NBCFDC Offers Concessional Loans Up to ₹25 Lakh for Backward Classes
NBCFDC provides concessional loans up to ₹25 lakh for income-generating activities and education to eligible Backward Classes members.
The National Backward Classes Finance and Development Corporation (NBCFDC), a Government of India undertaking under the Ministry of Social Justice and Empowerment, extends concessional financial assistance to eligible members of Backward Classes through State Channelizing Agencies and banks.
A senior official of the Corporation said that members of notified Other Backward Classes with an annual family income of up to ₹5 lakh can seek support for activities capable of generating sustainable income, subject to eligibility requirements and the channel partner's processes.
Under the Individual Loan Scheme, assistance may cover up to 85% of the project cost, with a maximum loan of ₹25 lakh per beneficiary. Loans up to ₹1.25 lakh attract a beneficiary interest rate of 7% per annum, while those above ₹1.25 lakh and up to ₹25 lakh carry a rate of 8% per annum.
Education loans of up to ₹25 lakh are available at a beneficiary interest rate of 8% per annum, with a repayment period of up to 10 years inclusive of the moratorium period, as per NBCFDC's conditions.
The Corporation, incorporated on January 13, 1992, promotes economic and developmental activities, skill development and self-employment.
The Group Loan Scheme provides assistance to self-help groups of up to ₹25 lakh per group, subject to a limit of ₹1.25 lakh per beneficiary. Loans through State Channelizing Agencies or banks can cover up to 90% of project cost at a beneficiary interest rate of 7% per annum. At least 60% of a group's members must belong to Backward Classes; the remaining members may belong to eligible weaker sections.
NBCFDC's published pattern of finance provides for an annual timely payment rebate of 1%, shared equally between the channel partner and the beneficiary.
Eligible applicants can approach the relevant channel partner in their district or submit a request through the registration portal on the NBCFDC website. For scheme details and applications, interested applicants may visit www.nbcfdc.gov.in/nbcfdc/web/.