The HP Minorities Finance & Development Corporation (HPMFDC) is a not-for-profit organization registered under Section 25 of the Companies Act, 1956, established on 23-09-1996. As the State Channeling Agency (SCA) for the National Minorities Finance & Development Corporation (NMFDC) and the National Handicapped Finance & Development Corporation (NHFDC), HPMFDC aims to uplift minority communities in Himachal Pradesh. It provides financial assistance for self-employment ventures and education loans for professional and technical courses, supporting the socio-economic and educational advancement of minorities below double the poverty line.
Benefits
- Self-Employment Loans:
- Loans are offered for setting up self-employment ventures for a tenure of 5 years at an interest rate of 6%, up to Rs. 5.00 lakh.
- Education Loans:
- Loans for professional and technical education (e.g., JBT, Nursing, Hotel Management, MBA, MBBS, Engineering, LLB, B.Ed, etc.) are available at a reduced interest rate of 3%, up to Rs. 10.00 lakh.
- Applicant Age Limit:
- Applicants must be between 16 and 32 years of age for self-employment loans.
Eligibility Criteria
- Community:
- The schemes are available to individuals belonging to minority communities, including Sikhs, Muslims, Christians, Buddhists, Jains, and Parsis.
- Age:
- Applicants should be between 18 and 55 years (for general schemes) with a specific age requirement of 16 to 32 years for self-employment loans.
- Income:
- The annual income of the applicant must be below:
- Rs. 98,000 for rural areas.
- Rs. 1,20,000 for urban areas.
Application Process
Offline Application:
- Form Submission:
- Applicants must fill out the prescribed application form.
- Mandatory Documents:
- Attach the following certificates:
- Caste Certificate
- Income Certificate
- Age Certificate
- Himachali Certificate issued by the Executive Magistrate
- Attach the following certificates:
- Submission:
- Submit the complete application with all required documents at the designated HPMFDC office.
Documents Required
- Caste Certificate
- Income Certificate
- Age Certificate
- Himachali Certificate (issued by the Executive Magistrate)
Frequently Asked Questions (FAQs)
- What is the full form of HPMFDC?
- HP Minorities Finance & Development Corporation.
- What is the term loan scheme for minorities?
- It refers to financial assistance provided for setting up self-employment ventures or pursuing professional/technical education at preferential interest rates.
- Who is considered a minority in Himachal Pradesh?
- Minority communities include Sikhs, Muslims, Christians, Buddhists, Jains, and Parsis.
- What is minority status?
- Minority status is a legal recognition granted to communities that are numerically or socially disadvantaged, making them eligible for specific welfare schemes.
- Who are the liaison officers in Himachal Pradesh?
- Liaison officers are designated officials responsible for coordinating and facilitating the application process and ensuring smooth implementation of the scheme.
- What is the age requirement for availing education loans?
- There is a specific age criterion for self-employment loans (16 to 32 years), while education loans generally target minority individuals meeting the broader eligibility criteria (18 to 55 years).
- Is there an opportunity for self-employment?
- Yes, HPMFDC provides term loans to eligible minority individuals to set up self-employment ventures.