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Please read the following instruction carefully before proceeding further
Eligibility Criteria:
  • Must be a domicile of the state of West Bengal.
  • Must belong to one of the minority communities as notified.
  • Annual Family income of the applicants living in urban and rural areas (both) should be up to Rs. 3,00,000/-.
  • Age between 18 to 50 years as on 1st January of the year of application for fresh applications and within 55 years for refinance cases.
  • Must have a running business or trade and experience of work in the trade for which the application is made.
  • Must be able to provide surety/guarantor as per norms.
  • Bank Account: Tiny account, Cash-Credit account, Pradhan Mantri Jan-dhan yojana account are not eligible.
Objective:

The objective of this Term loan Scheme is to provide Loan to eligible minority youths in order to make them self-employed, increase their income and consequently enable them to create job opportunities for other youths also.

Application Time:

Applications can made up to the Month of Octber-2023 for 2023-24 Financial Year. The date may be extended, if required.

Procedure of Applying / How to Apply:
  • Application can be made online through the WBMDFC website: www.wbmdfc.org
  • Aadhaar Card
  • Authentic Documents showing correct name, proof of age and residence, in case there is any discrepancy with the voter's I-card (e.g. school certificate, bank pass book, etc)
  • Income certificate from Competent Authority approved by the Govt. of West Bengal.
  • Current Trade license.
  • Any other document (e.g. project report, quotation for purchase of machinery etc.) justifying his demand for the loan amount if it is more than Rs. 2,00,000/-
  • Copy of the applicant's Bank Pass Book (preferably with Scheduled Bank)
  • Clear photograph of the place of business along with the applicant
  • Original copy of No Dues Certificate issued by WBMDFC (in case of renewal application)
Providing a Surety/Guarantor:
1. For loan up to Rs 50,000/- :
  • No guarantor is required.
2. For Loan exceeding Rs 50,000/- and up to Rs. 1,00,000/- :
Guarantor Required (any of the following may be a guarantor):-
  • Any Government or semi -government employee (e.g. a recognized school teacher, etc.)
  • A good beneficiary of WBMDFC who has repaid his/her loan on time.
  • Any professional like Doctor, Engineer, Advocate
  • Any tax payer
3. For Loan Exceeding Rs 1,00,000/-

Will have to provide a guarantor who may be Government or semi -government employee (e.g. a recognized school teacher etc.) or a good beneficiary of WBMDFC.

* The age of the surety/guarantor should be within 55 years as on 1st day of the year of application.

Amount of Loan:

The applicant would be eligible for a loan amount maximum up to Rs. 5 lakh.

A list of such activities is available on the website www.wbmdfc.org

  • Fresh application for sanction of amount above Rs. 2 lakh and up to Rs. 5 lakh should be submitted with an approved Project Report.
  • Application for refinance Loan can also be made by an applicant who had taken the loan from WBMDFC previously and has repaid the same on time with no report for delayed payment and any notices for clearance of loan. Refinance is always up to the discretion of the WBMDFC Head office and not a right of the beneficiaries.
Rate of Interest:
  • Rate of interest will be 6% per annum for the beneficiaries with annual family income up to Rs.3,00,000/- and 8% per annum for the beneficiaries with annual family income more than Rs.3,00,000/-
Recovery:
  • Recovery would be made within five or three years through quarterly instalments.
Mode of Repayment:
  • Repayment of loan shall be made through NACH on quarterly basis within a period of three years in case of loans up to the amount of Rs 50,000/- , and within a period of five years in case of loans exceeding Rs 50,000/- .
  • The repayment would be made to the account of WBMDFC through scheduled bank.
Failure to Repay the Loan:
  • The beneficiary would repay the quarterly instalments as agreed. Failure to repay on time would attract penal action including filing of cases under NI Act, 1881 and action under other provisions of laws of the land as may be decided by WBMDFC.
  • Additional Interest would be charged from the date of default to the date of making payment.
  • In case legal action has been initiated, the defaulter would be liable to pay legal charges also.
Disclaimer: Sanction of Loan and its Disbursement is subject to availability of Fund.