Mahila Samriddhi Yojana (MSY) is a micro-finance initiative aimed at empowering women entrepreneurs from economically and socially backward backgrounds. Launched under the National Backward Classes Finance and Development Corporation (NBCFDC) by the Ministry of Social Justice and Empowerment, this scheme provides loans either directly or through Self-Help Groups (SHGs). The scheme targets two main beneficiary groups:
- Self-Help Groups (SHGs): Strengthening SHGs, particularly those involving women from disadvantaged communities.
- Women from Underprivileged Classes: Especially those belonging to Scheduled Castes, Scheduled Tribes, or other notified minority populations.
Objectives
- To encourage women from minority and underprivileged communities, particularly in rural areas, to develop an entrepreneurial mindset.
- To provide accessible microfinance loans at lower interest rates for women to achieve their entrepreneurial goals.
- To help women overcome social stigma and attain financial independence.
- To support women who are unable to start their own businesses due to a lack of financial resources.
- To offer a microfinance scheme with a rebate in interest for the target group.
Benefits
- Financial Assistance:
Loans are provided up to the cost of ₹1,40,000/-, which can be used for establishing or expanding a business. - Repayment Terms:
The repayment period is 3.5 years, with quarterly installments starting from the date of each disbursement (including a moratorium period). - Further Loan Availment:
Upon repayment under MSY, beneficiaries may be eligible to avail additional loans under NSFDC schemes through the concerned State Channelizing Agencies (SCAs).
Eligibility
- Age:
The applicant must be between 18 and 55 years of age. - Socio-Economic Criteria:
The scheme is applicable to women from economically and socially backward classes as notified by the Central/State Government.
(For Scheduled Castes, the target group typically comprises those with an annual family income up to Rs. 3.00 lakhs.)
Application Process
Offline Process
- Visit the Official Website/State Portal:
Applicants can download the Mahila Samriddhi Yojana application form from the official NSFDC or state government portal. - Fill Out the Form:
Complete the application form with all required details such as age, name, contact information, and the desired loan amount. - Submission:
Submit the completed form along with the required documents to the District Office of the State Channelizing Agencies (SCAs) or any other NSFDC channel partner (e.g., Regional Rural Banks, Public Sector Banks, NBFC-MFIs) with which NSFDC has an agreement. - Processing and Disbursement:
The submitted applications are scrutinized at the district level and forwarded to the head offices of the SCAs. Once the terms and conditions are accepted and prudential norms are met, funds are disbursed to the SCAs/ RRBs/ Nationalized Banks for onward disbursement to the beneficiaries.
Documents Required
- Address Proof
- Identity Proof
- SHG Membership ID (if applicable)
- Caste Certificate (if applicable)
- Income Certificate from a competent authority
- Aadhaar Card
- Bank Account Details
- Recent Passport-Sized Photographs
Frequently Asked Questions
-
What is Mahila Samriddhi Yojana?
It is a microfinance scheme aimed at providing financial assistance to women entrepreneurs from backward or poor backgrounds, enabling them to establish or expand their businesses. -
What is the interest rate per annum charged to SCAs and beneficiaries?
Please refer to the latest guidelines or FAQs on the official NSFDC website as interest rates may be revised periodically.