New Swarnima Scheme for Women 2024: Online Apply, Eligibility, Benefits

New Swarnima Scheme For Women:- The National Backward Classes Finance and Development Corporation (NBCFDC) introduced the Swarnima Scheme for the welfare of women. Under this program, women business owners who belong to the target group (backward classes) would be given term loans. The State Channelizing Agency (SCA), which serves as the nodal agency, implements the system. Read the article below to know more about New Swarnima Scheme For Women

New Swarnima Yojana for Women

New Swarnima Scheme for Women 2024

To help women from lower socioeconomic groups become self-sufficient, the Ministry of Social Justice and Empowerment launched a program that allows them to borrow up to rs2,000 at a 5% annual interest rate. To give them social and financial security, there is a term loan program. The State Channelizing Agencies (SCA), which serve as the nodal agency, are charged with carrying out the scheme, which was initiated by the National Backward Classes Finance and Development Corporation (NBCFDC).

Udyogini Scheme for Women Entrepreneurs

New Swarnima Yojana for Women Details in Highlights

NameNew Swarnima Yojana for Women
MinistryMinistry of Social Justice and Empowerment
ObjectiveTo create a sense of self-reliance among women
BenefitsWomen will get loan of 2 lakh at 5% interest rate
BeneficiaryWomen from backward classes
Loan Repayment PeriodRepayment of loan Maximum 8 years (including moratorium period of six months on recovery of principal)
Interest rate on loan5% interest rate will be charged
New Swarnima Yojana Toll Free Number18001023399

Objectives of New Swarnima Scheme for Women

This program, run by the Ministry of Social Justice and Empowerment of the Union Government, supports self-employment and promotes activities for the benefit of economically and socially disadvantaged groups. The major goals of this program are to empower women and give them financial support so they can find work. Loans are available through this program for the agricultural, small business, artisanal, traditional, technical, vocational, transportation, and service industries. The applicant must be at least 18 years old.

Eligibility Criteria New Swarnima Scheme for Women

Following are the eligibility criteria of New Swarnima Scheme for Women.

  • The applicant must be a woman.
  • The applicant’s age should fall between 18 and 55.
  • The candidate must be an employer (Employment).
  • The applicant’s family’s annual income should be less than 3 lakh.
  • The female applicant must be a member of the underprivileged group as designated from time to time by the central or state governments.

Post Office Monthly Income Scheme

Amount of Assistance for the New Swarnima Scheme

As part of the New Swarnima scheme, qualified women will receive a subsidy of 1 lakh for self-employment, with the beneficiary covering the remaining balance of the loan.

Benefits of New Swarnima Scheme for Women

Following are the benefits of New Swarnima Scheme for Women

  • Under this program, loans are available for the agricultural, small business, artisanal, traditional, technical, professional, transport, and service industries.
  • Women will receive a subsidy of 2,00,000 for self-employment at a rate of 5% annually. (The beneficiary should be the owner of the balance.)
  • The lady who will benefit from this program is not required to invest any of her own money in projects with a maximum cost of Rs. 2,00,000.

New Funding Pattern

The loan will be paid back up to 95% of the entire amount, with the remaining 5% coming through beneficiary contributions or State Channelizing Agencies (SCAs). Loan must be used within four months of the disbursement date.

Interest Rates for the New Swarnima Scheme

The applicable interest rates for the Swarnima Yojana for women are displayed in the following table:

interest is 2% per annum from NBCFDC to SCA and 5% per annum from SCA to the beneficiary.

Loan Repayment

The loan balance is to be repaid in four quarterly payments over a four-year period, with a six-month freeze on principle recovery.

Economic Development Plans

Krishi Sampada: To offer small farmers, vegetable merchants from the target demographic who require financial assistance during the Rabi and Kharif seasons or for any cash crop, concessional loans under microfinance. The borrower is eligible for a loan up to Rs. 50,000 at a 4% annual interest rate.

Sukanya Samriddhi Yojana

Required Documents

Following are the documents required for New Swarnima Scheme for Women.

  • Proof of Identity (Aadhaar Card)
  • ration card
  • Domicile Certificate
  • Caste Certificate (for reserved category)
  • Passport size photograph of the applicant

Application Process of New Swarnima Scheme for Women

Through offline SCA, you can apply for the new Swarnima Yojana. Follow the below steps to apply for the new Swarnima scheme.

  • To apply for the Swarnima Yojana for Women, eligible women applicants must contact their local SCA office and submit the required paperwork.
  • This link can help you locate the SCA office that is closest to you: https://nsfdc.nic.in/channel-patrners/scas
  • Correctly enter the necessary information in the application form. Mention the possibilities and requirements for your line of work, as well as any training needs.
  • You have to submit your application form and all other paperwork to the same sca office. The SCA will examine the application before approving the loan.

FAQ’s

How much can you borrow at most under the Swarnima Yojana?

Under this program, qualified women entrepreneurs can get the maximum term loan. ₹1,00,000/- @ 5% p.a.

What is the least amount I would need to invest if the project’s cost is less than Rs 2LPA?

No need to invest any of your own money in projects costing up to Rs. 2,00,000/-, for the beneficiary woman.

What will be the loan’s interest rate?

The interest rate is as follows: SCA to NBCFDC: 2% annually. SCA to Beneficiary: 5% per annum.

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