Maulana Azad Minorities Finance & Development Corporation comes up with loan schemes

By TwoCircles.net staff reporter,

Mumbai: Now the lower income groups among the minorities need not worry about getting a loan for education or business as the Maulana Azad Minorities Financial Development Corporation (MAMFDC) has got huge funds for the purpose.

MAMFDC is a channelizing agency of National Minorities Development & Finance Corporation, a Government of India undertaking. It implements schemes of National Minorities Development & Finance Corporation in Maharashtra. MAMFDC has got Rs 40 crore besides a 100 crores corpus available for disbursement in various schemes for the needy. This was revealed by officials from MAMFDC at a workshop organized by the Bombay Catholic Sabha on 7th May, said a statement issued Sabha.

MAMFDC was constituted to meet the financial requirements and social uplift of financially backward classes amongst the minorities.

Amin Patel, Chairman of MAMFDC, pointed out that there was lack of awareness about these schemes. The beneficiaries among the Christian Community were minuscule. Even a large percentage of Central Scholarships were returned for lack of any takers. Loans amounting to Rs. 10 crore were distributed by the Corporation in the last five months, says Patel.

Speaking at the workshop, Janet D’Souza, state director of MAMFDC said that micro
finance was available for Self Help Groups (SHG) and Mahila Mandals. Eight to ten women could come together, show a commitment of saving a small amount monthly in a bank, make a plan of starting a small cottage industry and then apply for the loan from MAMFDC. This informal loan scheme would benefit the poorest of the poor, says Janet.

Giving details of the loan schemes, Gaffar Shaikh, Managing Director of MAMFDC, said under Direct Loan Scheme, Rs. 5000 to Rs. 50,000 can be granted as loan wherein Self Contribution will be 5% of the amount sanctioned and interest rate will be 6%. The repayment period for that scheme will be five years. Other schemes include Term Loan Scheme, Seed Capital Loan Scheme, Educational Loan Scheme and Mahila Samrudhi Scheme.

The application forms are available at MAMFDC, 2nd flr., DD Bldg., Old Customs House, Shahid Bhagat Singh Rd., Mumbai 400023. Telephone Nos. are 022-22653080, 22633351, Fax 22672294. One can contact them through emails also: [email protected], [email protected]

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