By AimIndia Team 
Aajeevika Micro-Finance Yojana is an initiative launched by the Ministry of Social Justice and Empowerment aimed at providing microfinance support to individuals from the Scheduled Caste community. The primary goal of this scheme is to empower these individuals to pursue small business activities, thereby enhancing their livelihood opportunities. Through a network of Non-Banking Financial Companies-Micro Finance Institutions (NBFC-MFIs), the AMY aims to make financial resources accessible at reasonable interest rates
Aajeevika Micro-Finance Yojana is part of the broader Livelihood Microfinance Scheme designed to facilitate access to credit for those in need. By focusing on the Scheduled Caste population, the program aims to uplift this marginalized group through financial inclusion. The microfinance provided under this scheme helps individuals establish or expand small businesses, thus improving their financial stability and standard of living.
Objectives
The objectives of the Aajeevika Micro-Finance Yojana include:
- Providing prompt and need-based micro finance to eligible Scheduled Caste individuals.
- Facilitating the growth of small and micro enterprises by offering financial assistance.
- Ensuring that the interest rates remain affordable to encourage participation.
- Supporting economic empowerment through financial inclusion of marginalized communities.
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Eligibility Criteria
To qualify for the Aajeevika Micro-Finance Yojana, applicants must meet the following criteria:
For Beneficiaries:
- Applicants must belong to the Scheduled Caste category.
- The annual family income should be below Rs. 3.00 lakhs for eligibility.
For NBFC-MFIs:
- Registration with the RBI as a Non-Banking Financial Company-Micro Finance Institution (NBFC-MFI).
- A proven track record of three years of profitability.
- Gross Non-Performing Assets (NPA) must be less than 2%.
- Membership in a Credit Bureau.
- Minimum Capacity Assessment Rating of mfr5 by CRISIL or equivalent.
- Compliance with all Microfinance Rules set by the RBI.
Benefits
The Aajeevika Micro-Finance Yojana offers several benefits, including:
- Financial assistance of up to 90% of the project cost, which can be as high as ₹1,40,000.
- Interest rates charged at 11%, with a lower rate of 10% for women.
- A repayment period of three and a half years with a moratorium of three months.
- Interest subvention of 2% per annum for timely repayments, credited directly to beneficiaries.
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Required Documents
Applicants must prepare the following documents to apply for the Aajeevika Micro-Finance Yojana:
- Aadhaar Card
- Income Certificate
- Caste Certificate
- Bank Account Statement
- Completed Loan Application Form (NSFDc Loan Application Form).
How to Apply
- Interested candidates should contact the nearest Channeling Agency or visit the official NSFDC website.
- Submit the application form along with the required documents to the District Offices of the State Channelizing Agencies (SCAs).
- After scrutiny, the applications will be forwarded to the Head Offices of the SCAs for appraisal.
- Viable projects are then sent to NSFDC for sanction.
- Upon approval, funds are disbursed to the selected agencies for further distribution to beneficiaries.
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Aajeevika Micro-Finance Yojana (AMY) serves as a vital lifeline for entrepreneurs in the SC community, promoting financial independence and economic growth. By facilitating access to microfinance and supporting small business initiatives, the scheme not only addresses poverty but also enhances the overall livelihood opportunities available to marginalized groups. Through structured support and adherence to guidelines, this scheme exemplifies a commitment to sustainable development and empowerment in India.