Seed Capital Loan Scheme

 Seed Capital Loan Scheme
1. The objective of the scheme is to encourage unemployed person to take up self-employment ventures through industry, service and business, by providing soft loans to meet part of the margin money to avail institutional finance.
2. Eligibility : 
Local unemployed person or group of persons fulfilling:
1. Age Group: 18 to 50 years 
2. Qualification: Std. VII pass 
3. Domiciled in the state of Maharashtra for the last 15 years. 
3. Scope 
1. Project cost upto Rs. 25 lakhs for industry, service and business activity. 
2. Seed Money assistance at 15 per cent of the project cost approved by financial institutions is offered. In case of projects costing up to Rs. 10 lakhs, the quantum of assistance ranges upto 15 per cent for General category and 20% for SC/ST and OBC/NT/VT/Handicapped upto 20 per cent. 
3. Seed Money component up to 3.75 lakhs maximum. 
4. Bank loan 75% of the project cost. 
5. The rate of interest on seed money is 6% and if the borrower pays the repayment of installment regularly and within scheduled time, then the borrower will get rebate of 3% in interest. So he has to pay only 3% interest. 
6. If the installment is not repaid in time, it will attract 1% penal interest. 
7. The repayment of loan starts after three years in four yearly installments for industry cases. In other cases repayment starts after six months of loan availment.
Whom to Contact :
General Manager, District Industries Centre of respective District. (See the attachment below for list of DICs)
Mai Marathi,
Apr 1, 2010, 4:42 AM