A government loan program for the unemployed
- You must be between 18 and 35 years old. Relaxation due to the age of 10 applies to women, CS / St, former military and physically disabled. For citizens of the Northeast States, the age range is between 18 and 40 years.
- You must have been a permanent resident of your area for at least 3 years.
- You should have at least passed the 8th standard.
- Preference will be given to applicants trained in a commercial institution recognized by the government for at least 6 months.
- The applicant’s total annual income with his spouse and parents must not exceed Rs 1 lakh.
Not eligible if
- You have failed payments to a nationalized bank or financial institution.
- You have already sought help from another government grant program.
Activities covered by the scheme
- All economically viable enterprises are covered by this scheme.
- Primary agricultural operations involving a direct relationship with the production or raising of crops such as manure are not part of this program. However, agricultural businesses and related activities are included.
The maximum amounts for different sectors are:
- Sectors of activity: lakhs Rs.2
- Service Area: Rs.5 lakhs
- Industrial sector: 5 lakhs
- Partnerships – if two or more people are involved in the same company: Rs.10 lakhs.
- For projects valued at Rs 2 000 000 by private individuals in the business and services sector, no guarantee is required. Partners are exempt for 2 Rs lakhs each.
- For small businesses (SSI), the guarantee is exempt for projects worth 5 lakhs per person.
The interest rate changes from time to time. Guidance will be provided when applying for a loan.
- The grant is applicable to 15% of the project cost, which is limited to 12,500 rupees per person.
- Grants to the North-East, Himachal Pradesh, Uttaranchal and Jammu and Kashmir are limited to Rs 15,000.
- Self-help groups may receive grants up to Rs 15,000 per beneficiary, up to a limit of 1.25 lakhs per group.
Term of office and training
3 to 7 years old.
The training provided under the program must be undertaken. The expenses are borne by the District Industries Centers (DICs). The training will last 7 to 10 days for the business and services sector. It will be 15 to 20 days for the industrial sector.