During the year 2020-21, National Backward Classes Finance & Development Corporation (NBCFDC)& National Scheduled Castes Finance and Development Corporation (NSFDC), is implementing a new Interest Subvention Scheme of Ministry of Social Justice & Empowerment, Government of India – Vanchit Ikai Samooh aur Vargon ki Aarthik Sahayta (VISVAS) Yojana for the benefit of SHGs comprising of all OBC/SC beneficiaries with loans/borrowings up to Rs .4.00 Lakh and for OBC/SC individual beneficiaries with loan/borrowing up to Rs .2.00 Lakh. This model will give a quick interest benefit to the standard accounts of borrowing SHGs /beneficiaries. The objective of the proposed Scheme is to provide direct benefit of lower rate of interest to the eligible Self-Help Groups (SHGs)/ individual beneficiaries who have availed loans through Public Sector Banks (PSBs), Regional Rural Banks (RRBs) and similar financial institutions hereinafter referred to as Lending Institutions.

The Main Highlights of the Scheme are given below :

Sr Parameter SHG Individual
1 Subvention amount On interest @ 5% On interest @5%
2 Maximum Loan amount Up to Rs . 4.00 Lakhs Up to Rs . 2.00 Lakhs
3 Caste Eligibility 100% members must belong to OBC/SC and SHG should have been promoted by NRLM/NULM/NABARD Individual must belong to OBC/SC covering under OBC/SC list of Centre or State
4 Income Eligibility Annual Income of each member must be upto Rs . 3.00 Lakhs Annual Family Income must be upto Rs . 3.00 Lakhs
5 Overlap with other scheme Must not be receiving interest subvention under any other scheme for the said account Must not be receiving interest subvention under any other scheme for the said account.
6 Mode of transfer Direct Benefit Transfer to the operating account of Self Help Group Direct Benefit Transfer to the operating account of the individual
7 Credit History SHGs with at least two years of Credit History are eligible for Interest Subvention Not Applicable