Program brief
| Form of support | Cash together with goods or services |
|---|---|
| Meant for | Minorities |
| Level | Central |
| Run by | Ministry Of Minority Affairs |
| Field | Banking,Financial Services and Insurance |
| How to apply | Offline |
Contents of this entry
Overview
Concessional credit of up to Rs. 10,00,000/- can be availed under Credit Line-1 & 2. to meet Working Capital and Fixed Capital for purchase of equipment/tools/machineries/raw material by the Minority Artisan.
This scheme is part of the Term Loan scheme and is implemented with the objective to meet Working Capital and Fixed Capital for purchase of equipment/tools/machineries/raw material. Maximum loan of upto Rs. 10,00,000/- can be availed under Credit Line-1 & 2. Simple interest of 5% p.a. is charged under Credit Line-1 and at 6% p.a. from Male Artisan under Credit line- 2. Concession of 1% is provided to Female Artisan under both the Credit Lines.
Further facts from the listing
| Scheme type | Centrally Sponsored Scheme |
|---|---|
| Implementing agency | National Minorities Development & Finance Corporation |
| Scheme for | Individual |
| DBT (direct bank transfer) | No |
Benefits
- Concessional Credit to the beneficiaries among minority communities.
Eligibility
- Age
- 18 to 65 years
- Also for
- Minority communities
a) The applicant must be Indian and belong to one of the six notified minority communities: Muslim, Christian, Sikh, Buddhist, Parsi, or Jain.
b) The annual family income of the applicant shall not exceed:
Rs. 3.00 lakh per annum under Credit Line–1.
Rs. 8.00 lakh per annum under Credit Line–2.
c) The applicant must be an artisan or craftsperson engaged in a traditional occupation (such as handloom, handicraft, metalwork, leatherwork, embroidery, pottery, etc.).
d) The applicant should have basic skills or certification in the relevant craft or trade, verified by a competent authority or local body.
e) The loan shall be used for procurement of tools, equipment, raw materials, or working capital to enhance production and market linkage.
f) Preference shall be given to women artisans and occupational clusters in minority-dominated areas.
g) The applicant should not be a beneficiary of any other similar artisan financing scheme at the time of application.
h) The beneficiary must possess a valid Aadhaar-linked bank account and minority certificate.
Who cannot apply
- Other than Six Notified minority communities having annual family income of more than Rs. 3.00 Lakhs under credit line 1 and of more than Rs. 8.00 Lakhs under credit line 2.
Documents
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Application steps
Offline
- NMDFC implements its schemes & programs through State Channelizing Agencies (SCA list: www.nmdfc.org/SCA ) nominated by the respective State Governments & Banking Partners (Presently through Canara Bank & Punjab Grameen Bank).
Questions and answers
What is the Virasat Scheme, and who can apply for it?
The Virasat Scheme supports artisans and craftspersons from minority communities by providing credit for working capital and fixed capital requirements, such as purchasing tools, machinery, and raw materials.
What is the maximum loan amount and interest rate under this scheme?
Under both Credit Lines, artisans can avail up to Rs. 10.00 lakh.
Under Credit Line–1, interest rates are 5% for male beneficiaries and 4% for female beneficiaries.
Under Credit Line–2, interest rates are 6% for male beneficiaries and 5% for female beneficiaries.
What is the repayment period and moratorium?
A six-month moratorium is allowed, followed by repayment over a period of five years.
What documents or proof of skill are required to apply?
Applicants must provide proof of artisan status, such as an Artisan ID Card issued by the Development Commissioner (Handicrafts/Handlooms), certificate from local craft societies, or evidence of traditional occupation.
Official portal and guidelines
Applications are submitted only on the provider's own portal. jsrr.in does not accept forms, documents or fees.
Documents from the provider
- NMDFC Lending Policy nmdfc.org
jsrr.in is an independent index, not a funding agency or a government body. The provider's official call is final: confirm every condition, amount and date there, and do not pay anyone who offers to apply for you.
This entry reproduces the official listing and has not yet been rewritten or reviewed by our team. Read the official call before you apply.
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