Overview
This Scheme is implemented through self-help groups. The group so formed should have 10 to 20 members. The group should have aim to involve its members in any of the lucrative business activity. The members after forming a self-help group should select two of its members as group leader 1 and 2. They should open a bank account in the name of the self-help group with the authorised signatory as group leaders 1 & 2. The group should consist of only religious minority persons. Priority in this scheme will be given to the Women Self-help groups. The Minority communities persons residing in city areas and rural areas who wish to start petty business like vegetable/fruit vending through push carts, kallai making, bed making, pan shop, groundnut selling, cycle repairing, gas/arc welding, vulcanizing, fish selling, tea shop etc., will be provided loan of Rs.10,000 to each members. The loan will be sanctioned directly to the Self help group which in turn will further disbursed the loan to its members with a subsidy of ₹ 5,000.
The loan has to be repaid in 36 monthly instalments @ 5% rate of interest p.a
- See more at: The loan has to be repaid in 36 monthly instalments @ 5% rate of interest p.a
http://kmdc.karnataka.gov.in/micro-loan-with-subsidy#sthash.nhACEeUC.dpuf
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