Mukhyamantri Alpsankhyak Rozgar Rinn Yojana

Mukhyamantri Alpsankhyak Rozgar Rinn Yojana क्या है?

The objective of this scheme is to provide loans of up to ₹5,00,000/- at a simple annual interest rate of 5% to youths from minority communities (Muslim, Sikh, Christian, Buddhist, Jain, and Parsi) for generating employment.

लाभ

- Under this scheme, loans of up to ₹5,00,000/- are provided to youth from minority communities at a simple annual interest rate of 5% for the purpose of generating employment. **Note 1:** After issuing the Sanction Order, the loan amount is transferred to the beneficiary's account via RTGS. **Note 2:** If the sanctioned amount is: - **More than ₹1,00,000/- (per unit of equipment or machines, etc.):** The amount is transferred to the vendor’s account after receiving a quotation or proforma invoice. - **Less than ₹1,00,000/-:** The amount is transferred directly to the applicant's account. > **Loan Recovery:** - **Interest:** A simple interest of 5% will be levied on the loan amount after a 3-month moratorium period. - **EMI:** The loan must be repaid in 20 equal quarterly installments. - **Processing Charge:** A 0.5% processing fee of the sanctioned amount will be deducted before the RTGS payment. - **Rebate:** A 0.5% rebate on the outstanding interest will be given if the full loan amount is repaid on time. - **Penalty:** Failure to pay EMIs on time will result in compounded interest being recovered at the end of the financial year. - **Post-dated Cheques:** The applicant is required to submit 10 to 20 post-dated cheques.

स्तर

State — Bihar

मंत्रालय / विभाग

Minority Welfare Department

लाभ का प्रकार

cash

मुख्य पात्रता

1. The applicant should be a permanent resident of Bihar. 1. The applicant should apply for the scheme benefits in their district of permanent residence. 1. The applicant should belong to a minority community (Muslim, Sikh, Christian, Buddhist, Jain, or Parsi). 1. The applicant's age should be b

अंतिम सत्यापन

Recently

Benefits

- Under this scheme, loans of up to ₹5,00,000/- are provided to youth from minority communities at a simple annual interest rate of 5% for the purpose of generating employment. **Note 1:** After issuing the Sanction Order, the loan amount is transferred to the beneficiary's account via RTGS. **Note 2:** If the sanctioned amount is: - **More than ₹1,00,000/- (per unit of equipment or machines, etc.):** The amount is transferred to the vendor’s account after receiving a quotation or proforma invoice. - **Less than ₹1,00,000/-:** The amount is transferred directly to the applicant's account. > **Loan Recovery:** - **Interest:** A simple interest of 5% will be levied on the loan amount after a 3-month moratorium period. - **EMI:** The loan must be repaid in 20 equal quarterly installments. - **Processing Charge:** A 0.5% processing fee of the sanctioned amount will be deducted before the RTGS payment. - **Rebate:** A 0.5% rebate on the outstanding interest will be given if the full loan amount is repaid on time. - **Penalty:** Failure to pay EMIs on time will result in compounded interest being recovered at the end of the financial year. - **Post-dated Cheques:** The applicant is required to submit 10 to 20 post-dated cheques.

Eligibility

Documents Required

How to Apply

1. Step 1: Offline application — step 1

   Step 1: The Bihar State Minorities Financial Corporation Limited will publish an advertisement in daily newspapers, inviting loan applications to be submitted at the District Minority Welfare Office (DMWO). Step 2: Interested applicants must submit the application form, along with the required documents, to the District Minority Welfare Office in the district where they plan to start their business. Step 3: Before the loan is sanctioned, a site inspection and verification of the submitted documents will be conducted. The divisional in-charge will prepare a site inspection report and provide recommendations. Step 4: The Corporation's regional office will collect and process additional documents from selected applicants, including affidavits, agreement letters, guarantee bonds, and hypothecation forms. The regional office in-charge will sign these documents on behalf of the Corporation. Step 5: After successful verification and completion of the required documentation, the loan amount will be sanctioned and disbursed to the selected candidates. Note: For additional information, please contact the District Minority Welfare Office located at the District Headquarters.

Sources & References

• Official scheme website ↗
• Source record ↗
• Information is summarised from official government sources. Verify all details on the official website before applying.