Annasaheb Patil Mahamandal Karj Yojana
All You Need to Know About Annasaheb Patil Mahamandal Karj Yojana
Annasaheb Patil Mahamandal Karj Yojana - Overview
The Annasaheb Patil Mahamandal Karj Yojana is an initiative by the Government of Maharashtra, managed by the Annasaheb Patil Economic Development Corporation. It aims to promote self- employment and entrepreneurship among economically weaker sections by providing interest-free loans to eligible individuals. This scheme is particularly focused on helping unemployed youth start or expand their businesses.
Features
- Loan Amount : Interest-free loans ranging from ₹10 lakh to ₹50 lakh.
- Interest Subsidy : The state government on loans up to ₹15 lakh for regular repayment (as per applicable terms & conditions)
- Repayment Period :Up to 5 years.
- Purpose : To support self-employment and business development.
- Beneficiaries : Primarily for the Maratha community and other economically weaker sections in Maharashtra.
ELIGIBILITY CRITERIA
Collateral and Eligibility for Loan :
- Loans approved without collateral (security) by banks can be eligible for the guarantee under the Mandal’s loan scheme.
- The applicant must have the Mandal’s eligibility certificate to proceed.
- Once the loan is approved, the loan details (amount and disbursement) must be uploaded into the Mandal’s web system.
- If the business type is not related to agriculture, trade, or other relevant industries, the applicant will not be eligible for this scheme.
- If the collateral guarantee is necessary, the Mandal will assess and approve as required.
Loan Amount Limit and Guarantee :
- Personal loans and business loans under this scheme can have a maximum loan amount of ₹10 lakh, and the Mandal will provide a guarantee for such loans.
- The guarantee will be valid for a period of up to 5 years from the loan sanction date.
- The bank must conduct due diligence and assessment according to its internal processes, with no intervention from the Mandal in the process.
INTEREST RATES AND CHARGES
- Interest Rate: 12% P.A.
- Processing Fee: As per the bank's policy.
- Other Charges: Minimal charges may apply for documentation, as per the bank's guidelines.
REQUIRED DOCUMENTS
- Identity Proof: Aadhaar Card, PAN Card, or Passport.
- Address Proof: Ration Card, Electricity Bill, or Voter ID.
- Income Certificate: Issued by the competent authority.
- Caste Certificate: For Maratha community applicants.
- Business Plan/Project Report: A detailed plan outlining the loan's purpose and expected outcomes.
- Bank Account Details: Updated passbook or cancelled cheque.
- Two Passport Size Photocopy
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