The West Bengal Bhabishyat Credit Card Scheme aims to empower the youth of West Bengal by providing access to institutional finance for their credit needs, enabling them to set up micro-enterprises and become self-reliant. This initiative not only fosters entrepreneurship but also contributes to income generation, wealth creation, and the development of employment opportunities in both rural and urban areas of the State.
Eligibility Criteria for Bhabishyat Credit Card Scheme
To be eligible for the Bhabishyat Credit Card Scheme, applicants must fulfill the following criteria:
- Indian nationality and residency in the state of West Bengal for the past 10 years.
- Age between 18 to 45 years, open to all eligible individuals, including Motor Transport workers and Building & other construction workers.
- Only one person from a family is eligible, where “family” denotes the applicant and their spouse.
Annual Income Limit
There is no bar on the annual income limit for families applying for the scheme.
Applicability of the Scheme
The Bhabishyat Credit Card Scheme extends support to income-generating projects in various sectors such as manufacturing, service, trading/business, and farm sectors like Diary, poultry, fish, piggery, etc., qualifying as enterprises under the MSMED Act 2006. Both new and existing units can apply for Term loans and/or working capital loans under this scheme. However, for new units, capital support in machinery/tools or expansion is considered only after two years of implementation. Additionally, applications that were sponsored under Karmasathi Prakalpa but not sanctioned as of April 1, 2023, will be migrated to this scheme.
Non-Applicability of the Scheme
Employees of Central/State Government, Government Undertakings, and their families are not eligible to avail benefits under the Bhabishyat Credit Card Scheme. Additionally, borrowers with a history of defaulting in any Bank/Financial Institution are not eligible.
Project Cost and Assistance
The project cost eligible for the Bhabishyat Credit Card Scheme is up to Rs. 5 lakh. The scheme provides assistance in the following manner:
- Government Subsidy: 10% of the project cost with a maximum ceiling of Rs. 25,000 in the form of margin money contribution.
- Bank Loan: The Bank loan component is the project cost minus the eligible government subsidy provided as margin money contribution.
How to Apply for the Bhabishyat Credit Card Scheme?
To apply for the Bhabishyat Credit Card Scheme, applicants need to submit the following information:
- Applicant Full Name
- Father’s / Mother’s / Guardian’s Name
- Applicant Date of Birth
- Gender
- Full Address for communication and project location
- Educational Qualification
- Applicant Category (SC/ST/PHC/OBC/Minority/General)
- Project Name
- Project Cost
- Co-operative Bank Name & Address
Additionally, the following supporting documents need to be uploaded during form submission:
- Proof of Photo identity of the applicant
- Proof of Residence
- Educational Qualification Certificate
- Detailed Project Report
- Recent Passport Size Photograph
- Applicant Signature
Applicants can log in to the dedicated portal using their username/email, password, and CAPTCHA (Image Code) to check the application status after successful form submission. It is essential to note that only one application per user login credential is allowed.
Guarantee Coverage
The Bhabishyat Credit Card Scheme includes credit guarantee coverage provided by Lending Institutions in collaboration with Credit Guarantee Trust Fund for MSEs (CGTMSF). The guarantee coverage is distributed as follows:
- Maximum coverage of CGTMSE: 85%
- Maximum coverage of the State Government: 15%
Annual Guarantee Fee (AGF)
CGTMSE will charge AGF as per norms on its share of guarantee coverage. However, there will be no additional AGF for the additional guarantee coverage provided by the State Government.
Eligible Lending Institutions (L.I.)
The scheme is open to all Scheduled Public Sector Banks, Private Sector Banks, Regional Rural Banks, Small Finance Banks, Cooperative Banks, and any other Lending Institution as prescribed.
Modalities of the Scheme
(a) Mode of Application:
Project proposals will be invited from prospective entrepreneurs in all districts through advertisements. The scheme will also be publicized in rural areas through Panchayati Raj Institutions. Applications are to be submitted online through a dedicated portal developed for the scheme.
(b) Screening of Applications:
To ensure the quality of applications, a preliminary Block Level Screening Committee will be notified by the MSMET department for checking applications from rural areas. The committee will check the proposals for completeness, and any deficiencies will be notified to the applicant for resubmission within 15 days. Sub-divisional level Sponsoring Committees will screen and approve applications from municipal areas.
(c) Sponsoring of Applications:
Screened and complete applications will be sponsored to banks within seven days of screening.
(d) Sanction of Project and Bank Finance:
Banks will appraise the project and make credit decisions within 21 days of receiving the sponsored applications. Collateral security or personal guarantees will not be required as per RBI guidelines. Upon sanction of the loan, the applicant shall open an account in the concerned bank, and the subsidy amount will be credited to the borrower’s account after verification by the State Government.
The admissible subsidy is a one-time assistance, and no subsidy is available for credit limit enhancement of the same project financed under this scheme within 2 years of implementation.
Unspent/unutilized subsidy must be refunded by the concerned Bank branch to the respective DICs within 6 months from the date of receipt of the subsidy.
Applications that do not conform to the scheme guidelines or remain incomplete after the stipulated timeline will be rejected by the DIC, with reasons conveyed to the applicant and screening committee.
Fees
There is no requirement for the submission of fees for online registration.