Lending and Training Programmes of Backfinco


1. Term Loan Scheme

                        Backfinco is implementing this scheme in collaboration with NBCFDC and NMDFC to promote the economic development of Backward Classes notified by State Govt. and Minorities notified by the Govt. of India. As per the financing pattern under NBCFDC scheme 85% of the Project cost as term Loan is provided by the NBCFDC,10% is contributed by State Govt. as Margin Money and remaining 5% by the beneficiaries and in case of NMDFC 90% of the project cost is provided by NMDFC as term loan, 5% is contributed by State Govt. as Margin Money & 5% by the beneficiary.
                       Term Loan is provided by National Corporations at interest rate of 3% per annum and the corporation further advances to the beneficiaries at 6-8%.  The maximum loan limit is upto Rs. 10 Lacs.

  Main eligibility criteria to avail loan

                The eligibility criteria to avail loan is as under :-

              i.   The applicant should be a resident of Punjab State
ii.   Age should be between 18 to 55 years.
iii.  The applicant should belong to either Backward Class, notified by State Govt. or Minority as notified by Govt. of India.
iv.  The Corporation would provide loans to the beneficiaries whose annual family income is less than Rs.81000/- in rural areas and Rs.103000/- in urban areas as prescribed by National Corporations i.e NBCFDC and NMDFC, New Delhi or the income limit as revised by National Corporations from time to time. However, preference shall be given to the persons living below poverty line.
v.  If a person want to avail loan for Technical Nature Activity then he should be at least matriculate and trained are to be given preference. But in case of Hereditary and Non-Technical nature activities, the condition of qualification is not required.

2. Education Loan Scheme

a.   For Backward Classes
              NBCFDC has introduced Education Loan Scheme for the candidates belonging to Backward Classes for pursuing  Professional and Technical courses  at Graduate and above level.  The candidate whose annual family income is less than Rs. 81000/- in rural areas and Rs. 103000/- in urban areas is eligible to get loan.  The maximum loan limit is Rs. 10 Lacs within India and Rs. 20 Lacs for studing abroad and rate of interest is 4% per annum, Loans to Girls is provided at 3.5% .

b.   For Minority Communities
              NMDFC has also introduced Education Loan Scheme with the objective to facilitate job oriented education amongst the weaker section of minorities.  The scheme envisages maximum loan of Rs. 10 Lacs is within India and Rs. 20 Lacs for studing abroad at 3% rate of interest for pursuing Professional and Technical Courses. The repayment of loan is made in 5 year’s period after six months from the date of completion of the course. 

3. New Swarnima for Women

            For inculcating the spirit of self-reliance among the women of Backward Classes, the Corporation has introduced a special scheme "New Swarnima" for Women living below the poverty line. The salient features of the scheme is as under :-
(i)  The beneficiary women are not required to invest any amount of their own.
(ii) Maximum loan limit under this scheme is Rs. 100000/- per beneficiary.
(iii) The rate of interest from beneficiary is fixed @ 5% p.a. on amount.

 4. Mahila Samridhi Yojna Scheme

             NBCFDC and NMDFC have introduced Mahila Samridhi Yojna Scheme for women belonging to Backward Classes and Minorities respectively.  Loan upto Rs. 25000/- at 4% interest is advanced to the individual for setting up any Self Employment Venture. 


 5.   Micro Financing Scheme


               Under this scheme, the loans are advanced to very poor people through Self-Help-Groups.  The maximum loan is Rs. 25000/- at 5% interest rate can be availed for any small activity.




6.    Vocational Training Programmes

            Backfinco is running certain Vocational Training Programmes for Backward Classes and Minorities in collaboration with both the National Corporations.  The objective of the scheme is to provide training to the target group to make them capable and self-dependent through appropriate technical training in the field of traditional & technical occupations and entrepreneurship. The trainee can obtain loan under NBCFDC & NMDFC general loan schemes to start his/her business after the successful completion of the training.  The training expenses are met by the National Corporations.