CHIEF
MINISTERS'S
ROZGAR YOJANA (CMRY) SCHEME (Revised)
Click
HERE to view Application Form
With
Share Capital Assistance to
Self Employed Scheme of DITC - 2003
| 1.
Eligibility |
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| a) | Age | : For all educated unemployed 21-40 year in general; relaxable by 5 years in case of widow, disabled person, scheduled caste, scheduled tribe, other Backward class person. |
| b) | Educational qualifications | : VIIIth passed relaxable in deserving cases, Preference will be given to those who have technical/professional qualifications. These will include candidates trained by TCPC, GHRSSIDC, Agriculture Department, Forest Department or any other Government Training Scheme. |
| c) | Family income | : The income of the beneficiary along with spouse and dependents, and children of minor age shall not exceed Rs. 80,000/- p.a. |
| d) | Residence proof | : Permanent resident of the area for at least 15 years. Documents required - Residential certificate from Mamlatdar or School leaving certificate or passing certificate from Goa Board/Goa University or any document to the satisfaction of the sanctioning authority. |
| e) | Defaulter | : Should not be a defaulter to any nationalized bank/financial institution/co-operative banks. Further, a person already assisted under other subsidy linked scheme would not be eligible under this scheme. |
2.
Activities
covered |
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| All economically viable/legal activities except dealing in Alcohol & tobacco. | ||
3.
Loan
assistance |
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| a) | Term loan Assistance | :
Maximum Rs.2.00 lakhs, including 50% share capital under DITC Scheme.* Maximum Rs.4.00 lakhs including 50% share capital under* DITC Scheme for an individual with professional degree/diploma/I.T.I. including those undergoing special training programmes conducted by authorised Govt. Departments / Corporations. |
| b) | Means of Finance | :
10% minimum promoter's contribution. 50% share capital under DITC
Scheme (interest free) 40% term loan under CMRY @ 8%p.a. (5% Promoter's Contribution & 45% term loan incase of SC/ST/OBC beneficiaries.) |
| c) | Interest rate | : 8% p.a. Penal & compound interest not to be charged on term loan |
| d) | Margin for loan | : 10% minimum (5% minimum for SC/ST/OBC person) |
| e) | Moratorium period | : Maximum one year. (Moratorium period at the discretion of the Task Force Committee) |
| f) | Security | : First charge of mortgage / hypothecation of fixed/current assets. |
| g) | Collateral | :
The applicant has to provide personal quarantee from self and one
guarantor (Govt. servant or a person owning a house worth Rs.2.00
lakhs or a plot of land of 1000 sq.mts. in Goa. Only personal guarantee by the applicant and parents / spouse / relative of the applicant to be taken for loan amount upto Rs.1.00 lakh and for loans where the assets financed are fixed assets as tangible security. |
4.
Repayment Schedule |
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| 10
years (including moratorium of maximum 1 year) in monthly installments.
In case of loans against vehicles, the maximum repayment may be
restricied to 5 years. |
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5.
Group activity |
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| More
than one person (not exceeding five) joining together to form a
partnership will be eligible for the assistance. The assistance
will be multiplied by number of persons joining together. (Prior approval of the Chairman, CMRY Task Force Committee, will be required for consideration of proposals involving a group of more than 5 persons). |
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6.
Default in repayment |
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| If
the borrower fails to repay the loan amount including interest thereon
as per repayment schedule, the same shall be recovered under provisions
of the Goa Public Monies (Recovery of dues) Act, 1986 (PMRA) |
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7.
Application form / fees |
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| Eligible
persons shall apply in prescribed application form priced at Rs.25/-,
giving details of their project alongwith requisite documents. Duly
completed application form shall be submitted to EDC Ltd. with application
fee of Rs.200.00 (Non refundable). |
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8.
Insurance
cover fund |
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| Rs.200/-
per lakh of term loan/share capital will be deducted from the 1st
disbursement to create a fund to provide insurance cover to the
loan amount/share capital in case of unfortunate disability/death
of the beneficiary during currency of the loan. Repayment of principal
balance of the loan amount will be done through the Fund. |
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9.
Training |
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| The
Scheme envisages compulsory entrepreneurship training of 7 days
for the beneficiary to be provided by the Government, after the
loan is sanctioned but before disbursement of the loan. |
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10.
Task force committee |
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| A Task Force Committee (TFC) comprising of the following will scrutinise applications under the scheme: | ||
| 1. | Vice Chairman of EDC or any other Director of EDC, as approved by the Government | : Chairman of TFC |
| 2. | Representative of Directorate of Industries, Trade & Commerce (not below the rank of G.M.-DITC) | : Member |
| 3. | Representative of Finance Department (not below the rank of Under Secretary) | : Member |
| 4. | Director, EDC Board | : Member |
| 5. | Government Nominee Member | : Member |
| Click
HERE
to see a Suggestive list of activities |
||
EDC
LIMITED
(Govt. of Goa Financial & Investment Corporation)
Corporate Office:
'EDC House', Dr.A.B. Road, Panaji, Goa 403 001.
Tel.: (0832) 2224541, 2224542
Fax: (0832) 2224938
E-mail: spbhat@edc-goa.com
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