Karnataka Shrama Shakthi Loan Scheme

Introduction

• Karnataka Shrama Shakthi Loan Scheme is the major financial welfare scheme of Karnataka Government.
• Karnataka Minorities Development Corporation Limited is the nodal department of this scheme.
• The main objective behind launching this scheme is to provide financial assistance as a loan to the people of Karnataka who are willing to start or expand their businesses.
• This scheme is also called as "Karnataka Shrama Shakthi Scheme".
• Loan of Rs. 50,000/- will be provided to eligible beneficiaries at a very nominal interest rate of 4%.
• Applicant can use this amount of loan to start his/ her new business or to expand the pre existing one.
• Government of Karnataka will also provide subsidy on loan taken under Shrama Shakthi Loan Scheme applicable with conditions.
• There are two necessary conditions is applicable for subsidy in Karnataka Shrama Shakthi Loan Scheme :-
  • If Applicant Pay Half Amount of Loan in 36 Months, then the other half will be treated as Back End Subsidy.
  • But if Applicant fails to Pay the Half Amount of Loan in 36 Months then the other half will be treated as loan.
• This means applicant has to pay the half loan amount of Rs. 25,000/- within 36 months and the other half of Rs. 25,000/- will be subsidised and not need to pay by beneficiary.
• But, if applicant fails to pay the half loan amount of Rs. 25,000/- within 36 months then the other half of Rs. 25,000/- will be treated as loan and have to pay back the whole amount of loan of Rs. 50,000/- by the applicant.
• Applicant has to pay nominal interest rate of 4% again on the sanctioned loan.
• Shrama Shakthi Loan Scheme is not available for all the people of Karnataka.
• Applicant belongs to any of the minority community are eligible to apply for loan under Karnataka Shrama Shakthi Loan Scheme :-
  • Muslims.
  • Sikhs.
  • Parsis.
  • Jains.
  • Christians.
  • Buddhism.
• Benefits that are provided to selected beneficiary under Karnataka Shrama Shakthi Loan Scheme are as follows :-
  • Collateral Free Loan of Rs. 50,000/-.
  • Interest Rate will be charged @ 4% per year.
  • If Half amount of loan paid within 36 months then no need to pay other half.
  • Skill Training will also provided.
• There is no collateral security is required to avail the loan benefit under Karnataka Shrama Shakthi Scheme.
• Eligible Beneficiary can apply through Karnataka Online Application Management System Portal and then submit the application form of shramashakthi loan scheme with documents to its district selection panel.
• Online Application of Shrama Shakthi Scheme is available till 03-10-2023.
• Beneficiary can visit the Karnataka Online Application Management System Portal and apply for the Karnataka Shrama Shakthi Loan Scheme on or before 3rd October 2023.

Benefits of Scheme

• The following benefits will be provided by Karnataka Government under Shrama Shakthi Loan Scheme :-
  • Collateral Free Loan of Rs. 50,000/- will be Provided.
  • Nominal Interest Rate of 4% will be charged.
  • If Applicant Pay Half Loan Amount i.e Rs. 25,000/- in 36 Months then applicant doesn't have to pay other Half Amount of Loan.
  • If Applicant fails to pay Half Loan Amount of Rs. 25,000/- in 36 Months then applicant has to pay other Half Amount of Loan.
  • Skill Training will also provided to Applicant.

Eligibility

• Applicant should be a Resident of Karnataka.
• The Age of Applicant should be between 18 Years to 55 Years.
• The Annual Family Income of Applicant should not be more than Rs. 3,50,000/-.
• Applicant must be belong to any of the following minority community :-
  • Muslims.
  • Sikhs.
  • Parsis.
  • Jains.
  • Christians.
  • Buddhism.

Document Required

• Following Documents will be required at the time of applying for loan under Shrama Shakthi Loan Scheme of Government of Karnataka :-
  • Online Application Form.
  • Residence Proof of Karnataka.
  • Minority Certificate.
  • Caste Certificate.
  • Income Certificate.
  • Aadhar Card.
  • Project Report.
  • Passport Size Photo.
  • Bank Account Details.
  • Self Declaration Form.
  • Surety Self Declaration Form.

How to Apply

• Eligible Beneficiary can apply for Shrama Shakthi Scheme through Online Application Form.
• Online Application Form of Karnataka Shrama Shakthi Scheme is available on Karnataka Online Application Management System Portal.
• Enter your mobile number and verify the OTP to login.
• Fill the following details in the Shrama Shakthi Scheme Online Application Form :-
  • Personal Details.
  • Contact Details.
  • Project Details.
• Upload the required documents on the portal.
• Once you click on submit button, the application form will be submitted.
• Take a print out of the Online Application Form and attach all the required documents with it.
• Submit the Application Form of Shrama Shakthi Scheme along with all the documents to the District Selection Panel.
• District Selection Panel will scrutinise the application form and documents and make a list of eligible and ineligible applicants.
• Eligible Beneficiary can get a loan amount in their bank account.
• The last to apply for Loan under Shrama Shakthi Loan Scheme of Karnataka is 03-10-2023.
• Eligible Beneficiaries can apply for Karnataka Shrama Shakthi Loan Scheme till 3rd of October 2023.

Important Forms

• Karnataka Shrama Shakthi Loan Scheme Self Declaration Form.
• Karnataka Shrama Shakthi Loan Scheme Surety Self Declaration Form.

Important Links

• Karnataka Shrama Shakthi Loan Scheme Online Application Form.
• Karnataka Shrama Shakthi Loan Scheme Registration.
• Karnataka Shrama Shakthi Loan Scheme Application Status.
• Karnataka Minorities Development Corporation Limited Portal.
• Karnataka Shrama Shakthi Loan Scheme Guidelines.
• Karnataka Minorities Development Corporation Limited App.
• Karnataka Minorities Development Corporation Limited District Office Contact Numbers.

Contact Details

• Karnataka Minorities Development Corporation Limited Helpline Number :- 080-22860999.
• Karnataka Minorities Development Corporation Limited WhatsApp Helpline :- 08277799990.
• Karnataka Minorities Development Corporation Limited Helpdesk Email :-
  • info.kmdc@karnataka.gov.in.
  • kmdc.ho.info@karnataka.gov.in.
• Karnataka Minorities Department Corporation Limited,
  No. 39-821, Subedhar Chatra Road,
  Sheshadripuram, Bengaluru,
  Karnataka - 5660001.