Direct Loans For Business Enterprise
State: Karnataka
Ministry: null
Department: Minorities Welfare Department
Category: Business & Entrepreneurship
Beneficiary Type: Individual

Direct Loans For Business  Enterprise Scheme is implemented by Karnataka Minorities Development Corporation Limited. Under this scheme, loans will be provided to eligible entrepreneurs to start or expand their businesses by mortgaging property (building or land).

Benefits:
Under this scheme, loans will be provided to eligible entrepreneurs to start or expand their businesses by mortgaging property (building or land).
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.

Eligibility:
1. Applicant should be a resident of Karnataka state
1. Applicant should belong to the  minority community
1. Applicant should belong to a minority community
1. Applicant Age should be between 18 to 55 years
1. Business/Enterprise loan will be given to only one member of a family

Application Process:
[Online]
The application is to be completed in two parts, first online and then offline.
Step 01: First go to the official website, and fill out the application form.
Step 02: Print the application form.
Step 03: Submit this application form along with other relevant documents to the Selection Panel of your concerned district.
Step 04: After the approval of the Selection Panel, the loan amount will be transferred to your bank account.

[Offline]
Through Banks which are offering MSMEs loans under this scheme. For this, you may directly go to the bank and request for a loan under this scheme.

Documents Required:
Documents Required While Applying
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, a Valuation report by a  registered valuer- Valuation Certificate
Self-Declaration Form
Documents Required After  Selection
Committee Approval Order
Affidavit from Applicant
Joint Affidavit from the Beneficiary & the Guarantor
Demand Promissory Note (DPN)
Hypothecation & Mortgage Deed
Letter of Repayment
Letter of Guarantee
Loan Agreement
Consideration of Receipt
Acknowledgment of debt from the  Borrower
Acknowledgment of debt from the Guarantor
Memorandum of deposit of title deeds/equitable mortgage deed
Blood Relations Power of Attorney (if the property is not in the applicant's name)