Term Loan Credit Line 1 for Minority Community Haryana

Overview

The Term Loan Scheme under Credit Line 1 is a financial program offered by the Haryana Waqf Board or the state minority finance corporation in collaboration with the National Minorities Development and Finance Corporation (NMDFC). It provides loans to individuals from minority communities for income-generating activities.

Credit Line 1 typically targets small-scale business activities and is a widely accessed channel for minority entrepreneurs in Haryana.

Objective

The scheme provides affordable credit to minority community members who often face barriers to mainstream banking. It supports small businesses, trades, and self-employment activities to improve economic stability.

Benefits

• Term loans at concessional interest rates lower than commercial bank rates
• Loan amount covers business setup, equipment, and working capital
• Repayment tenure extended to reduce monthly burden
• Promotes entrepreneurship within minority communities

Eligibility

• Must belong to a notified minority community (Muslim, Christian, Sikh, Buddhist, Jain, or Parsi)
• Must be a domicile of Haryana
• Age: 18 to 55 years
• Annual family income must be within the prescribed ceiling
• Must have a viable business plan or existing trade activity

Exclusions

• Applicants not belonging to notified minority communities
• Individuals with prior defaults on government or NMDFC-linked loans
• Applicants whose income exceeds the prescribed limit

Application Process

1. Contact the Haryana Minority Finance and Development Corporation office
2. Obtain the Credit Line 1 application form
3. Complete the form with all required details
4. Submit with supporting documents to the district office
5. Application is processed and forwarded to NMDFC for approval
6. Loan is sanctioned and disbursed after verification

Documents Required

• Minority community certificate
• Haryana domicile certificate
• Income certificate
• Business plan or description of proposed activity
• Aadhaar card and PAN card
• Bank account passbook copy
• Passport-size photographs