TYPE OF APPLICANT : Individuals
STATE(S) COVERED : All States
MAXIMUM SUBSIDY AMOUNT : 10 Lakh
OBJECTIVE
- Increased access to credit by existing micro food processing entrepreneurs, FPOs, Self Help Groups and Co-operatives;
- Increased access for the enterprises, to professional and technical support.
- Integration with organized supply chain by strengthening branding & marketing;
- Support for transition of existing 2,00,000 enterprises into formal framework and make loan available
FEATURES
- Individual micro food processing units would be provided credit-linked capital subsidy upto 35% of the eligible project cost with a maximum ceiling of Rs.10 lakh per unit.
- Project cost will include Capital Expenditure (except cost of land) and one cycle of Working Capital. Projects without Capital Expenditure are not eligible for financing under the Scheme.
- Normal prevailing rate of interest shall be charged. Repayment schedule may range between 3 to 10 years after an initial moratorium as may be prescribed by the concerned bank / financial institution.
- Margin money (subsidy) will be claimed based on the sanction of capital and working capital of the project.
- The timing of subsidy payments is determined by the government, so we cannot provide an exact date for disbursement. However, we will keep you informed and support you throughout the process.
CRITERIA
- Any individual, above 18 years of age
- Only one person from one family is eligible for obtaining financial assistance for setting up of projects. The 'family' includes self, spouse and children.
- The applicant should possess at least 8th standard pass educational qualification;
- Willingness to contribute 10% of project cost and obtain Bank loan
- Projects without Capital Expenditure are not eligible for Financing under the Scheme.
- Cost of the land should not be included in the Project cost.
- Cost of the ready built shed / Work-shed / Workshop can be included in the project cost (Maximum upto 20 % of Total Project Cost)
- The enterprise should be unincorporated and should employ less than 10 workers
- The prescribed EDP training is mandatory before releasing of loan by the Banks.
REQUIRED DOCUMENTS
- Aadhaar Card
- Pan Card
- Photograph of Person
- Education Certificate
- Rent Agreement or Possession Receipt of Unit Location
- 6 Months Bank Statement
- Electricity Bill (Maximum 2 months old)
- Quotation
- Detailed Project Report
- Application submission to government
- Sanction letter (if any active loan)
- GST registration certificate
Mandatory
Will be provided by our expert team
Optional
PROCESS FLOW :
- Submit Application with Project Report and other necessary documents
- Nodal Officer will scrutinize the applications
- Eligible applicants will be approved and Forwarded to Banks
- Banks will scrutinize and sanction or reject the proposal depending upon financial and technical viability of the project
- The bank will upload the detailed sanctioned summary report with a copy of sanction letter on the portal.
- Applicants can begin EDP training anytime after submitting the application
- The Margin Money claim will be allowed after loan disbursement
Apply
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