Telangana Minority Loan Scheme 2024: Application Process and Eligibility

Telangana Minority Loan Scheme 2024 is presented by the Telangana state to help people get financial assistance. This financial assistance will only be provided to the people who belong to the minority community. The applicants can now exercise the information about the program by visiting the official portal created by the Telangana government. The government is offering two types of loan programs to people who belong to the minority community. The applicants will be provided with a 100% subsidy to loans of up to 1 lakh rupees and then a 70% subsidy will be provided to the loans offering 200000 rupees. Previously the government was providing 80% subsidy to loans up to Rs 1 lakh. The beneficiaries can register by visiting the official website of the portal and Telangana Minority Loan Scheme will be benefiting more than 1.5 lakh people across the country. The people who belong below the poverty line category will apply for the scheme.

Importance For the Minority Community in Telangana

The TSMFC Telangana Minority Loan Scheme 2024 is provided by the Telangana government to help people who are coming from a minority community and need to start their businesses. The people will be able to apply for different loans through the development of this scheme. If you are coming from a minority community then you will be provided a subsidy on the loan that you are taking from financial institutes available in the Telangana state.

• People can apply for the loans and then they will be provided with a subsidiary so that they can easily repay loans to the Financial institute without having to sacrifice their credit.
• A 100% subsidy will be provided to the people who are taking Rs 100000 loan from a Financial institute and a 70% subsidy will be provided to the people who are taking rupees 2 lakh loan from a particular Financial institute.
• This scheme is highly important for people who are starting their businesses in Telangana state.
• The government will release around Rs 100 crore for the implementation of this scheme
• The funds will be directly transferred into the bank account of the beneficiaries through the direct benefit transfer method

The second phase of the scheme launched

For the second phase of the Telangana Minority Loan Scheme, the government is making preparations. According to the officials, the ministry will provide Rs 1 lakh to each of the 14300 applicants under the scheme. The government has allocated Rs 150 crore for the second phase of this scheme. In the first phase of the scheme, the government has released Rs 100 crore. The beneficiaries have got Rs 1 lakh each. 10000 minority beneficiaries have received the benefit of this scheme on 19th August 2023. Under this scheme, the government is providing benefits to 120 eligible persons belonging to minority communities for each assembly constituency

10000 beneficiaries benefited in the first phase

As you all are aware the government of Telangana has launched the Telangana minority loan scheme. Through this scheme financial assistance of Rs 100000 will be provided to the beneficiaries. The government is going to initiate the distribution of checks under the scheme from 16th August 2023. Around 10000 beneficiaries will get benefits in the first phase of this scheme. The government has released an additional Rs 130 crore for the implementation of this scheme. Rs 270 crores have already been earmarked for the implementation of this scheme. The financial assistance under this scheme provided to each district will be based on the proportion of the minority population in each constituency

Eligibility Criteria of the Telangana Minority Loan Scheme

The applicant must follow the following eligibility criteria to apply for the scheme presented by the Telangana Government: 

• The applicant must be a resident of Telangana state.
• The candidates must provide an age certificate and fall within the age range of 21 to 55 years old.
• The family income of the applicant should be less than 1.50 lakh rupees per annum for rural residents and Rs 2 lakh for urban households.

Also Check: Telangana Crop Loan Waiver Scheme

Documents Required for Application

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

Features Of Telangana Minority Loan Scheme 2024

The candidates can check out the major information about the features of the scheme from the pointers given below:-

• The Telangana state government has implemented a program to provide financial assistance to minorities in the state.
• This program aims to improve the economic condition of minorities by offering lending opportunities through the Online Beneficiary Management and Monitoring System portal.
• The program offers two types of loan programs with different subsidy rates. The first loan program offers a 100% subsidy for loans up to 1 lakh rupees, while the second loan program offers a 70% subsidy for loans up to 2 lakh rupees.
• This program is expected to benefit more than 1.5 lakh people from the minority community in Telangana. However, to be eligible for this program, the applicant must meet certain criteria.
• The applicant must be a citizen of Telangana state and must submit an age certificate indicating that they are between the ages of 21 and 55. In addition, the applicant must provide caste certificates and affidavit documents issued by the tehsildar, which are essential documents for verifying their minority status.
• The program has set an income limit for eligibility. For rural residents and urban households, the applicant’s family income should be less than 1.50 lakh rupees per annum. This income limit ensures that the program targets individuals who are underprivileged and require financial assistance to improve their economic condition.

Also check: Telangana CM Dalit Empowerment Scheme 

Benefits to the Beneficiaries

Telangana Minority Loan Scheme 2024 is presented by the Telangana government so that people who want to start their businesses can benefit and they can get loans from financial institutes. The people who belong to the minority community in the Telangana state will be able to apply for the program if they are interested in starting their businesses. Starting a business can be very tough so you must take a loan that is easily repayable.

• The beneficiaries can visit the official portal created by the Telangana government to apply for this prestigious scheme.
• If you are taking a loan of Rs 100000 then a 100% subsidy will be provided by the Telangana Government and if you are taking a loan of Rs 2 lakh then a 70% subsidy will be provided. 1.5 lakh people will benefit through the development of this scheme and they will be able to start their own business.

Loan Amount

The candidates will be liable to get the following loans in this scheme. Make sure to take the subsidy according to the unit cost by checking the details from the table given below:

Scheme Category I:	Unit Cost: 1 Lakh Rupees- Subsidy: 100000 Rupees
Scheme Category II:	Unit Cost: 2 Lakh Rupees- Subsidy: 140000 Rupees

Interest Rates

The interest rates charged on the loans provided by the Telangana State Minorities Finance and Development Corporation (TSMFDC) are relatively low compared to those of traditional financial institutions. The interest rate for loans up to 1 lakh rupees is 6% per annum, while the interest rate for loans up to 2 lakh rupees is 7% per annum. Additionally, the government provides subsidies for these loans, which further reduces the financial burden on the borrowers. The subsidy rates are 80% for loans up to 1 lakh rupees and 70% for loans up to 2 lakh rupees. This means that the beneficiaries only need to repay the remaining 20% or 30% of the loan amount, making it easier for them to repay the loan without facing financial difficulties.

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

Here is a step-by-step guide on how to apply for the TS Minority Loan Scheme:

• Visit the official website of the Online Beneficiary Management and Monitoring System (OBMMS) of the Telangana state government.

• Click on the “Apply Online for Economic Support Scheme (Minorities Finance Corporation – 2022-23)” tab.
• Read the guidelines and eligibility criteria carefully before applying.
• Register on the website by providing your personal and contact details
  • such as name
  • mobile number
  • email address
  • Aadhaar card
• Fill in the application form with all the required details, such as personal, educational, and professional information.
• Upload the necessary documents, such as age proof, income proof, caste certificate, and address proof, in the prescribed format.
• Submit the application form and wait for confirmation.
• Once the application is processed, the eligible beneficiaries will receive a confirmation message on their registered mobile number and email address.
• The loan amount will be directly credited to the beneficiary’s bank account after the verification of documents and eligibility.

Contact Details 

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

Telangana Minority Loan Scheme 2024 FAQs