Chief Minister's Micro Finance Initiative

Chief Minister's Micro Finance Initiative क्या है?

The scheme aims to promote access to credit for economic activities undertaken by individual farmers, entrepreneurs, Self-Help Groups (SHGs), and Farmer Producer Organizations (FPOs) in the state of Nagaland.

लाभ

**Funding Pattern and Subsidy Support** **Financing through Banks** • All banks in the State of Nagaland will be eligible as lending institutions in the Scheme. • All participating banks must develop product codes for the Scheme. • The quantum of loan, subsidy, and borrower's margin will be as follows: **Sl. No.****Particulars****Share in Project Cost**1BeneficiaryMinimum 10%2Bank FinanceMaximum 60%3Back-ended Subsidy from Government of NagalandFixed at 30% - In addition to the above, the State Government will provide interest subvention of an additional 4% for fresh KCC loans and credit linkage to NSRLM SHGs, over and above the 3% provided by GOI. Loans approved under CMMFI shall not be treated as KCC for the purpose of interest subvention as a 6-month moratorium period is already there. - In case of KCC loan and agriculture infrastructure loans, proposed for subsidy under CMMFI, for loans above 1.6 Lakh, respective VDBs may undertake to provide Credit Guarantee Fund from their fixed deposits. In case of NSRLM SHGs, respective Cluster/Block Level Federations may undertake to provide Credit Guarantee Fund from their Community Investment Support Fund. Bank loan for KCC will be determined as per the scale of finance published by NABARD. Bank loan to NSRLM SHGs will be determined as per NRLM/NSRLM guidelines depending on the corpus fund and savings of the SHGs. The applicant may furnish a personal guarantee or guarantee of a salaried employee in lieu of VDB guarantee. - In case

स्तर

State — Nagaland

मंत्रालय / विभाग

Finance Department, Nagaland

लाभ का प्रकार

other

मुख्य पात्रता

> ***Eligible Beneficiaries*** ***A. Individual Farmers and Entrepreneurs:*** Individuals who are keen to invest in Agri-allied activities, Entrepreneurs, and other activities for a better livelihood would be assisted as per the norms of the Scheme. **Eligibility Criteria** 1. They should not be

अंतिम सत्यापन

Recently

Benefits

**Funding Pattern and Subsidy Support** **Financing through Banks** • All banks in the State of Nagaland will be eligible as lending institutions in the Scheme. • All participating banks must develop product codes for the Scheme. • The quantum of loan, subsidy, and borrower's margin will be as follows: **Sl. No.****Particulars****Share in Project Cost**1BeneficiaryMinimum 10%2Bank FinanceMaximum 60%3Back-ended Subsidy from Government of NagalandFixed at 30% - In addition to the above, the State Government will provide interest subvention of an additional 4% for fresh KCC loans and credit linkage to NSRLM SHGs, over and above the 3% provided by GOI. Loans approved under CMMFI shall not be treated as KCC for the purpose of interest subvention as a 6-month moratorium period is already there. - In case of KCC loan and agriculture infrastructure loans, proposed for subsidy under CMMFI, for loans above 1.6 Lakh, respective VDBs may undertake to provide Credit Guarantee Fund from their fixed deposits. In case of NSRLM SHGs, respective Cluster/Block Level Federations may undertake to provide Credit Guarantee Fund from their Community Investment Support Fund. Bank loan for KCC will be determined as per the scale of finance published by NABARD. Bank loan to NSRLM SHGs will be determined as per NRLM/NSRLM guidelines depending on the corpus fund and savings of the SHGs. The applicant may furnish a personal guarantee or guarantee of a salaried employee in lieu of VDB guarantee. - In case

Eligibility

Documents Required

How to Apply

1. Step 1: Online application — step 1

   Step 1: Eligible applicants must apply online through the Credit Portal of Nagaland.

2. Step 2: Online application — step 2

   Step 2: On the homepage, click on the ‘Register’ button. Select the type of beneficiary, enter the legal name, and set a password. Register here

3. Step 3: Online application — step 3

   Step 3: After successful registration, log in using the registered email or mobile number along with the password. Login here

4. Step 4: Online application — step 4

   Step 4: Fill out the application form, upload all mandatory documents, and submit the form.

Sources & References

• Official scheme website ↗
• Guidelines ↗
• View on myScheme (Government of India) ↗
• Information is summarised from official government sources. Verify all details on the official website before applying.