State Government of the Tamil Nadu announced and then launched their new women welfare scheme with the name of Vetri Magalir Thozhilmunaivor Membattu Thittam. This schemes provide the supports from the side of the government to the women to start or expand their existing business. They can expand the same business by increasing their institutional loans. Under this scheme all the MLA’s in all across the state of the Tamil Nadu will have to identified the 10 entrepreneurs women from all the 234 constituency assembly.
Which means total 2,340 entrepreneurs women from all across the state will going to get the financial assistance of Rs 10 lakhs to Rs 5 Crore as loan under this Vetri Magalir Thozhilmunaivor Membattu Thittam Scheme. So if you also the women entrepreneurs and wants to start or expand your business, then you must have to get the complete details about this new scheme like its eligibility, documents, registration process, benefits etc.
Vetri Magalir Thozhilmunaivor Membattu Thittam Scheme
This is the new scheme with the help of which the state government of Tamil Nadu offers a loan to the eligible women of the state between Rs 10 lakhs to Rs 5 Crore through the Industrial Investment Corporation of Tamil Nadu. The annual interest rate for this scheme is 9.95% as per diminishing balance basis and the beneficiaries have to pay back the loan up to 9 years.
All the women entrepreneurs who think that they have the potential to start their own business or expand their existing business will need to submit their application form with supporting documents to the Industries Department of the state. Then the department verified the form with documents and then shortlisted them on the basis of their eligibility and then finally the selection of the beneficiaries be made and they get the support from government under this scheme.
| Scheme Name | Vetri Magalir Thozhilmunaivor Membattu Thittam |
| Type of scheme | Loan scheme for Women Entrepreneurs |
| Government | Tamil Nadu |
| Department | Industrial Investment Corporation |
| Loan amount | Rs 10 Lakhs to Rs 5 Crore |
| Interest | 9.95% per annum |
| Beneficiaries | Women Entrepreneurs |
| Total Beneficiaries | 2,340 |
| Repayment period | Upto 9 years |
Objective of Vetri Magalir Thozhilmunaivor Membattu Thittam
As per the view of the government, there are lots of the women available in all over the state of Tamil Nadu who have the ability and determination to build their own enterprises but due to lack of capital, they are unable to start their business. This means capital becomes the barrier between their idea and business. So now, with the help of this scheme, the government provide them capital in the form of a loan, so that they can turn their idea into a business.
Not only this after becoming the entrepreneurs, gives employer to other and also contributes in the economic growth of the Tamil Nadu. This is a golden opportunity for the women of the state.
Features of Scheme
| Loan Amount | All the selected eligible women will get financial support from the government, from Rs 10 lakh to Rs 5 Crore, as a loan |
| Total Loan Assistance | In this scheme, the government is going to allocate loan assistance of Rs.500 Crore through its corporation |
| Official Agency Concerned | The loan under this scheme is disbursed through the Industrial Investment Corporation of Tamil Nadu |
| Interest Rate and Repayment Period | The interest rate for the loan is about 9.95%, and the repayment period is about 9 years |
| Beneficiaries Cover | A total of 2,340 beneficiaries are covered in this scheme, and from all 234 constituency assemblies, a total of 10 beneficiaries were selected for the scheme |
Eligibility Criteria for Women Entrepreneurs
- Applicants can be permanent residents of the state of Tamil Nadu.
- Only women-owned enterprises or aspiring women entrepreneurs are eligible for this scheme.
- Women can have the ambition to start a new business or want to expand their already existing business.
- You must have good business plan and same is screened by the concerned department to make ensure that your project must have long term financial stability and having market potential.
Documents Checklist
| Aadhaar Card of the woman |
| PAN Card also required |
| Family Smart Ration Card of Tamil Nadu |
| Passport-size photograph of the woman |
| Community or category certificate |
| MSME registration certificate |
| Partnership Deed copy |
| Shareholding pattern |
| Income Tax Return |
| Bank passbook details |
| Statement of the bank passbook of the woman |
| Audited financials: balance sheet showing profit and loss for the past 3 years |
| Project report |
| GST Number |
| Building or Land documents |
| Collateral property papers |
Selection of Women Entrepreneurs
| Nomination | First of all, all 234 Assembly MLA’s have to look for 10 prospective women from their regions who really have high potential |
| Submission of Profile | Then all the MLAs have to submit the profile of the women to the Industrial Department of Tamil Nadu |
| Verification | Then the Department verifies the documents and profile and then shortlists them for benefits |
| Loan Approval | In the last, all the women who were shortlisted for the scheme receive loan approval |
Tamil Nadu Vetri Magalir Thozhilmunaivor Membattu Thittam Scheme Application Process
- The MLAs, i.e. members of the legislative assembly, are going to identify the 10 promising women or aspiring business owners of their region.
- Then all the interested women candidates need to submit their new business idea or enhance the already existing business directly to the Local MLA office.
- After the initial profile submission with the MLA office, if they are recommended, then they have to prepare their online profile.
- So the applicants will have to fill in their information by registering their online profile and have to fill the application form after visiting the Industrial Loan Portal, i.e. TICC online Loan application service.
- Need to upload all the documents with the form.
- Have to pay the nominal processing fee. And the field inspection has been conducted. Then the sanction letter will be given for the disbursed loan amount.
Aakash Kumar is a professional content writer with 10 years of experience. His knowledge is mainly in South Indian news and especially in Government news and their schemes. He shares his knowledge on nayilakshu.com daily, providing genuine, high-quality information to our visitors.