What you get
- Financial Assistance for Business: Loans ranging from ₹1,00,000/- to ₹20,00,000/- are provided businesses/trades in various sectors listed below: | - Agriculture and allied businesses, such as animal husbandry, fisheries, etc. | - Technical & Skilled self-employment businesses. | - Service-oriented businesses such as provision stores, ready-made garment shops, cyber cafés, cold drink parlors, auto repairing, beauty parlors, etc. | - Handicraft businesses. | - Transport sector. | - Interest Rates: | - For annual income up to ₹1,20,000/- (rural) and ₹1,20,000/- (urban), the interest rate is 6% per annum. | - For families with annual income above ₹1,20,000/- and up to ₹8,00,000/-, the interest rate is 8% for male beneficiaries and 6% for female beneficiaries. | - Repayment: The loan amount has to be repaid to the corporation in 60 equal installments over five years, including interest.
Who can apply
Required Paperwork
- Aadhaar Card
- PAN Card
- Income Certificate
- Residence Proof (Domicile)
Common Questions
Is there any penalty for delayed repayment?
Yes, a penal interest of 2% is charged on delayed payments.
Who can apply for this scheme?
Applicants from minority religious communities like Muslim, Christian, Sikh, Jain, Buddhist, Parsi, and Jewish or linguistic communities like Sindhi, Marathi, and Urdu in Gujarat can apply.
Is there any age limit to apply for the benefit?
Yes, applicants must be between 21 and 45 years of age.
Is it necessary to have technical education for availing the scheme?
Yes, applicants should possess either experience or the necessary technical education relevant to the business they intend to start.
Can I apply if I already received a loan from any other government corporation?
No, applicants or their family members should not have received a loan from GMFDC, Gujarat Backward Class Development Corporation, or any central/state government institution or bank.
What are the business sectors eligible under this scheme?
Eligible business sectors include agriculture, allied businesses, technical self-employment, service-type businesses, handicrafts, and the transport sector.
What is the mode of repayment for this scheme?
Repayment is made in 60 equal monthly instalments within five years.
Can both male and female applicants avail this scheme?
Yes, both male and female applicants can avail of the scheme, subject to income criteria and interest rates.
Where can I get the offline application form?
The application form can be obtained from the GMFDC office in Gandhinagar or from the District Deputy Director/District Social Welfare Officer (Developing Castes) in the respective districts.
What documents are needed to apply?
Documents required include the application form, identity proof, address proof, age proof, minority certificate, income certificate, educational qualification, experience certificate, bank passbook, business proposal, and collateral documents if needed.
Does this scheme aim to improve the technical skills of beneficiaries?
Yes, one of the objectives of the program is to help improve the technical and entrepreneurial skills of individuals from minority communities.
Can an applicant apply if they or their family have previously received a loan from this specific Corporation?
No, if the applicant or any member of their family has previously received a loan from Gujarat Minority Finance and Development Corporation Limited, they are not eligible.