Telangana State Minorities finance Corporation Loans, TSMFC Online Application, TSMFC Loans 2016, TSMFC Loans 2016 Status, The decision was taken by Chief Minister K. Chandrasekhar Rao to stop people from approaching private money lenders
With an aim to dissuade people from approaching private money lenders and also ensure a hassle free loan process, the Telangana State Minorities Finance Corporation (TSMFC) would be arranging high subsidy loans to the tune of Rs. 187 crore before the end of the financial year.
Telangana State Minorities finance Corporation Loans
The TSMFC has invited the applications for the first time under the revised guidelines.
“For smaller loans, we have increased the subsidy component from earlier 50 per cent to 80 per cent now. The decision was taken by the Chief Minister K Chandrasekhar Rao,” B. Shafiullah, Managing Director, TSMFC, said.
Under the first category, a subsidy of 80 per cent will be given to the beneficiary while the remaining is arranged through the banks. In the second category, between Rs. 1 lakh and Rs. 2 lakh, a subsidy of 70 per cent, will be given, while the last category, primarily meant for the development of Small Scale Industries (SSI), the amount will be between Rs. 2 lakh and Rs. 10 lakh with 60 per cent subsidy.
“We have allocated Rs. 87 crore for the bankable scheme loans in the earlier plan. As the guidelines are revised and subsidy percentage increased, we will be requiring another Rs.100 crore. We have been assured of the funds by the higher-ups,” he explained.
TSMFC Online applications
Applications have to be filled online on ‘tsobmms.cgg.gov’.
A mandal-level committee headed by the Mandal Revenue Officer will interview the candidates and forward it to the district Collector. Then the District Executive Director, TSMFC, will send the recommended applications to head office.
“TSMFC will release the subsidy amount to the banks and they will put in the loan amount and give to the beneficiaries,” the official said adding that they are holding meetings with the bankers to smoothen the scheme.
To avoid misuse of funds, the TSMFC is insisting that those applying for loans above Rs. 2 lakh submit a certificate of Small Scale Industries.
At the same time, it has also listed a few businesses and fixed the loan amount.
“The process is being done in a transparent manner. People should not approach brokers. If anyone demands money or assures to get the work done through backdoor methods, do not believe them,” Mr. Shafiullah said.