New Swarnima Scheme for Women:- National Backward Classes Finance and Development Corporation (NBCFDC) launched Swarnima Scheme for the welfare of women. Under this programme, term loans will be given to women business owners belonging to the target group (backward classes). The State Channelizing Agency (SCA), which acts as the nodal agency, implements the system. Read the article below to know more about the new Swarnima Scheme for women.

New Swarnima Scheme for Women 2024

New Swarnima Scheme for women 2024

To help women from lower socioeconomic groups become self-reliant, the Ministry of Social Justice and Empowerment launched a program that allows them to borrow up to Rs 2 Lakhs at 5% annual interest rate. There is a term loan program to provide them social and financial security. State Channelizing Agencies (SCAs), which act as the nodal agency, have been charged with implementing the scheme, which was launched by the National Backward Classes Finance and Development Corporation (NBCFDC).

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Objectives of New Swarnima Scheme for Women

Run by the Ministry of Social Justice and Empowerment of the Central Government, this program supports self-employment and promotes activities for the benefit of economically and socially disadvantaged groups. The main goal of this program is to empower women and provide them financial assistance so that they can find work. Loans are available through this program for agriculture, small business, artisan, traditional, technical, commercial, transportation and service industries. The age of the applicant must be at least 18 years.

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Eligibility Criteria New Swarnima Scheme for Women

Following are the eligibility criteria of the new Swarnima Yojana for women:

• The applicant must be female.
• Applicant’s age should be between 18 – 55 years.
• The candidate must be an employer (employer).
• The annual income of the applicant’s family should be less than Rs 3 lakh.
• The female applicant must be a member of the disadvantaged group specified by the Central or State Governments from time to time.

Assistance amount for New Swarnima Scheme

In the recently started New Swarnima Scheme, eligible women entrepreneur will get a subsidy of Rs 1 lakh for starting their own business, with the beneficiary covering the rest of the amount of loan.

Benefits of new Swarnima Yojana for women

Following are the benefits of the new Swarnima Yojana for women:

• Loans are available under this program for agriculture, small business, artisan, traditional, technical, professional, transportation and service industries.
• Women will get a subsidy of Rs 2,00,000 at the rate of 5% per annum for self-employment. (The beneficiary must be the owner of the remaining amount.)
• The woman benefiting from this program will receive a maximum of Rs. There is no need to invest any of your money in projects costing Rs. 2,00,000.
• New funding pattern
• The loan will be repaid up to 95% of the entire amount, with the remaining 5% coming through beneficiary contribution or State Channelizing Agencies (SCAs). The loan must be utilized within four months of the disbursement date.

Interest rates for New Swarnima Scheme

The applicable interest rates of Swarnima Scheme for Women are displayed in the following table:
Interest from NBCFDC to SCA is 2% per annum and from SCA to the beneficiary, interest is 5% per annum.

Loan repayment

The balance amount of the loan is to be repaid in four quarterly payments over a period of four years, with a moratorium of six months on principal recovery.

Economic development plans

Agricultural Assets(Krishi Sampada)

Offering concessional loans under microfinance to the target demographic segment of small farmers, vegetable traders who require financial assistance during Rabi and Kharif seasons or for any cash crop. As per the scheme beneficiary is eligible for a loan up to Rs. 50,000 at 4% annual interest rate.

Required Documents

Documents required for the New Swarnima Scheme for women are:

• Proof of Identity (Aadhaar Card)
• Ration Card
• Domicile Certificate
• Caste certificate (for reserved category)
• Passport size photograph of the applicant

Application process of New Swarnima Scheme for Women

You can apply for the New Swarnima Scheme through offline SCA. Follow the steps given below to apply for the New Swarnima Scheme.

• To apply for Swarnima Scheme for Women, eligible female applicants need to visit their local SCA office and should submit the required paperwork.
• This link can help you locate your nearest SCA office: https://nsfdc.nic.in/channel-patrners/scas
• Enter the required information correctly in the application form.
• Mention the possibilities and requirements of your workplace as well as any training needs.
• You have to submit your application form and all other paperwork at the same SCA office.
• SCA will scrutinize the application before approving the loan.

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