Vanchit Ikai Samooh Aur Vargon Ko Aarthik Sahayata Yojana

Vanchit Ikai Samooh Aur Vargon Ko Aarthik Sahayata Yojana

The Vanchit Ikai Samooh Aur Vargon Ko Aarthik Sahayata Yojana, commonly referred to as VISVAS, is an initiative by the Indian government aimed at providing financial assistance to Self Help Groups (SHGs) and individuals belonging to the Other Backward Classes (OBC) and Scheduled Castes (SC). Launched by the Ministry of Social Justice and Empowerment, this scheme seeks to empower marginalized communities by offering them interest subsidies on loans obtained from various lending institutions.

Overview of the VISVAS Scheme

The primary goal of the VISVAS scheme is to facilitate access to credit at lower interest rates for eligible beneficiaries. This includes individuals and SHGs who secure loans from Public Sector Banks (PSBs), Regional Rural Banks (RRBs), and other financial entities. The scheme was significantly enhanced in December 2020 when the National Backward Classes Finance & Development Corporation (NBCFDC) and the National Scheduled Castes Finance and Development Corporation (NSFDC) entered into a Memorandum of Agreement (MoA) with prominent banks such as Central Bank of India and Punjab National Bank.

Key Benefits and Features

• Maximum Loan Amount for SHGs: ₹ 4,00,000
• Maximum Loan Amount for Individuals: ₹ 2,00,000
• Interest Subvention Rate: 5% per annum
• Payment Mode: Direct transfer of the subvention amount to the bank account of the SHG or individual

Eligibility Criteria

For Other Backward Classes (OBCs)

• Individuals belonging to Backward Classes as recognized by the Central or State Governments.
• All OBC Antyodaya Anna Yojana (AAY) cardholders, along with OBC individuals experiencing three or more deprivations as per SECC-2011 records available at the relevant Block Development Office (BDO).
• OBC beneficiaries engaged in agricultural activities and covered under the PM KISAN scheme.
• SHGs must have registration with NRLM, NULM, or NABARD and possess a credit history of over two years.

For Scheduled Castes (SCs)

• Self Help Groups (SHGs) recognized by NSFDC and registered with NRLM, NULM, or NABARD.
• Inclusion of all castes listed under the Scheduled Castes category by the Central and State Governments.
• A valid Annual Income Certificate issued by the competent authority of the State Government.
• AAY cardholders and individuals facing three or more deprivations as per SECC-2011.
• Beneficiaries engaged in agricultural activities and covered under the PM KISAN scheme.

Application Process

To apply for the VISVAS scheme, individuals must follow a straightforward offline application process:

1. Visit the nearest State Channelising Agency (SCA) office and request the application form for the VISVAS scheme. You can locate your nearest SCA office by visiting this link.
2. Fill in all required details in the application form, including your specific needs and any vocational training requirements.
3. Submit the completed application form along with the necessary documents at the same SCA office. Upon review, the loan will be sanctioned by the SCA.

Official Resources

For additional information, you can visit the official website at myScheme.gov.in.