Shilpi Samriddhi Yojana (SSY)

The National Scheduled Castes Finance and Development Corporation (NSFDC) has initiated the Shilpi Samriddhi Yojana to provide financial support for the small income generation activities. It aims to finance for the economic empowerment of people belonging to the Scheduled Castes (SC) families those who are living below the poverty line and also ensures their skill upgradation. The scheme intends to cover the income-generating activities to the target group through state Channalising Agencies. Let us look in detail about the Shilpi Samriddhi Yojana (SSY) in this article.

Objective

The objective is to support the projects tended to be small scale, underfunded and isolated from mainstream development.

Eligibility Criteria

The eligibility criteria for coverage of beneficiaries under the Shilpi Samriddhi Yojana would be as follows:

The applicant must be belonging to the Scheduled Castes.
The annual income of the family must be below the poverty line limit as prescribed timely. In rural areas, the income limit should be up to Rs.81000 and in rural areas, it is limited to Rs.103000 in urban areas.
The age of the applicant to be between 18 to 50 years to apply for this loan.
All applicants registered under this scheme who must meet the conditions as per above-given conditions that would also be eligible for loans under the Scheme.

Note: The eligible candidates can avail financial assistance under any of NSFDC’s Schemes as per unit cost prescribed for those Schemes.

Provision for Finance

Project Cost: Maximum Rs.50000
Subsidy: 50% of the project cost and Rs.10000 whichever is less
Margin Money Loan: Nil
Term Loan: Nil
Rate of Interest: 5% per annum.

Unit Cost

The applicants who are eligible can avail the financial assistance under any of NSFDC’s Schemes as per unit cost prescribed for the Schemes.

Quantum of Assistance

Shilpi Samriddhi Yojana is for providing financial assistance for small income generation activities where project costing is up to Rs.2 lakhs. The NSCFDC will provide a loan of up to 90% of the unit cost, and the remaining 10% will be provided by the promoter. The NSCFDC would accord the loans based on conditions, in consideration with the NSFDC Term Loan Lending Policy, the promoter’s contribution including the margin money granted by the SCA’s. The margin money will be provided by the SCAs and subsidy provided only to the Below Poverty Line (BPL) beneficiaries those who are under the Central Sector Scheme of Special Central Assistance to the Special Component Plans for Rs.10,000 or 50% of the unit cost, whichever is less. The beneficiaries those who are covered under the Scheme would be eligible to avail the further assistance given for the expansion of business after 2 years of availing the first loan provided only if the repayment is regular.

Interest Rates

The NSFDC may charge a moderate interest from the applicants under Shilpi Samriddhi Yojana (SSY) ranging from 2% and 5% from beneficiaries per annum.

Repayment Period

The repayment of the loan is to be completed within 6 years from the date of all disbursement including a moratorium term of 6 months. The loan repayment will be taken by paying the quarterly instalments.

Application Procedure for the Shilpi Samriddhi Yojana :

Step 1: Firstly, the applicant must visit the National Scheduled Castes Finance and Development Corporation portal online. Step 2: Then click on the schemes option which is available at the menu bar on the home page. Step 3: Now, click on the name of the scheme "Shilpi Samriddhi Yojana (SSY)" from the page that redirects. Step 4: Read all the details carefully and then apply for the loan after checking the eligibility. Step 5: After that, submit the loan application form to District Offices of the State Channelizing Agencies (SCAs). The SCAs will forward these applications to their head office after scrutiny.