The scheme envisages meeting micro credit needsSmall and Medium size agriculturists, selfemployed personnel and entrepreneurs can bereached much more effectively by involving the services of intermediaries, who can understand needs, demand and local situations. Developing and supporting NGOs/ Voluntary Agencies (VAs) with good track record for on-lending to the “needy” for taking up any income generating activities in the rural areas.
NEDFi would lend the amount at Prime Lending Rate (PLR) + 0.5 % (administrative charge). Processing fee to the extent of maximum 1% ofvloan amount. The MFI have to comply with RBI norms. Repayment period is maximum 5 years.
All MFIs which have been in existence for at least 3 years; the MFIs should have good credibility record. Voluntary agencies are also eligible to apply.
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