Devaraj Arasu Loan Scheme 2023 is a government initiative scheme which aims at promoting financial inclusion and entrepreneurship among marginalized communities. The scheme provides accessible loans to individuals from economically weaker sections, including scheduled castes, scheduled tribes, and other backward classes. Under the Devaraj Arasu Loan Scheme, eligible applicants can avail loans at low interest rates, which enables them to start or expand their own businesses. The scheme also offers financial support for education, housing and agriculture-related activities.
By providing easy access to credit, the Devaraj Arasu Loan Scheme aims to empower disadvantaged individuals and uplift their socio-economic status. It plays a crucial role in fostering self-employment, reducing poverty, and promoting inclusive growth in the targeted communities. In this article we will discuss about Objective, Key Highlights, Eligibility Criteria, Benefits, Required Documents etc.
Overview of Devaraj Arasu Loan Scheme
Under this Devaraj Arasu Loan scheme the Government is providing financial assistance of up to Rs. 50,000/- to each beneficiary for self-employment activities under business, service agriculture and allied activities. The Candidates who are between the age of 18 to 55 years are eligible to apply. To avail loans under Self-Employment Scheme.
the annual income of candidates residing in rural areas must not exceed Rs. 98,000/- while the candidates who are residing in urban areas must not exceed more than Rs. 1,20,000/-. Interested candidates can submit their application along with copies of Caste and Income certificates, Aadhaar card attached to the prevailing bank account and bank passbook.
Objectives of Devaraj Arasu Loan Scheme
The objectives of the Loan Scheme are as follows:
- The main purpose of the scheme is to provide loans to the citizens of backward classes who want to set up their business activities.
- Financial assistance of up to Rs. 50,000/- to each beneficiary for self-employment activities will be provided.
- Subsidy will also be provided on the loan.
Key Highlights of Devaraj Arasu Loan Scheme
| Name of the Scheme | Devaraj Arasu Loan Scheme |
| Launched By | Government of Karnataka |
| Scheme Start Date | 02 October 2023 |
| Beneficiary | Citizens of Karnataka |
| Objective | To provide loan |
| State | Karnataka |
| Mode of Application | Online |
| Minimum Loan Amount | Rs. 50,000/- |
| Maximum Loan Amount | Rs. 2 Lakh |
| Loan Interest Rate | 4% Yearly |
Eligibility Criteria
Applicants who wants to apply for the loan scheme can check the eligibility criteria given below:
- Applicant must be a permanent resident of Karnataka.
- The age of the applicant should be between 18 to 55 years.
- The annual family income of the applicant living in rural areas should not exceed Rs. 98,000/- and those who are living in urban areas the annual family income should not exceed Rs. 1,20,000/-.
Benefits of the Scheme
- The amount provided for loan will be up to Rs. 50,000/-.
- The government will also provide subsidies on the loan.
- The amount of subsidy will be up to Rs. 10,000/-.
- Beneficiaries have to pay a nominal amount of interest at 4% per annum.
- Beneficiaries are not required to depend on anyone to finance their business with the implementation of the phone now.
Required Documents
To apply online following documents are required:
- Aadhar card
- Income certificate
- Proof of age
- Passport size photograph
- Mobile number
- Email ID
- Bank Details
- Loan Application form
Devaraj Arasu Loan Scheme Apply Online 2023
- Visit the Official Website.
- On homepage click on Devaraj Arasu Loan scheme.
