Question: What will I get under Direct Loans For Business Enterprise?

Answer: Benefits under Direct Loans For Business Enterprise:

?Under this scheme, a loan of Rs.20 Lakhs will be given At Low Interest Rates to persons belonging to minority communities for
setting up their Businesses. What is the rate of interest on the loan? If The Applicant's Family Income Is Below Rs 8.00 Lakhs, It will be
4%. if the applicant's family income is between Rs 8.00 lakhs-15 lakhs, It will be 6%. Is there a guarantee needed for getting loan under
this scheme?Loans will be provided only on a mortgage of property (building/land) to the corporation. The value of the property should
not be less than the loan amount.What is the application procedure for this scheme?The person can request loans by applying online
through link https://kmdconline.karnataka.gov.in/Portal/home and then submitting the filled applications along with documents, or they
can directly walk-in to the banks to provide them assistance for getting the loans under this scheme.What are the required documents?
Copy of Aadhaar as residential proof, Caste Certificate Issued by the competent authority, Income Certificate Issued by the competent
authority, Lease deed/Partition deed/Release deed/Gift deed/Rental agreement/Sale deed of the property, Project report/Profile of
activities from CA(Chartered Accountant), Quotations related to the project, License from respective authorities with respect to property
proposed to be mortgaged, Building's Khata extract and Khata certificate or land's Mutation copy, Phodi/Partition deed with respect to
revenue lands and phani-RTC, Encumbrance Certificate-(EC)/Form No.15, Up-to-date tax-paid receipts from the local bodies, Guidance
value of the land from the competent authority, No objection from the family members to pledge the title deed with the family tree, In
the case of a building, Valuation report by a registered valuer and Valuation Certificate, Self-Declaration FormHow to obtain Self-
declaration form, caste certificate, and RTC?All these documents can be obtained online. The links are as under: The link for Self-
Declaration Form â€“ https://kmdconline.karnataka.gov.in/API/ProjectFiles/DocumentTypes/Self-Declaration-Applicant1.pdf The link
to get a Caste Certificate is â€“ https://sevasindhu.karnataka.gov.in/Category/Caste%20Certificate.html The link to get RTC is â€“
https://landrecords.karnataka.gov.in/Service2/Sources And ReferencesApplication LinkScheme DescriptionOkWas this helpful?News
and UpdatesNo new news and updates availableShareYou need to before
applying for schemesCancelIt seems you have already initiated your application
earlier.To know more please visit CancelApply NowKarnatakaDirect Loans For Business EnterpriseBuisness
LoanEntrepreneursMinorityMSMEDetailsBenefitsEligibilityExclusionsApplication ProcessDocuments RequiredFrequently Asked
QuestionsThe main objective of this scheme is to provide financial assistance in the form of loans to persons belonging to the State's
Religious Minority Communities so as to help them to start their businesses or expand their existing ones.Under this scheme, loans will
be provided to eligible entrepreneurs to start or expand their businesses by mortgaging property (building or land).Loans will be provided
only on a mortgage of property (building/land) to the corporation. The value of the property should not be less than the loan
amount.Business/Enterprise Loan will be given to only one member of a family.If the applicant's family income is below Rs 8.00 lakhs,
then the loan will be provided up to Rs 20 lakhs at a 4% interest rate.If the applicant's family income is Rs 8.00 lakhs to 15 lakhs, then
the loan will be provided up to Rs 20 lakhs at a 6% interest rate.People belonging to State Religious Minority Communities are covered
under this scheme. (State Religious Minority Communities consist of People belonging to Muslim, Christian, Sikh, Buddhist, and Jain
Communities).ï»¿The following are the eligibility criteria for this scheme Applicant should be a resident of Karnataka stateApplicant
should belong to the minority communityApplicant should belong to a minority communityApplicant Age should be between 18 to 55
yearsBusiness/Enterprise loan will be given to only one member of a familyï»¿Specific documents regarding the viability of the business
are required while applying for this scheme, and some other Documents are Required After Selection as well.Documents Required
While ApplyingCopy of Aadhaar as residential proofCaste Certificate Issued by the competent authorityIncome Certificate Issued by the
competent authorityLease deed/Partition deed/Release deed/Gift deed/Rental agreement/Sale deed of the propertyProject report/Profile of
activities from CA(Chartered Accountant)Quotations related to the projectLicense from respective authorities with respect to property
proposed to be mortgagedBuilding's Khata extract and Khata certificate or land's Mutation copy.Phodi/Partition deed with respect to
revenue lands and phani-RTCEncumbrance Certificate-(EC)/Form No.15Up-to-date tax-paid receipts from the local bodiesGuidance
value of the land from the competent authorityNo objection from the family members to pledge the title deed, with the family treeIn the
case of a building, a Valuation report by a registered valuer- Valuation CertificateSelf-Declaration FormDocuments Required After
SelectionCommittee Approval OrderAffidavit from ApplicantJoint Affidavit from the Beneficiary & the GuarantorDemand Promissory
Note (DPN)Hypothecation & Mortgage DeedLetter of RepaymentLetter of GuaranteeLoan AgreementConsideration of
ReceiptAcknowledgment of debt from the Borrowerï»¿OkWas this helpful?ShareNews and UpdatesNo new news and updates
availableÂ©2024Powered byDigital India Corporation(DIC)Ministry of Electronics & IT (MeitY)Government of IndiaÂ®Quick
LinksAbout UsContact UsScreen ReaderAccessibility StatementFrequently Asked QuestionsDisclaimerTerms & ConditionsUseful
LinksGet in touch4th Floor, NeGD, Electronics Niketan, 6 CGO Complex, Lodhi Road, New Delhi - 110003, Indiasupport-
myscheme[at]digitalindia[dot]gov[dot]in(011) 24303714Last Updated On : 28/03/2024 | v-2.1.1