Delhi (NMFDC) with the objective to give social, economic and educational upliftment to the people of Minorities below double the poverty line in H.P. by providing financial assistance/loans to them for setting up of self employment ventures of income generating activities and education loan for acquiring professional/technical education and job oriented degrees in India and abroad as well, as per NMDFC guidelines and schemes.

Q: What is term loan scheme for minorities?
A: NMDFC provides loan to the extent of 90% of the project cost subject to a maximum of Rs 18.00 lacs. The remaining cost of project is met by the SCA and the beneficiary. However the beneficiary has to contribute minimum of 5% of the project cost.

Q: Who is minority in Himachal Pradesh?
A: The minority communities (Sikhs, Muslims, Christians, Buddhists, Jains and Parsis).

Q: What is a minority status?
A: Article 1 of the United National Declaration on Minorities refers to minority status as based on national or ethnic, cultural, religious and linguistic identity.

Q: Who are the liaison officer in Himachal Pradesh?
A: Managing Director, Himachal Pradesh Minorities Finance and Development Corporation Shimla / Concerned District Welfare Officer / Tehsil Welfare Officer.

Q: Waht is the age for avail the Loans for professional and technical educations?
A: The age of the applicant should be between 16 years to 32 years.

Q: Is there any opportunity for self-employment?
A: Yes, Loans are given for self-employment for 5 years at 6 percent interest rate up to Rs.5.00 lakh.