Bihar Mukhyamantri Alpsankhyak Rojgar Rin Yojana

Scheme Introduction: A Brief Overview

The State Sponsored Mukhyamantri Alpsankhyak Rozgar Rin Yojana is a loan scheme operated by the Bihar State Minorities Financial Corporation Limited (BSMFC) under the Minority Welfare Department, Government of Bihar. Under this scheme, eligible persons belonging to the notified minority communities of Bihar can obtain financial assistance at an annual interest rate of 5% to establish or expand self-employment activities and small businesses.

Eligible applicants were invited to submit applications in the prescribed format through the Assistant Director/District Minority Welfare Office of their respective districts. After scrutiny, applications were to be considered by the District Level Selection Committee, which prepared a single merit list for both financial years. Loan approval was granted only after the execution of the required agreement and guarantee bond between the selected applicant and the Corporation.

The scheme provides loans under two categories, Small Loan (up to ₹2 lakh) and Large Loan (above ₹2 lakh up to ₹5 lakh). The advertisement also specifies the types of businesses that can be financed, the eligibility conditions, guarantee requirements, repayment terms, and other important conditions for borrowers.

Applicants looking for other minority welfare and livelihood schemes in Bihar may also explore the Bihar Mukhyamantri Alpsankhyak Udyami Yojana, which supports eligible minority entrepreneurs in establishing new enterprises. Minority women can check the Alpsankhyak Muslim Parityakta/Talakshuda Mahila Sahayata Yojana, which provides financial assistance to eligible divorced and abandoned Muslim women. Similarly, individuals interested in dairy-based self-employment may find the Desi Gaupalan Protsahan Yojana useful, as it promotes indigenous cattle rearing through financial support. These schemes are administered separately and have their own eligibility conditions, benefits and application procedures.

Scheme Benefits

Eligible applicants selected under the Bihar Mukhyamantri Alpsankhyak Rojgar Rin Yojna can receive the following benefits:

• Financial assistance is provided through loans to help eligible minority beneficiaries establish or expand self-employment and business activities.
• The scheme offers Small Loans up to ₹2 lakh and Large Loans above ₹2 lakh up to ₹5 lakh, depending on the applicant's requirement and eligibility.
• The sanctioned loan is available at a concessional interest rate of 5% per annum.
• Beneficiaries can use the loan for various approved business, manufacturing and service activities listed by the Bihar
• State Minorities Financial Corporation Limited (BSMFC).
• The loan amount, along with applicable interest, can be repaid in up to 20 quarterly instalments, making repayment more manageable for borrowers.
• For loans involving the purchase of machinery, equipment, tools or other assets costing ₹1 lakh or more, the Corporation transfers the payment directly to the supplier's bank account through RTGS based on the quotation or proforma invoice submitted by the beneficiary

Loan Amount & Interest Rate

Under the official advertisement, financial assistance is provided through two loan categories. The loan amount, guarantee requirements, interest rate and repayment conditions are as follows:

1. Small Loan

• Loan Amount: Up to ₹2,00,000
• Interest Rate: 5% per annum
• Repayment Period: Maximum 20 quarterly instalments

2. Large Loan

• Loan Amount: Above ₹2,00,000 and up to ₹5,00,000
• Interest Rate: 5% per annum
• Repayment Period: Maximum 20 quarterly instalments

Guarantee Requirement (based on loan amount, applies across both categories):

For loan amount up to ₹1,00,000: Self-guarantee, or guarantee from a person holding rent-receipt/registration documents in their parents' name. For loan amount from ₹1,00,001 up to ₹5,00,000: A guarantee bond backed by equitable mortgage of immovable property, along with a guarantee from one of the following, a government/semi-government/bank/autonomous body employee with at least 5 years of service remaining, a personal guarantee from an income-tax payer, an Anganwadi worker, a registered madrasa teacher, a Niyojit (contract-appointed) teacher, or a Waqf mutawalli (caretaker).

Loan Disbursement

The advertisement states that when the sanctioned loan includes the purchase of machinery, equipment, tools or other assets costing ₹1 lakh or more, the Corporation will transfer the payment directly to the supplier's bank account through RTGS on the basis of the quotation or proforma invoice submitted by the beneficiary.

Loan Agreement

Before the loan is released, the selected applicant is required to execute the prescribed agreement and guarantee bond with the Bihar State Minorities Financial Corporation Limited (BSMFC). The loan is sanctioned only after completion of these formalities.

Eligible Business Activities

According to the official advertisement, loans under the State Sponsored Mukhyamantri Alpsankhyak Rozgar Rin Yojana can be sanctioned for a variety of self-employment, business, manufacturing and service activities. The activities mentioned in the advertisement include:

Eligibility Requirements

According to the official advertisement, an applicant must fulfil the following eligibility conditions to apply under the State Sponsored Mukhyamantri Alpsankhyak Rozgar Rin Yojana:

• The applicant must be a permanent resident of Bihar.
• The applicant must belong to one of the notified minority communities, namely Muslim, Sikh, Christian, Buddhist, Jain or Parsi.
• The applicant must not be a government or semi-government employee.
• The applicant's age should be between 18 and 50 years on the prescribed date.
• The annual family income from all sources should not exceed ₹4,00,000.
• The applicant must possess the technical qualification, experience or skill required for the proposed business, wherever applicable.
• The applicant should not be a defaulter of Bihar State Minorities Financial Corporation Limited (BSMFC), any bank or any other financial institution.
• The applicant must submit the prescribed application form along with all required documents within the notified application period. Incomplete applications or applications received after the last date are liable to be rejected.
• The applicant must furnish the required guarantor(s) as prescribed for the loan category:
  • One guarantor for loans up to ₹2 lakh.
  • Two guarantors for loans above ₹2 lakh and up to ₹5 lakh.
• The applicant must execute the prescribed agreement and guarantee bond with BSMFC before the loan is sanctioned.

Required Documents

As per the prescribed application form and the official advertisement, applicants were required to submit the completed application form along with self-attested copies of the following documents:

• Passport-size recent photograph of the applicant.
• Proof of permanent residence in Bihar.
• Minority community certificate, wherever applicable.
• Age proof.
• Income certificate showing that the annual family income does not exceed the prescribed limit.
• Educational qualification certificate, if applicable.
• Technical qualification, training or experience certificate related to the proposed business, wherever applicable.
• Detailed project report or information about the proposed business/activity as required in the application form.
• Aadhaar Card.
• PAN Card.
• Bank account details, including the account number and IFSC code.
• Details of the guarantor(s), along with the required documents, as applicable to the loan category.
• Light Motor Vehicle (LMV) driving license copy, if applying for a four-wheeler vehicle loan.
• Drug license copy, if applying for a medicine shop loan.
• Any other document required by the Bihar State Minorities Financial Corporation Limited (BSMFC) for processing the application.

Steps to Apply

According to the official advertisement, applications under the State Sponsored Mukhyamantri Alpsankhyak Rozgar Rin Yojana were accepted offline in the prescribed application form.

• Step 1: Obtain the Prescribed Application Form
  • Applicants had to obtain the prescribed application form issued by the Bihar State Minorities Financial Corporation Limited (BSMFC) for the scheme.
  • The application form was also available through the concerned district offices.
• Step 2: Fill in the Application Form
• The applicant had to carefully fill in all the required details, including:
  • Personal information
  • Residential address
  • Minority community details
  • Educational qualification
  • Occupation details
  • Annual family income
  • Details of the proposed business/activity
  • Loan amount required
  • Bank account details
  • Guarantor information, wherever applicable.
• Step 3: Attach the Required Documents
  • Applicants had to attach all the required self-attested documents along with the completed application form. Incomplete applications or applications without the necessary documents were liable to be rejected.
• Step 4: Submit the Application
  • The completed application form had to be submitted to the Assistant Director/District Minority Welfare Office of the applicant's district within the prescribed application period.
• Step 5: Verification and Forwarding
  • After receiving the applications, the concerned district office was responsible for scrutinising the applications and forwarding eligible applications for consideration by the District Level Selection Committee.

Application & Selection Process

After the application is submitted, the official advertisement states that the following process is followed for selection and loan sanction:

1. Scrutiny of Applications

All applications received within the prescribed time limit are scrutinised by the concerned Assistant Director/District Minority Welfare Office to verify the eligibility of the applicants and the completeness of the application form and supporting documents.

2. Selection by the District Level Selection Committee

Eligible applications are placed before the District Level Selection Committee. The Committee prepares a common merit/selection list for loan sanction under the scheme.

3. Loan Sanction

Applicants selected by the District Level Selection Committee are considered for loan sanction by the Bihar State Minorities Financial Corporation Limited (BSMFC).

4. Execution of Agreement

Before the loan is released, the selected applicant must execute the prescribed loan agreement and guarantee bond with BSMFC and complete all other formalities required by the Corporation.

5. Loan Disbursement

After completion of all required formalities, the sanctioned loan is released to the beneficiary. If the loan includes the purchase of machinery, equipment, tools or other assets costing ₹1 lakh or more, the payment is made directly to the supplier's bank account through RTGS on the basis of the quotation or proforma invoice submitted by the beneficiary.

Loan Repayment Terms

According to the official advertisement, the following repayment conditions apply under the State Sponsored Mukhyamantri Alpsankhyak Rozgar Rin Yojana:

• The loan carries an interest rate of 5% per annum.
• The borrower is required to repay the loan amount along with the applicable interest.
• The total loan amount is repayable in a maximum of 20 quarterly instalments.
• Before the loan is released, the selected applicant must execute the prescribed loan agreement and guarantee bond with the Bihar State Minorities Financial Corporation Limited (BSMFC).
• For loans up to ₹2 lakh, the borrower must furnish one guarantor.
• For loans above ₹2 lakh and up to ₹5 lakh, the borrower must furnish two guarantors.
• Where the sanctioned loan includes the purchase of machinery, equipment, tools or other assets costing ₹1 lakh or more, the Corporation transfers the payment directly to the supplier's bank account through RTGS based on the quotation or proforma invoice submitted by the beneficiary.

Important Terms & Conditions

The official advertisement also specifies the following important conditions:

• The scheme is applicable only to eligible applicants belonging to the notified minority communities who fulfil all prescribed eligibility conditions.
• Applications must be submitted in the prescribed application form along with all required documents.
• Incomplete applications are liable to be rejected.
• Applications received after the prescribed last date are not considered.
• Loan sanction is subject to selection by the District Level Selection Committee and approval by the Bihar State Minorities Financial Corporation Limited (BSMFC).
• The selected applicant must complete the prescribed agreement and guarantee formalities before the loan is sanctioned.
• Applicants must provide true and correct information in the application form.
• If any information or document is found to be false or incorrect, the application may be rejected or appropriate action may be taken by the Corporation.
• The advertisement does not specify any subsidy, grant, margin money assistance or loan waiver under this scheme.

Relevant Links

• Official Website of Bihar State Minorities Financial Corporation Limited (BSMFC)
• Guidelines of Mukhyamantri Alpsankhyak Rozgar Rin Yojana
• Application Form of Mukhyamantri Alpsankhyak Rozgar Rin Yojana

Contact Information

For more information regarding the Bihar Mukhyamantri Alpsankhyak Rojgar Rin Yojna, applicants may contact:

Implementing Agency: Bihar State Minorities Financial Corporation Limited (BSMFC)

• Office Address: Haj Bhawan, Patna, Bihar
• Phone: 06122204975
• Toll-Free Number: 18003456123
• Email: [email protected], [email protected]