Term Loan Scheme Maharashtra | SC Business Loan Support

Overview

The Term Loan Scheme in Maharashtra is administered by the Maharashtra Annuities, Scheduled Caste Financial and Development Corporation (MASFDC). It provides business term loans to Scheduled Caste individuals for establishing or expanding income-generating enterprises.

This scheme is one of the key pillars of economic upliftment for SC communities in Maharashtra, offering structured credit with manageable repayment terms.

Objective

The scheme aims to encourage entrepreneurship among the SC community in Maharashtra. By providing formal credit at affordable rates, it reduces reliance on exploitative moneylenders and creates sustainable employment.

Benefits

• Term loans at concessional interest rates
• Loan covers equipment, infrastructure, and working capital
• Structured repayment schedule over the term of the loan
• Margin money subsidy available for eligible applicants

Eligibility

• Must belong to a Scheduled Caste recognized in Maharashtra
• Must be a domicile of Maharashtra
• Age: 18 to 50 years
• Annual family income within the prescribed limit
• Must have a viable business plan
• Must not be a defaulter on previous government loans

Exclusions

• Non-SC applicants
• Applicants above the prescribed income ceiling
• Those with existing defaults on MASFDC or government loans
• Applicants who have already availed similar benefits from the corporation

Application Process

1. Visit the nearest MASFDC district office
2. Collect the term loan application form
3. Prepare and attach the business project report
4. Submit the complete application to the district manager
5. Application is scrutinized and field verification conducted
6. Loan is sanctioned after approval
7. Amount disbursed to the applicant’s bank account

Documents Required

• Caste certificate from competent authority
• Maharashtra domicile certificate
• Income certificate
• Business project report
• Aadhaar card and PAN card
• Bank account passbook copy
• Passport-size photographs
• Any trade-related licenses if applicable