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Mewat Development Agency, Nuh

Lending Schemes of National Minority Development Finance Corporation (NMDFC) New Delhi

Mewat Development Agency is engaged in all round development of Mewat area consisting of five blocks namely Nuh, F.P. Jhirka, Taoru, Punhana, Nagina of Mewat district and one block Hathin of district Palwal of Haryana State. The Govt. of India, Ministry of Minority Affairs has declared Mewat district as Minority Concentrated District and in response thereof, the Govt. of Haryana declared MDA as 2nd State Channelising Agency for distribution of loan under lending scheme of National Minorities Development and Finance Corporation (NMDFC).

Aims and Objectives of NMDFC

National Minorities Development and Finance Corporation (NMDFC) under the aegis of Ministry of Minorities Affairs, Government of India, is working to promote economic development of the notified minorities i.e. Muslims, Christians, Sikhs, Buddhists,  Parsis and Jain. The main objective of NMDFC is to promote economic and developmental activities for the benefit of “Backward Section” amongst the minorities, preference being given to the occupational groups and women.

Target Groups

The target groups for NMDFC with regard to direct benefit are the persons belonging to Minority Communities living below double the poverty line. At present, Minority Communities as per the National Minorities Commission Act, 1992 are Muslims, Christians, Sikhs, Buddhists, Parsis and Jains. As per revised norms w.e.f. 24/05/2013 families having annual income less than Rs. 81,000 in rural areas and Rs. 1,03,000 in urban areas are categorized as below double the poverty line.

Lending Schemes of NMDFC Implemented by MDA
Term Loan Scheme

The Scheme is for individual beneficiaries and is implemented through the M.D.A. Under the Term Loan Scheme, projects costing up to Rs. 10.00 Lacs may be considered. NMDFC provides loan to the extent of 90% of the project cost. The remaining cost of project is met by the SCA/ beneficiary. However the beneficiary has to contribute minimum of 5% of the project cost. Generally Rate of interest charged from beneficiaries is 6% p.a. on reducing balance and project costing up to Rs. 50,000/- rate of interest is 5% p.a. Assistance under Term Loan Scheme is available for any commercially viable and technically feasible venture which for the sake of convenience are classified into following sectors:

Agriculture and Allied
Technical Trade
Small Business
Artisan & Traditional Occupations
Transport and Service Sector
Educational Loan Scheme
The scheme is for individual beneficiaries and is implemented through M.D.A. NMDFC has introduced the scheme of Educational Loans with the objectives to facilitate job-oriented education amongst the weaker section of the minorities. The scheme envisages maximum loan of Rs. 10.00 lacs i.e. Rs. 2.00 lacs every year (90% share of NMDFC, 10% share of SCA/Beneficiary) for pursuing professional & technical courses of duration not exceeding 5 years. Rate of interest charged from beneficiaries is 3% p.a. on reducing balance. The loan repayment will be started 6 months after completion of the course or getting a job whichever is earlier.
Micro Finance Scheme  
NMDFC launched scheme of Micro-Financing in 1998 on the pattern of Grameen Bank of Bangladesh and Rashtriya Mahila Kosh under the Department of Women and Child Development in our own country. The scheme envisages micro credit to poorest among poor through selected NGOs of proven bona fide and their network of Self Help Groups. It is an informal loan scheme which ensures quick delivery of loan at the door steps of the beneficiaries with a constant follow up. It also envisages a pre-requisite that the beneficiaries are first organized into Self Help Groups and get into habit or effecting regular saving, however small. Under the scheme, loan upto maximum of Rs. 50,000 (90% share of NMDFC, 10% share of SCA/Beneficiary) per beneficiaries can be provided. Rate of interest charged from beneficiaries is 7% p.a. on reducing balance. The repayment period is maximum of 36 months. 
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Current Status of Loan Sanctioned/Disbursed