TLSGMFDC

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.

The scheme "Term Loan Scheme" is implemented by Gujarat Minorities Finance and Development Corporation (GMFDC) under the Social Justice and Empowerment Department, Government of Gujarat. 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. Under this scheme, beneficiaries can avail loans at concessional interest rates to purchase equipment, raw materials, or working capital.

• 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.

• Financial Assistance for Business: Loans ranging from ₹1,00,000/- to ₹20,00,000/- are provided businesses/trades in various sectors listed below:
• Agriculture and allied businesses, such as animal husbandry, fisheries, etc.
• Technical & Skilled self-employment businesses.
• Service-oriented businesses such as provision stores, ready-made garment shops, cyber cafés, cold drink parlors, auto repairing, beauty parlors, etc.
• Handicraft businesses.
• Transport sector.

• Interest Rates:

• For annual income up to ₹1,20,000/- (rural) and ₹1,20,000/- (urban), the interest rate is 6% per annum.
• For families with annual income above ₹1,20,000/- and up to ₹8,00,000/-, the interest rate is 8% for male beneficiaries and 6% for female beneficiaries.

3. Repayment: The loan amount has to be repaid to the corporation in 60 equal installments over five years, including interest.

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