West Bengal Bhabishyat Credit Card Scheme
The Government of West Bengal is introducing an innovative scheme to provide self-employment to the young entrepreneurs of West Bengal for the promotion and development of MSMEs in the State. The scheme may be called the West Bengal Bhabishyat Credit Card Scheme (hereafter referred to as WBBCCS) for the youth of West Bengal.
The objective of the scheme is to provide the Youth of West Bengal, who have the entrepreneurial skills and want to be self-reliant by setting up micro-enterprises, access to institutional finance for their credit needs. This will in turn facilitate the Youth to become self-employed leading to income generation, wealth creation, and creation of further employment opportunities in rural and urban areas of the State.
West Bengal Bhabishyat Credit Card Scheme Eligibility
- Indian National and residing in the state of West Bengal for the past 10 years at least.
- Any eligible individual including Motor Transport Workers and Building & Other Construction Workers aged between 18-45 years
- Only one person from one family is eligible under the scheme where ‘family’ means self and spouse.
Applicability of the Scheme
- Any income-generating project in manufacturing, service, trading/business, /farm sector (Dairy, Poultry, Fisheries, Piggery etc.), etc.
- Both new units and the existing unit can apply under the scheme for Term loans and/or working capital loans/ composite loans. However, a new unit set up under this scheme may be considered for 2nd dose of capital support in machinery/tools for expansion only after two years of implementation.
- All those applications that were sponsored under ‘Karmasathi Prakalpa’ but not sanctioned as on 1st of April, 2023 will migrate to this scheme.
WBBCCS Financial Assistance under the Scheme:
- Government subsidy: In the form of margin money contribution @ 10% of the project cost with a ceiling of Rs. 25,000.
- Bank Loan: The Bank loan component will be the project cost minus eligible govt subsidy in the form of Margin Money contribution.
- Guarantee coverage: The scheme shall have a provision of credit guarantee coverage up to 100% for the credit facility extended by Lending Institutions/Banks in collaboration with Credit Guarantee Trust Fund for MSEs (CGTMSE). The extent of guarantee coverage of the State Government over and above the available coverage under CGTMSE for all eligible borrowers will be as follows:-
- Maximum coverage of CGTMSE: 85%
- Maximum coverage of the State Government: 15%
For more details download the West Bengal Bhabishyat Credit Card Scheme PDF using the link given below.
Also, Check- Bhabishyat Credit Card Form PDF
