Mukhyamantri Alpsankhyak Rozgar Rinn Yojana
The objective of this scheme is to provide loans of up to ₹5,00,000/- at a simple annual interest rate of 5% to youths from minority communities (Muslim, Sikh, Christian, Buddhist, Jain, and Parsi) for generating employment.
About This Scheme
Benefits
₹5.0 L
Under this scheme, loans of up to ₹5,00,000/- are provided to youth from minority communities at a simple annual interest rate of 5% for the purpose of generating employment.
Note 1: After issuing the Sanction Order, the loan amount is transferred to the beneficiary's account via RTGS.
Note 2: If the sanctioned amount is:
₹1.0 L
More than ₹1,00,000/- (per unit of equipment or machines, etc.): The amount is transferred to the vendor’s account after receiving a quotation or proforma invoice. - Less than ₹1,00,000/-: The amount is transferred directly to the applicant's account.
> Loan Recovery:
Interest: A simple interest of 5% will be levied on the loan amount after a 3-month moratorium period. - EMI: The loan must be repaid in 20 equal quarterly installments. - Processing Charge: A 0.5% processing fee of the sanctioned amount will be deducted before the RTGS payment. - Rebate: A 0.5% rebate on the outstanding interest will be given if the full loan amount is repaid on time. - Penalty: Failure to pay EMIs on time will result in compounded interest being recovered at the end of the financial year. - Post-dated Cheques: The applicant is required to submit 10 to 20 post-dated cheques.
Eligibility
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Required Documents
- ✦Identity proof (Aadhaar Card)
- ✦Passport-size photograph
- ✦Proof of age
- ✦Educational qualification, training, or experience certificate
- ✦Photocopy of bank passbook (showing bank name, account number, and IFSC code)
- ✦Caste/Community certificate
- ✦Income certificate issued by a competent authority (SDO, BDO, CO)
- ✦Residence certificate issued by a competent authority
- ✦Disability certificate (if applicable)
- ✦Any additional documents as required
✦ Required ◦ Optional
How to Apply
Quick Info
- Level
- Central Government
- Max benefit
- ₹5.0 L