Guidelines under the Women’s Prosperity Scheme (MSY) clearly indicate that the loan of 95% will be approved, while the remaining 5% will be funded by State Channelising Agencies (SCAs) or beneficiary’s contribution. Guidelines indicate that the usage period of the loan received is 4 months, which starts from the date of disbursement of the loan.
Eligibility of Mahila samridhi yojana
Under the scheme, the loan is provided up to 90% and balance 10% by the State Channelising Agencies (SCAs), which is provided from the source of loans, subsidies or any other available funds. Dedicated to the changes in the lives of the marginalized sections of society, there are strict eligibility criteria to ensure the proper arrangement of the loan.
- SHGs of backward classes and women entrepreneurs are eligible
- Society is only eligible to take advantage of MSY Loan
- Female beneficiaries of minimum age of 18 are eligible
- Beneficiary belongs to BPL category
- Annual income of the beneficiary should be less than 3 lakh rupees per year
- There should be no criminal past record
Note_ Any kind of misrepresentation or misappropriation of data can be dismissed from the application.
Mahila samridhi yojana Necessary documents
The following documents are required to take advantage of the loan facility for empowering women and raising their socio-economic status:
- Voter ID Card
- income certificate
- Aadhar Card
- caste certificate
- Bank account
- Passport size picture
- Proof of residence
- Self-group membership ID card
- Filled Women’s Prosperity Scheme Application Form
Self Help Groups (SHGs): A group of economically aligned people who voluntarily develop a group to increase their income by saving and contributing to the group’s activities.
Key Features of Mahila Samridhi Scheme
1. Maximum loan limit per beneficiary: Rs 60, 000 / –
2. Maximum number of women in a SHG: 20
3. empowers women, makes them self-reliant
4. Promotes Entrepreneurship among Women
objective of mahila samridhi yojana
Providing microfinance to women entrepreneurs related to the target group.
What is the loan repayment period ?
The loan received under MSY scheme can be repaid in quarterly installments within 48 months, including the moratorium of six months available under the scheme.