As a banker, I often meet people with big dreams but limited resources. Some want to start their first business, while others wish to grow their small enterprises. Many times, they lack the funds to take that important first step. To help people like them, the West Bengal government has introduced the Bhabishyat Credit Card scheme. This program offers financial support to turn their dreams into reality.
What is the Bhabishyat Credit Card Scheme?
The Bhabishyat Credit Card Scheme (WBBCCS) is a program designed to help the rising entrepreneurs and small businessmen in West Bengal specially. This scheme provides financial assistance of up to ₹5 lakh to those who need funds to start or expand a business. The scheme came into effect from April 1, 2023 and will run for 5 years unless it is amended or withdrawn.
Objectives of the Scheme
The main objective of the Bhavishyat Credit Card Scheme is to make the youth of West Bengal self-reliant by setting up micro industries. By providing access to institutional finance, the scheme aims to help youth start and grow their business successfully, thereby not only strengthening their financial position but also contribute to the overall economic growth of the state.
- Generate self-employment opportunities.
- Create wealth and income for individuals and families.
- Encourage further job creation in rural and urban areas.
Key Features and Benefits of Bhabishyat Credit Card Scheme
- Loan Amount: You can get a loan of up to ₹5 lakhs as financial assistance.
- Government Subsidy: The government will give a subsidy of 10% of the project cost, with a maximum of ₹25,000.
- No Collateral: You don’t need to provide any property or third-party guarantee.
- Credit Guarantee: Your loan is fully covered by a 100% credit guarantee from the Credit Guarantee Trust Fund for MSEs (CGTMSE) and the State Government.
- Low-Interest Rates: The loan comes with affordable interest rates, making repayment easier.
- Eligibility for New and Existing Units: Both new and existing units can apply for term loans, working capital loans, or composite loans. Expansion support is available after two years.
- Simple Application Process: You can apply online through a special portal.
- Target Coverage: The scheme aims to help 2 lakh youth each year in both rural and urban areas.
Who Can Apply?
To be eligible for the Bhabishyat Credit Card Scheme, applicants must:
- Must be Indian citizens and have lived in West Bengal for at least 10 years.
- Must be between 18 and 45 years old.
- There is no specific limit on the annual family income to qualify.
- Applications submitted under the ‘Karmasathi Prakalpa‘ scheme but not approved by April 1, 2023, will now be considered under this scheme.
- You can apply if you have an income-generating project in areas like manufacturing, services, trading/business, or the farm sector (such as dairy, poultry, fisheries, piggery, etc.), and other similar sectors.
- Both new and existing businesses can apply for loans (term loans, working capital loans, or combined loans). New businesses under this scheme can also apply for additional funds for expansion (like buying machinery or tools) after two years.
How to Apply for the Bhabishyat Credit Card
Follow these steps to apply:
- Submit an Application: Fill out the online application form through the official portal or local advertisements, and if you are from rural areas then you can visit Panchayati Raj Institutions.
- Applicants must submit a viable business plan as part of the application. If you need assistance in creating a detailed project report, you can use the Model Schemes/DPR provided by the government to draft a plan aligned with the scheme’s objectives.
- You can apply for this scheme free of cost by visiting any “Duare Sarkar” camp in person.
- Screening Process: Your application will be reviewed by committees at the block, subdivision, or municipal levels.
- Approval and Sanction: Once approved, the application will be sent to banks, which will review the project and decide within 21 days.
- Loan Disbursement: The subsidy will be directly credited to your account, and the loan will be disbursed accordingly.
Success Stories
The scheme has already inspired countless success stories. For instance:
Priya, a young woman from a small village, started a dairy business with the help of the Bhabishyat Credit Card Scheme. Today, she runs a thriving enterprise and provides jobs to others in her community.
A group of artisans used the loan to digitize their crafts, helping preserve traditional art forms while expanding their reach to customers across the country.
Announcement
Monitoring and Support
The scheme includes robust monitoring mechanisms:
1. Project Monitoring Units (PMU): These units assist with application forms, documentation, and project preparation. They also coordinate with banks to ensure smooth processing.
2.Grievance Redressal: A grievance cell resolves complaints within 72 hours, ensuring transparency and accountability. If you encounter any technical issues or difficulties while submitting your Bhabisyat Scheme Credit Card application, you can contact the support team:
- Email: helpdesknic.bccs@gmail.com
- Call the helpline at 033 2262 2004 (available Monday to Friday, 10 AM to 5 PM, excluding holidays)
- For any grievances, you can visit the official feedback page: https://bccs.wb.gov.in/home/feedback.html.
The government monitors the scheme to see its impact and improve it. Beneficiaries can give feedback through the official website or helpdesk to make the program better for future applicants.
Latest Updates
- Extension of Application Deadline: The West Bengal government has announced an extension of the application deadline for the Bhabishyat Credit Card Scheme. Applications can now be submitted until April 1st, 2028.
- New Eligibility Criteria Update: Recently, the eligibility for the scheme was expanded to include more sectors, with a focus on technology-driven businesses.
- Online Helpdesk Launched: To provide better assistance, the scheme’s official website has introduced an online helpdesk. This service will assist applicants with queries regarding the application process and eligibility.
Official Sources
- Official website of Bhabishyat Credit Card Scheme
- Official Notifications Memo No. 1499/MSMET-18011(11)/5/2023
Frequently Asked Questions (FAQs)
1. What if my application gets rejected?
You can reapply with updated project details. Ensure your business plan is viable and aligns with the scheme’s guidelines.
2. Are there specific sectors that get priority?
Yes, projects in manufacturing, farming, trading, and services are encouraged.
3. Is there an offline application process?
Yes, you can also apply through local government offices or authorized centers.
4. What is the interest rate on the loan?
The interest rate is low and affordable, typically lower than standard market rates.
5. Is the subsidy amount provided upfront?
Yes, the government subsidy (up to ₹25,000) is credited directly to your account after loan approval.
6. Can I use the loan for personal expenses?
No, the loan must be used only for business-related expenses.
7. What if I can’t repay the loan on time?
Inform your bank and discuss options for loan restructuring or rescheduling.
8. Can I apply if I already have other loans?
Yes, as long as you meet the other eligibility requirements.
Final Thoughts
The bhabishyat Credit Card Scheme is a revolutionary step for the young industries of West Bengal. It gives everyone the opportunity to take control of their future by providing financial support and eliminating incentives such as guarantees. If you have a business idea but lack the funds to make it a reality, this program could be your first step towards success.
Take the first step today and apply for the bhabishyat Credit Card Scheme. It could be the beginning of your success story.
