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PROVISION OF TERM LOAN & LOAN SUBSIDY FOR SCHEDULED TRIBE, BACKWARD CLASS & DIFFERENTLY ABLED YOUTHS OF JHARKHAND UNDER MUKHYAMANTRI ROJGAR SRIJAN YOJANA

(Ref.: Departmental Sankalp 2563 dated 26.08.2022)
  • Mukhyamatri Rojgaar Srijan Yojana: Mukhyamantri Rojgaar Srijan Yojana aims to provide loan and loan subsidy at competitive rates (easily accessible and comparatively low rate of interest) to youths belonging to Scheduled Tribe(ST), Scheduled Caste(SC), Backward Class(BC), Minority, and Differently abled (Divyang) category to start their self-enterprise / promote self-employment. This financial assistance in terms of loan and loan subsidy strictly meant for promoting income generation activities through providing avenues for self-employment not for the consumption purpose.
  • Jharkhand State Tribal Cooperative Development Corporation Ltd. is providing term loan and loan subsidy for income generating schemes to youth belonging to Scheduled Tribe, Backward Class and Differently abled (Divyang) category on subsidized rate of interest under Mukhyamatri Rojgaar Srijan Yojana.
  • Eligibility: : Unemployed Youth in the age group of 18 to 50 years, whose annual family income does not exceeds Rs.5.00 lakh.
    (Under Term Loan schemes of NSTFDC, NBCFDC and NHFDC the eligibility of applicant should be considered as per the prevailing norms of those corporations)
  • Loan Assistance : From Rs.50,000/- to Rs.25,00,000
    • FINANCIAL ASSISTANCE PATTERN
    For Loan Amount upto Rs. 50,000/- For Loan Amount : Rs.50,001 to Rs. 25,00,000/-
    1. Margin Money
      (Beneficiary Contribution) - Nil
    2. Term Loan: 100%
    3. Loan Subsidy by State Govt.– 40% of loan amount
    1. Margin Money
      (Beneficiary Contribution) - 10%
    2. Term Loan: 90%
    3. Loan Subsidy by State Govt.– 40% of loan amount
  • Margin Money/ Beneficiary Contribution: For all schemes exceeding Rs.50,000/- : 10% beneficiary share is applicable.
  • Provision of Loan Subsidy, Rate of Interest and Calculation of Monthly Installment:
    • SL Limit of Loan Loan Subsidy Rate
    (in %)    		 Amount of Subsidy
    (in Rs.)
    1. Upto Rs. 50,000/- 40% Rs. 20,000/-
    2. Rs. 50,001/- to Rs. 2,50,000/- 40% Rs. 20,000/- to Rs. 1,00,000/-
    3. Rs. 2,50,001/- to Rs. 5,00,000/- 40% Rs. 1,00,000/- to Rs. 2,00,000/-
    4. Rs. 5,00,001/- to Rs. 10,00,000/- 40% Rs. 2,00,000/- to Rs. 4,00,000/-
    5. Rs. 10,00,001/- to Rs. 25,00,000/- 40% Rs. 4,00,000/- to maximum Rs. 5,00,000/-

    The applicable rate of interest for loan is 6% per annum. The interest will be calculated on amount of the loan derived after deducting the subsidy amount from the sanctioned loan amount.

  • GUARANTOR
    • For the schemes upto Rs.50,000 : Not required
    • For the schemes exceeding Rs.50,000: One Guarantor is required
    • Guarantor’s Eligibility:
      • The guarantor can be a working / retired employee in a Government / Semi-government / Private organization or an elected / pre-elected Public Representative / Income Tax payer.

        • OR

      • In case of loan related to Plant and Machinery and Vehicle, only hypothecation will be valid as a guarantee for the loan.

        • OR

      • Provision of movable/immovable property as a guarantee –
        Movable/immovable property equivalent to the loan amount can also be obtained from the beneficiaries as a guarantee by the corporations operating under the department.
  • ELIGIBILITY CRITERIA / DOCUMENTS REQUIRED :
    • Applicant Age: 18- 50 years
    • The applicant should be a permanent resident of Jharkhand state and it will be mandatory to give online issued certificate related to it.
    • Caste Certificate issued from the State of Jharkhand (issued online).
    • Income certificate issued from the State of Jharkhand (issued online) – The annual family income of the applicant in rural and urban areas should not exceed Rs.5.00 Lakh
    • Applicant should not be in government/semi government service. It will be mandatory to provide a self-declaration letter in this regard.
    • The applicant must not have availed the benefit of loan subsidy from any Government / Semi-government Institutions in the past and must not be a defaulter of any bank or financial institution. It will be mandatory to provide a self-declaration letter in this regard.
    • It will be mandatory for the applicant to provide the photocopy of Aadhaar card / Proof of Age/ Bank Account details (first page of the Bank Account Passbook).
    • For loans above Rs.50,001/- a project proposal has to be given. In the proposal, it will also be mandatory for the applicant to share the information that how much employment can be generated in his business (except vehicle loans) per investment of Rs 1.50 lakh. Business proposals related to any type of intoxicant such as alcohol, Hariya, taari, etc., that harm the environment, such as polythene bags/carry bags/packaging material less than 20 microns, etc. will not be covered under this scheme.
    • Margin Money - 10% of the total cost of the project unit above Rs.50,001/- will have to be borne by the applicant as margin money.
    • If any training has been taken related to the proposed Project, its certificate has to be attached.
    • Regarding vehicle loan, it will be mandatory for the applicant to Register the vehicle taken on loan. In the matter of registration, the rules/regulations of the Transport Department will be followed.
    • For loan related to Plant & Machinery and Vehicle, it will be mandatory to hypothecate the plant & machinery and vehicle taken by the applicant in the name of the concerned corporation in the prescribed form.
    • According to the loan amount, the applicant will have to give a guarantee against the loan.
    • Self-Help Groups will be sanctioned loan for the income generation purpose only in accordance with the guidelines of National Rural Livelihood Mission functional under Department of Rural Development and prevailing RBI guidelines for supporting financing to SHGs for income generation activities.
    • Disability Certificate (minimum 40%) is mandatory for differently abled applicants.
    • If the applicant is disabled, then in that case the applicant should have a certificate related to disability (at least 40%) It will be mandatory to provide relevant Certificate in this regard.