Swarnima Scheme for Women

The Swarnima Scheme was introduced by the National Backward Classes Finance and Development Corporation (NBCFDC) for the welfare of Women. Under this scheme, term loan will be provided to women entrepreneur belonging to the target group (backward classes). The implementation of the scheme is performed by the State Channelising Agency (SCA) which act as the nodal agency. In this article, we look at the Swarnima Scheme for Women in detail. Also, read about the license required for business.

NBCFDC

The National Backward Classes Finance and Development Corporation which is regulated under the Ministry of Social Justice and Empowerment works for promoting economic and developmental activities for the benefit of Backward Classes and assisting the weaker section of these classes in skill development and self-employment. NBCFDC grants financial assistance through State Channelising Agencies (SCAs). Also, they provide funding through SCAs/ Self Help Groups (SHGs). NBCFDC supports the economically weaker section in developing self-employment ventures under the following sectors:

Agriculture and Allied Activities.
Small Business.
Artisan and Traditional Occupation.
Technical and Professional Trades/Courses.
Transport and Service Sector.

Benefits of the Scheme

The Benefits of the Swarnima Scheme for Women are listed below:

This scheme is focused on providing better livelihood.
To provide social and financial security to the women in the state.
To make beneficiary to live a financially independent life.

Eligibility Criteria

The eligibility criteria to obtain benefits of Swarnima Scheme are given in detail here:

Women entrepreneur belonging to backward classes is only eligible to apply for this scheme.
Age of the woman should be between 18 to 55 years.
The annual income of the women should be less than Rs.3 Lakhs per annum.

Note: The SCAs or Banks will release up to 50% of total funding to women with annual income up to Rs.1.50 Lakh.

Quantum of Assistance

Under the Swarnima Scheme, all the eligible women will get a subsidy amount of Rs. 1 Lakh for self-employment and the remaining amount has to be self-owned by the beneficiary.

Pattern of Financing

The loan will be provided up to 95% and balance 5% provided by the State Channelizing Agencies (SCAs) or Beneficiary contribution. The utilization period is 4 months from the date of disbursement of the loan.

Rate of Interest

The rate of interest under Swarnima Scheme for Women are tabulated below:

Interest Chargeable from
NBCFDC to SCA	2% per annum
SCA to Beneficiary	5% per annum

Repayment of Loan

The amount of loan has to be repaid in quarterly instalments within 4 years, including the moratorium period of 6 months on the recovery of principal.

Documents Required

The below following documents are to be submitted along with the application form:

Proof of identity (Aadhaar card)
Ration Card
Domicile Certificate
Caste Certificate for reserved category
Passport size Photograph of the applicant

Application Procedure

Procedure to apply for Swarnima Scheme for Women is explained in detail below:

Step 1: Eligible applicant needs to visit nearest SCA office, apply on prescribed form for Swarnima Scheme for Women.

Step 2: Enter the necessary details in the application form and mention the needs and choice of vocation and training requirements, if any.

Step 3: Submit your application form along with the required documents to the same SCA office.

Step 4: After reviewing the application, the loan will be sanctioned by SCA.

Note: For more details about Swarnima Scheme for Women contact concern District collector or District Manager.

Company Registration

OPC Registration