NEDFi Women Enterprise Development Scheme
NEDFi Women Enterprise Development Scheme
North Eastern Development Finance Corporation Limited has introduced the Women Enterprise Development Scheme for women entrepreneurs. As the name suggests, the scheme helps in motivating women entrepreneurship by financially supporting the project. It allows women to elevate their status by participating in the business and development of micro-enterprises.
Objectives of the Scheme
The primary objective of the scheme is to provide financial assistance to women entrepreneurs. Women entrepreneurs with existing business ventures are also eligible for the scheme in order to expand, modernise or diversify the business.
Features of the Scheme
Women enterprise development scheme provides loans to businesswomen of all sections. The applicant can receive a term loan and a working capital loan at 8% interest rate. The loans will be sanctioned to women who are engaged in a viable business. The maximum amount of loan is Rs.15 lakh, and 75% of assistance for a project will be offered as a loan.
Eligibility of the Scheme
The applicant must be a woman engaged in any income-generating activity, which includes small business trade amongst others. The scheme is aimed at women entrepreneurs aged between 18 years to 50 years.
Nature of Loan
The scheme offers term loan to applicants. The loan amount, including working capital, should not exceed Rs.15 lakhs. The funding will be approved by the project approval committee as per the norms of NEDFi. Maximum assistance of 75% if the cost of the project will be extended as a term loan. The promoter should contribute a minimum of 25% of the cost of the project.
Interest rate and fee
The rate of interest is 8% p.a. and the upfront processing fee is 1% of the term loan.
Tenure of the loan
The loan has a repayment tenure ranging between 3 years to 7 years.
Security for the loan
- There will be a first charge on fixed assets of the unit.
- Current assets of the unit will be hypothecated.
- Personal guarantee of the promoter is required.
- There could be a requirement of additional security as per the availability.
Process of Availing the Loan
Step 1: Detailed Project Report (DPR) to be prepared
Step 2: Project Proposal to be prepared
Step 3: Documents as required by NEDFi
Step 4: DPR and Project Proposal to be sent to the project approval committee or the board of directors
Step 5: After approval of the project, application fee to be paid
Click here to know more about project proposal, DPR and documentation process,
This scheme is applicable to the following North-Eastern states:
- Sikkim
- Arunachal Pradesh
- Assam
- Meghalaya
- Nagaland
- Manipur
- Tripura
- Mizoram
Click here to know about the details of NEDFi branches
Post by Arnold Thomas
IndiaFilings is India's largest online compliance services platform dedicated to helping people start and grow their business, at an affordable cost. We were started in 2014 with the mission of making it easier for Entrepreneurs to start their business. We have since helped start and operate tens of thousands of businesses by offering a range of business services. Our aim is to help the entrepreneur on the legal and regulatory requirements, and be a partner throughout the business lifecycle, offering support at every stage to ensure the business remains compliant and continually growing.