how to apply minority loan in telangana {2023}

How to apply for a minority loan in Telangana:-

The Chief Minister of Telangana has introduced the Telangana Minority Loan Scheme 2023 to provide financial assistance to members of minority communities who are underprivileged. The application form for this scheme is available on the official OBMMS portal.

The government is offering two types of loan programs with subsidies – one with an 80% subsidy for loans up to 1 lakh rupees and another with a 70% subsidy for loans up to 2 lakh rupees, benefiting over 1.5 lakh people. Eligible individuals can apply for the scheme for the 2022-2023 fiscal year at MPDO Offices, District Offices, or online. To qualify for subsidy loans under the Economic Support Scheme 2022-23, applicants must belong to Below Poverty Line (BPL) families and have White Ration Cards.


 Minority Community Importance For Telangana:-

The TSMFC Telangana Minority Loan Scheme 2023 is important for the minority community in Telangana because it provides financial assistance to underprivileged minorities who may have difficulty getting loans for their businesses or other financial needs.

This scheme offers loans with subsidized interest rates and other benefits, making it easier for members of minority communities to start or expand their businesses and become financially stable. The scheme is expected to benefit over 1.5 lakh people and is a step towards empowering minority communities and promoting their socio-economic development.

Eligibility Criteria of the Telangana Minority Loan Scheme:-

To be eligible for the scheme offered by the Telangana Government, the applicant must meet the following criteria:

  • The applicant must be a resident of Telangana state.
  • The age of applicant must fall between 21 to 55 years old and they must provide proof of age.
  • The family income of the applicant should be less than 1.50 lakh rupees per annum for both rural and urban households.

Features Of Telangana Minority Loan Scheme 2023:-

The Telangana state government has introduced a program to provide financial assistance to minorities in the state through the Online Beneficiary Management and Monitoring System portal. The program offers two loan programs with different subsidy rates – the first loan program offers an 80% subsidy for loans up to 1 lakh rupees, and the second loan program offers a 70% subsidy for loans up to 2 lakh rupees.

This program aims to improve the economic condition of minorities and is expected to benefit over 1.5 lakh people. To be eligible, the applicant must be a citizen of Telangana state, between the ages of 21 to 55, and provide caste certificates and affidavit documents to verify their minority status. The applicant’s family income should be less than 1.50 lakh rupees per annum for both rural and urban households. This income limit ensures that the program benefits those who require financial assistance to improve their economic condition.

Documents Required for Application:-

  • Aadhaar Card.
  • Bank Details
  • Passport Size Photograph
  • Email Id
  • Bonafide certificate
  • Income Proof
  • Mobile Number

Loan Amount:-

Under this scheme, candidates are eligible for different types of loans. To know the subsidy amount, candidates should refer to the table given below and take the subsidy according to the unit cost.

  • Scheme Category I: Unit Cost: 1 Lakh Rupees- Subsidy: 80000
  • RupeesScheme Category II: Unit Cost: 2 Lakh Rupees- Subsidy: 140000 Rupees

Benefits to the Beneficiaries:-

The Telangana government’s minority loan scheme offers financial aid to the minority community in the state. The scheme provides two types of loan programs, with an 80% subsidy for loans up to 1 lakh rupees and a 70% subsidy for loans up to 2 lakh rupees.

This subsidy covers a significant portion of the loan amount, making it easier for beneficiaries to repay the loan. This scheme is especially helpful for underprivileged minorities who may not have access to traditional lending facilities due to their economic or social status. With the government’s lending opportunities, these individuals can pursue their entrepreneurial or educational goals without worrying about the financial burden.

Interest Rates:-

The Telangana State Minorities Finance and Development Corporation (TSMFDC) offers loans at lower interest rates than traditional financial institutions. The interest rate for loans up to 1 lakh rupees is 6% per annum, while loans up to 2 lakh rupees carry an interest rate of 7% per annum. Moreover, the government provides subsidies for these loans, with subsidy rates of 80% for loans up to 1 lakh rupees and 70% for loans up to 2 lakh rupees.

This reduces the financial burden on the borrowers, who only need to repay the remaining 20% or 30% of the loan amount. This feature makes it easier for the beneficiaries to repay the loan without facing any financial difficulties.

Contact Details:-
  • TELANGANA STATE MINORITIES FINANCE CORPORATION
  • # 5th Floor, Haj House, Nampally, Hyderabad – 500001.
  • Ph: 040-23244501, Website: http://tsmfc.in
  • Email: [email protected]

Step-by-Step Guide on How to Apply For The Scheme:-

To apply for the TS Minority Loan Scheme, you need to go to the official website of the Online Beneficiary Management and Monitoring System (OBMMS) of the Telangana state government.

  1. Go to the official website of the Online Beneficiary Management and Monitoring System (OBMMS) of the Telangana state government.
  2. Click on the “Apply Online for Economic Support Scheme (Minorities Finance Corporation – 2022-23)” tab.
  3. Carefully read the guidelines and eligibility criteria before proceeding.
  4. Register on the website by providing your personal and contact details, such as name, mobile number, email address, and Aadhaar card.
  5. Fill in the application form with all the required details, such as personal, educational, and professional information.
  6. Upload the necessary documents, such as age proof, income proof, caste certificate, and address proof, in the prescribed format.
  7. Submit the application form and wait for confirmation.
  8. Once the application is processed, eligible beneficiaries will receive a confirmation message on their registered mobile number and email address.
  9. The loan amount will be directly credited to the beneficiary’s bank account after the verification of documents and eligibility

 FAQs:-

What is Telangana Minority Loan Scheme:-

The Telangana Minority Loan Scheme 2023 is a program initiated by the government to offer financial aid to members of minority communities in Telangana. The scheme intends to provide loans to individuals for establishing their own businesses or engaging in any other income-generating activities.

Who can apply for the Telangana Minority Loan Scheme 2023?

The Telangana Minority Loan Scheme 2023 is open to individuals who belong to minority communities like Muslims, Christians, Sikhs, Buddhists, Jains, and Parsis. To be eligible for the scheme, the applicant must be a permanent resident of Telangana and be at least 18 years old. The applicant should also not have a history of defaulting on any previous loans or financial assistance.

What is the rate of interest charged for the loan?

The loan carries an annual interest rate of 5%, which is comparatively lower than the current market rates.

How long can one take to repay the loan?

The amount of time given to repay the loan is between 3 to 7 years, and it is determined by the borrower’s repayment capacity and the loan amount.

Telangana Minority Loan Scheme Online Apply & Status Check @ tsobmms.cgg.gov.in, Last Date, Minority Loan Scheme in Telangana Eligibility & Benefits 

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