The Finance Department has issued the following directives on 29^th March 2025 to address concerns raised by the beneficiaries of the Chief Minister’s Micro-Finance Initiative (CMMFI):

1. Loan Repayment Structure:
   • The EMI for loan repayment will be calculated based on 60% of the total loan amount.
   • Beneficiaries are required to pay 10% of the loan amount upfront, while the remaining 30% will be contributed by the State Government in advance.
2. Moratorium Period:
   • As per the CMMFI policy, a six-month moratorium period is mandated.
   • EMI payments will commence from the 6th month after the release of the loan.
   • During the moratorium period, the State Government will cover the interest payments to the bank.
3. CGTMSE Coverage:
   • The State Government provides CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises) coverage for all eligible MSME activities.
   • Banks are directed not to insist on third-party collateral for such loans.
4. CMMFI Loan Application and Processing
   • The application processing is made digital and any individual, FPO, SHG or StartUps wanting to apply for the loan can do so directly in the portal https://credit.nagaland.gov.in/. The portal is self-explanatory for application process.
   • For any support including registering in the portal, preparation of DPR, follow up with the Departments or DLIMC or the banks the applicants, can directly call the facilitation cell on the numbers given in the portal (9077175990). Alternatively, they can visit the SCK centres established in every district under District Administration.
   • There are no charges levied by Government or any other department or any other entities for processing CMMFI loans. Information about any entity/individual demanding money in return on preparing DPR, processing loan or considering applications under CMMFI, shall be brought to the notice the CMMFI facilitation cell immediately.
5. Grievance Redressal:
   • Beneficiaries with complaints or concerns are advised to promptly report them to the CMMFI Facilitation Cell at the Finance Department for immediate resolution through helpline number 9077175990.
6. Refund of Excess Payments:
   • Any amount paid by beneficiaries beyond the EMI calculated on the stipulated percentage should be refunded by the bank in accordance with the directions issued during SLBC (State Level Bankers' Committee) held on 28^th Feb 2025 and subsequent Government Directions.

(DIPR)