Mahila Samriddhi Yojana (MSY) is a microfinance-based women empowerment scheme launched under the National Backward Classes Finance and Development Corporation (NBCFDC), operating under the Ministry of Social Justice and Empowerment. It is aimed at economically and socially disadvantaged women, especially from SC/ST/OBC backgrounds. The scheme not only offers low-interest loans but also provides training, skill development, and promotes Self-Help Groups (SHGs).

Objectives of the MSY Scheme

• Encourage entrepreneurial thinking among women from minority and backward communities
• Provide financial assistance to help them start income-generating activities
• Promote SHGs and group enterprises in rural and urban low-income areas
• Help women gain financial independence and reduce social stigma
• Offer subsidized loans and training support for sustainable livelihoods

Benefits of Mahila Samriddhi Yojana

• Loan up to ₹1,40,000 per beneficiary
• Low interest rate with applicable rebate
• Repayment period of 3.5 years, including a moratorium period
• Post-repayment, beneficiaries become eligible for further NSFDC schemes
• Training cost and stipend covered for craft-based group training
• Formation and financial assistance for Self-Help Groups (SHGs)
• Priority given to women from SC/ST/OBC/minority backgrounds

Eligibility Criteria

• Women aged between 18 and 55 years
• Annual family income should be below ₹3,00,000
• Applicant must belong to SC/ST/OBC or other backward groups as per the State/Central list
• Women looking to start their own business or income-generating activity
• SHGs can also apply collectively under the scheme
• Applicant must not be a defaulter of previous government loan schemes

How to Apply – Offline Process

1. Visit the official NSFDC website or the State Channelizing Agency (SCA)

2. Download the Mahila Samriddhi Yojana application form

3. Fill in the form with personal, income, and business details

4. Attach all required documents (see below)

5. Submit the form to the District Office of SCA or any recognized Channelizing Agency (RRB/PSB/NBFC-MFIs)

6. The application is reviewed by the SCA and forwarded to the Head Office

7. Upon approval, funds are disbursed to the bank or agency, and then to the beneficiary

Necessary Documents for Application

• Address Proof (Aadhaar, Voter ID, etc.)
• Identity Proof
• SHG Membership ID (if applying as part of an SHG)
• Caste Certificate (if applicable)
• Income Certificate (issued by a competent authority)
• Aadhaar Card
• Bank Account Details
• Recent Passport Size Photographs

Frequently Asked Questions (FAQs)

Q: What is Mahila Samriddhi Yojana?
A: It is a microfinance scheme launched by NBCFDC to provide subsidized loans and training to women from backward or poor backgrounds for self-employment.

Q: What is the maximum loan amount under MSY?
A: Financial assistance of up to ₹1,40,000 is available per beneficiary.

Q: What is the repayment period for MSY loans?
A: The loan must be repaid within 3.5 years, including the moratorium period, in quarterly installments.

Q: Who implements the MSY scheme?
A: The scheme is implemented by State Channelizing Agencies (SCAs), RRBs, PSBs, and NBFC-MFIs partnered with NSFDC.

Q: What is the rate of interest charged under the scheme?
A: The scheme offers interest rebate, and actual rates vary based on the agency, but are significantly lower than market rates.

Q: Can SHGs apply under this scheme?
A: Yes, SHGs consisting of eligible women members can collectively apply for financial assistance.

Q: Is any training provided under MSY?
A: Yes, NBCFDC covers the cost of training and provides a stipend for skill development in group-based crafts or small-scale business activities.

Sources & References

• NBCFDC Official Website
• NSFDC Loan Guidelines
• Ministry of Social Justice and Empowerment, Government of India
• State Government MSME or Welfare Department Portals