Swavalambana MM Scheme & Micro Loan Scheme Form Karnataka
Under this scheme, persons belonging to religious Minority communities, in association with and through Banks/financial institutions, are financially assisted to start and improve Businesses, Small Scale Cottage Industries, the Service sector, Agriculture based activities, etc.
Loan is provided through various Nationalized Banks/Financial Institutions / cooperative societies for the maximum project cost up to ₹.5,00,000/. 20% of the project cost will be sanctioned by the Corporation as a Margin Money loan @ 6% interest p.a and 5% of unit cost or a maximum of ₹.25,000/- as subsidy Balance is provided as a loan by the Banks/Financial institutions / co-operative societies.
Swavalambana MM Scheme & Micro Loan Scheme Form Karnataka
| Sr. No. | Unit Cost | MM Loan from KMDC | Subsidy from KMDC | Beneficiary Contribution | Co-op Societies Loan Portion |
|---|---|---|---|---|---|
| 1. | Up to ₹.25,000/- | Nil | 50% of unit cost, Max ₹.25,000/- | Nil | 50% of unit cost, maximum ₹.20000/- |
| 2. | ₹.25,001/- upto ₹.50,000/- | 20% of unit cost, Max ₹.10,000/- | Maximum ₹.25,000/- | 5% of unit cost, maximum ₹.2500/- | Balance amount Max ₹.32,500/- |
| 3. | ₹.50,001/- upto ₹.1,00,000/- | ₹.10000/- upto ₹.20,000/- | Maximum ₹.25,000/- | 5% of unit cost, Max ₹.5000/- | Balance amount, Max up to 70,000/- |
| 4. | Upto ₹.5,00,000/- | 20% of Unit Cost Max ₹.1,00,000/- | 25,000/- | 5% of unit cost, Max ₹.25,000/- | Balance amount, Max up to 3,75,000/- |
The Margin Money so sanctioned by the Corporation has to be repaid by the beneficiary in 36/60 monthly installment @ 6% interest per annum to the Corporation.
This scheme is implemented through Co-Operative Societies also who have registered under the Co-operative Societies Act 1959, and who are working for the upliftment of the minorities and are showing profit and have adequate financial support to grant a loan to its members.
Required Documents for Swavalambana MM Scheme & Micro Loan Scheme
The Societies who desire to avail this facility should present the following documents:
- Registration Certificate of the Society.
- Bye-Laws of the Society.
- Details of provisions made to get money from the State Govt.
- Audited Report for the last 3 years.
- Report of the Dy. registrar of Co-Operative Societies with no adverse remarks.
- Contract deed, Guarantee letter.
II. The Government of Karnataka vides G.O.No.MWD/60/MDC/2016 dt.27.10.2016 has modified ‘Swavalambana’ Margin Money Loan and Subsidy Scheme into Self-employment Scheme.
Under the modified Scheme, Subsidy will be sanctioned to the applicants belonging to religious minority communities to start or improve business, small scale cottage industries, service sector, agriculture-based activities, with the co-ordination of Nationalised Banks. The details of benefits are as under:
(1) Subsidy of 50% or a maximum of Rs.35,000/- will be sanctioned to undertake economic activities covering the unit cost of Rs.1.00 Lakh.
(2) Subsidy of 33% or a maximum of Rs.2.00 Lakhs will be sanctioned to undertake economic activities covering the unit cost of Rs.1.00 Lakh and above.
Download the Swavalambana Margin Money Scheme & Micro Loan Scheme Form in PDF format using the link given below.
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