Haryana Minority Term Loan Credit Line 2 Scheme

Overview

The Term Loan Scheme under Credit Line 2 for Minority Communities is offered by the Haryana Minorities Finance and Development Corporation. It provides term loans at concessional rates to individuals from minority communities in Haryana for setting up or expanding income-generating businesses.

Objective

The scheme is designed to promote economic development among minority communities in Haryana. By providing affordable term loans, it helps minority entrepreneurs access capital, build businesses, and improve their financial standing.

Benefits

• Term loans at concessional interest rates through NMDFC’s Credit Line 2
• Loan amounts based on project requirements and norms
• Lower interest rate compared to commercial bank loans
• Structured repayment to suit small business cash flows
• Access to formal financial support without high collateral requirements

Eligibility

• Applicant must belong to a notified minority community (Muslim, Christian, Sikh, Buddhist, Parsi, or Jain)
• Must be a permanent resident of Haryana
• Age between 18 and 55 years
• Annual family income within the limit set by NMDFC/HARCOFED
• Should have a viable business plan or project

Exclusions

• Non-minority community members are not eligible
• Applicants with existing loan defaults from government agencies
• Income above the prescribed ceiling disqualifies the applicant
• Those already receiving benefits under a similar term loan scheme

Application Process

1. Visit the Haryana Minorities Finance and Development Corporation office or State Channelizing Agency
2. Obtain and fill in the term loan application form under Credit Line 2
3. Attach all supporting documents and project details
4. Submit the application for review by the corporation
5. Officials verify the application and assess business viability
6. Loan is sanctioned and disbursed to the applicant’s bank account

Documents Required

• Minority community certificate
• Identity proof (Aadhaar card)
• Residence proof
• Income certificate
• Project report or business plan
• Bank account details
• Passport-size photographs