Get Loan Up To 5lakh to Start Your Own Business in Tamil Nadu

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Mahila Coir Yojana
November 4, 2016

Get Loan Up To 5lakh to Start Your Own Business in Tamil Nadu

Tamil Nadu has emerged as one of the leading states for starting up business in India. An annual Small and Medium Enterprises (SME) survey conducted by India SME Forum in June 2014 reveals that Tamil Nadu is the most preferred destination for start-ups, as the state has a highly entrepreneur friendly conductive business climate. Unemployed Youth Employment Generation Programme (UYEGP) provides financial assistance to economically backward classes in manufacturing, service and business sector except any direct agricultural activities like raising crops.

Objective:

  • Provide employment opportunities for the weaker unemployed youth in their native places
  • To put an end to mass migration from rural to urban areas due to unemployment
  • To facilitate provisions of collateral free assistance under Credit Guarantee Trust for Medium , Small and Micro Enterprises (CGTMSME) merging with Unemployed Youth Employment Generation Programme (UYEGP)

Benefits:

Maximum project cost

Sector Loan
Manufacturing Sector  5 lakh
Service Sector 3 lakh
Business Sector 1 lakh
  • Under this scheme, loans can be availed from nationalized banks, private banks and Tamil Nadu Industrial Cooperative Bank
  • No collateral security is needed to get loans under this scheme.

Promoter’s contribution

  • For general category, the owner’s contribution should be of 10%
  • For special category (SC/ST/OBC/Minorities/Women/Ex-servicemen/Physically Challenged/Transgender) owners’ contribution should be of 5%.

Subsidy

At the rate of 15% of the project cost, subsidy will be provided to the beneficiaries.

Training

A compulsory training of 7 days will be given to the beneficiaries in Entrepreneur Development Programme organized by Entrepreneur Development Institute of Government of Tamil Nadu.

Eligibility Criteria

  • Age– Any individual over 18 years of age (for General category-maximum age should not exceed over 35 years of age, for Special category- maximum age should not exceed over 45 years)
  • Education– Should have minimum education of standard 8
  • Income ceiling– The family income of the beneficiary along with the spouse should not exceed Rs 1.5 lakh per annum
  • Residence– Should be a resident of Tamil Nadu for at least 3 years

Implementing agencies

District Industries Centre (DICs) of the concerned Districts and the Office of the Regional Joint Director of Industries and Commerce in respect of Chennai District

Website

http://theindianiris.com/get-loan-up-to-5lakh-to-start-your-own-business-in-tamil-nadu/

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