Chief Minister's Micro Finance Initiative (CMMFI 2.0)

Why it matters

Gives farmers and rural entrepreneurs collateral-free bank loans with heavy state subsidy and extra interest support, on top of the central Kisan Credit Card benefit.

What you get

CMMFI is an omnibus state credit-linked subsidy scheme for Self-Help Groups, Farmer Producer Organisations and individuals undertaking identified agriculture, allied-sector or MSME activities. Under the funding pattern, the beneficiary contributes 10% of project cost, banks finance 60%, and the Government of Nagaland provides a 30% back-ended subsidy (capped at Rs 5 lakh on term loans), with loans available up to Rs 50 lakh and repayment periods up to 7 years. On Kisan Credit Card loans, the State Government provides an additional 4% interest subvention on top of the 3% already given by the Government of India for prompt repayment, effectively bringing interest very close to zero for compliant borrowers. The scheme also covers interest during an initial six-month moratorium and ensures collateral-free credit for eligible applicants. CMMFI has benefited over 2,800 entrepreneurs across the state.

Eligibility criteria

• Resident of Nagaland — individual, SHG, FPO or registered entrepreneur
• Viable project in agriculture, allied activities, processing or MSME
• Ability to contribute 10% margin money and secure bank loan sanction

How to apply

1. 1

   Prepare a project proposal for the identified activity

2. 2

   Apply through the District Mission/Credit office or empanelled bank

3. 3

   Bank sanctions loan; State subsidy claim processed through the Credit Department

4. 4

   Subsidy released back-ended after project verification

Documents required

• Project report/DPR
• Aadhaar and bank account details
• Bank loan sanction letter
• Land/lease document if applicable