Term Loan Scheme (GMFDC)
in Gujarat
Last updated:
Term Loan Scheme (GMFDC) in Gujarat
Term Loan Scheme (GMFDC) is a government scheme available to eligible residents of Gujarat.
Apply for Term Loan Scheme (GMFDC) in Gujarat
Scheme Overview
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.
Eligibility Criteria
The applicant should be a resident of Gujarat.
The applicant should belong to a minority religious community (Muslim, Christian, Sikh, Jain, Buddhist, Parsi, or Jewish) or a linguistic community (Sindhi, Marathi, or Urdu) in the state of Gujarat.
The applicant, or any member of their family, should not have obtained a loan from Gujarat Minority Finance and Development Corporation Limited, Gujarat Backwards Class Development Corporation, Gandhinagar, including any other corporation/institution or bank of the Central or State Government.
The annual income of the applicant's family should be:
- ₹98,000/- for rural areas.
- ₹1,20,000/- for urban areas.
- However, families with income exceeding ₹1,20,000/- and up to ₹8,00,000/- are also eligible, albeit with different interest rates.
The applicant's age should be between 21 and 45 years.
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Benefits
Financial Assistance for Business: Loans ranging from ₹1,00,000/- to ₹20,00,000/- are provided businesses/trades in various sectors listed below:
Interest Rates:
3. Repayment: The loan amount has to be repaid to the corporation in 60 equal installments over five years, including interest.
Required Documents
| # | Document |
|---|---|
| 1 | Proof of Identity (Aadhaar Card, Voter ID, PAN Card, etc.) |
| 2 | Proof of Address (Utility Bill, Aadhaar Card, etc.) |
| 3 | Proof of Age (Birth Certificate, School Leaving Certificate, etc.) |
| 4 | Minority Community Certificate |
| 5 | Income Certificate |
| 6 | Educational Qualification Certificates (relevant to the business) |
| 7 | Experience Certificate (relevant to the business) |
| 8 | Bank Passbook/Statement |
| 9 | Business Project Report |
| 10 | Collateral/Guarantor Documents (as per loan amount) |
How to Apply in Gujarat
Step 1: Visit the Gujarat Minority Finance and Development Corporation official website.
Online Step 1: Visit the Gujarat Minority Finance and Development Corporation official website.
Step 2: Register as a new user with name, mobile number, email, Aadhaar number, and create a password.
Online Step 2: Register as a new user with name, mobile number, email, Aadhaar number, and create a password.
Step 3: In the form, provide all the mandatory fields, fill in the captcha code, and click "Submit" to complete the registration process. A pop-up will appear acknowledging successful registration and displaying your User ID for Login.
Online Step 3: In the form, provide all the mandatory fields, fill in the captcha code, and click "Submit" to complete the registration process. A pop-up will appear acknowledging successful registration and displaying your User ID for Login.
Step 1: Visit the Gujarat Minority Finance and Development Corporation official website.
Online Step 1: Visit the Gujarat Minority Finance and Development Corporation official website.
Step 2: Log in using your registered credentials. Select the Term Loan Scheme from the available schemes.
Online Step 2: Log in using your registered credentials. Select the Term Loan Scheme from the available schemes.
Step 3: Fill in personal details, income information, business details, and bank account details.
Online Step 3: Fill in personal details, income information, business details, and bank account details.
Step 4: Upload required documents: Identity Proof, Address Proof, Income Certificate, Minority Certificate, Educational Qualification Certificate, Experience Certificate (if any), Business Proposal, and Bank Passbook.
Online Step 4: Upload required documents: Identity Proof, Address Proof, Income Certificate, Minority Certificate, Educational Qualification Certificate, Experience Certificate (if any), Business Proposal, and Bank Passbook.
Step 5: You will be taken to the online application form of the scheme. In the form, provide all the mandatory fields and upload all the mandatory documents in the specified format and size.
Online Step 5: You will be taken to the online application form of the scheme. In the form, provide all the mandatory fields and upload all the mandatory documents in the specified format and size.
Step 6: Carefully review all the information provided and the documents uploaded. Make corrections, if any.
Online Step 6: Carefully review all the information provided and the documents uploaded. Make corrections, if any.
Step 7: Click "Submit" to submit your application. You'll receive a confirmation message. Note down your Application Number for future reference. You can also take a printout of the submitted application form.
Online Step 7: Click "Submit" to submit your application. You'll receive a confirmation message. Note down your Application Number for future reference. You can also take a printout of the submitted application form.
Step 1: Visit the Gujarat Minority Finance and Development Corporation official website.
Online Step 1: Visit the Gujarat Minority Finance and Development Corporation official website.
Step 2: Navigate to the bottom of the home page, and click "Your Application Status".
Online Step 2: Navigate to the bottom of the home page, and click "Your Application Status".
Step 3: On the next page, provide your Application Number, Date of Birth, and click "View Status". The current status of your application will be displayed.
Online Step 3: On the next page, provide your Application Number, Date of Birth, and click "View Status". The current status of your application will be displayed.
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 …
Offline 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. Address: Ground Floor and Second Floor, Block Number: 11, Dr. Jivraj Mehta Bhavan, Gandhinagar Phone Numbers: (079) 232 53843, 232 54583, 232 53757 Email: [email protected]
Common questions in Gujarat
Who can apply for Term Loan Scheme (GMFDC) in Gujarat?
Eligible residents of Gujarat who meet the scheme’s overall criteria can apply for Term Loan Scheme (GMFDC). Refer to the eligibility section above for the complete checklist.
What documents are required for Term Loan Scheme (GMFDC) in Gujarat?
Applicants in Gujarat typically need identity proof (Aadhaar), state residency proof, bank account details, and any scheme-specific documents listed in the documents section.
Frequently Asked Questions
Applicants from minority religious communities like Muslim, Christian, Sikh, Jain, Buddhist, Parsi, and Jewish or linguistic communities like Sindhi, Marathi, and Urdu in Gujarat can apply. <br>