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Financial Assistance Scheme (Gujarat Minority Finance and Development Corporation)
 
Established :  24-1-1997    Fund :Rs. 400.00 Crore
Purpose :To provide self employment to the Disable persons and to increase the production.
Power to sanction : Gujarat Minority Finance and Development Corporation, Gandhinagar.
 
Gujarat Minority Finance and Development Corporation has been appointed as Nodal Agency for handling the work of Schemes for financial assistance. The below mentioned schemes of financial assistance are implemented y this Agency :-
  • Up to Rs. 3.00 lakh for small business and self employment,
  • Rs. 7.50 lakh for higher education and vocational training in India andRs.15.00 lakh for higher education in foreign Countries.
  • Up toRs. 5.00 lakh for development of agriculture,
  • Rs. 5.00 lakh for purchase of vehicles for hiring purpose,
  • Up to Rs. 3.50 lakhs assistance to Mentally retarded persons.
Income Criteria (Annual) :
  • Rural areas – Rs. 1,60,000/-
  • Urban areas – Rs. 2,00,000/-
Rate of interest :
  • Up to Rs. 50,000/- - 5%
  • Up to Rs. 1.00 lakh – 6%
  • Up to Rs. 5.00 lakh – 6%
  • Above Rs. 5.00 lakh - 8%
  • 1% relief to Disable women.