The Karnataka Shrama Shakti Scheme 2024 is the initiative of Government of Karnataka which is basically implemented for the benefit of the minority community of the state. The state government will provide a loan of up to Rs. 50000/- at 4% rate of interest under this Karnataka Shrama Shakti Scheme 2024 The loan will be provided to minority traditional artisans to improve their artistic and technical skills to start or expand their trade. In this article we will discuss about the Scheme in details which includes Key Highlights Objectives Benefits Eligibility Criteria Required Documents Procedure to Apply for this Scheme etc.
Karnataka Shrama Shakti Scheme 2024
To develop traditional skills or to continue same business or to start a small business or to improve their businesses, minority community entrepreneurs will be trained in artistic and technical skills. A loan of Rs50000/- with 4% rate of interest will be provided to be paid in 36 installments. The beneficiary of Karnataka Shrama Shakti Scheme repays 50% of the loan within 36 months the remaining 50% of the loan would be considered a back-end subsidy. If the beneficiary fails to repay the loan within 36 months 50% of the back-end subsidy will be considered as a loan.
Key Highlights of Karnataka Shrama Shakthi Scheme
| Name of the Scheme | Karnataka Shrama Shakthi Scheme |
| Launched By | Government of Karnataka |
| State | Karnataka |
| Objective | To encourage unemployed young people in the state to launch their own business |
| Benefits | Loan of Up to Rs. 50000/- |
| At Rate of Interest | 4% |
| Beneficiary | Minority Community of Karnataka |
| Nodal Department | Karnataka Minorities Development Corporation Limited |
| Mode of Application | Offline at Mandal Revenue Officer (MRO) |
| Age Limit | 18 to 55 Years |
| Helpline Number | 080-22860999, 080-22861226 |
| Official Website | https://kmdc.karnataka.gov.in/ |
Objectives of Karnataka Shrama Shakti Scheme 2024
- Government launched this program with a goal of providing a loan of up to Rs. 50000/- with 4% rate of interest.
- The primary objective of the scheme is to motivate unemployed young people in the state to launch their own business.
- Another objective id to support the residents of the state by providing financial assistance.
Benefits of Shrama Shakthi Scheme
- Religious Minority Community entrepreneurs will be trained in artistic and technical skills.
- A loan of Rs. 50000/- will be provided to persons belonging to religious minority community.
- Minorities will be provided a low rate of interest loan for their business.
- If the beneficiary repays 50% of the loan within 36 months the remaining 50% of the loan would be considered a back-end subsidy.
- Karnataka Shrama Shakti Scheme will help the unemployed youth of the state to get employment.
Eligibility Criteria
- Applicant should belong to religious minority community.
- Applicant should be a permanent resident of Karnataka.
- Age limit should be between 18 to 55 years.
- Annual family income of the applicant from all sources should be below Rs. 350000/-.
- Any member of the applicant’s family should not be Central/State Government employee.
- Applicant or his/herfamily members should not have availed benefits from any other scheme (Excluding Arivu Scheme) of the KMDCL in the last 5 years.
Required Documents
- Aadhar Card
- Project Report
- Self Declaration Form
- Surety Self Declaration Form
- Bank Account Details
- Residence Proof of Karnataka
- Online Application Form
- Income Certificate issued by the competent authority
- Caste/Minority Certificate issued by the competent authority
- Passport Size Photo
Procedure to Apply for Karnataka Shrama Shakthi Scheme
- Visit the Official Website of Karnataka Minorities Development Corporation Limited.
- On homepage under the SCHEMES option click on “SHRAMASHAKTHI LOAN SCHEME” option.
- Go through the information carefully.
- Now under “E-SERVICES” option click on the option “ONLINE APPLICATION”.
- On another page click on “Apply Online” under the option “Loan/Subsidy for Minorities”.
- Enter your mobile number and Submit it.
- Application form will appear on your screen.
- Enter the required details like Name, Date of Birth, Annual income, Community, etc
- Click on Submit button to submit the application form.
- Print the application form and then attach all the required documents.
- Submit the form to the District Selection Panel.
- The District Selection Panel will scrutinize the application form and documents then they will create a list of eligible applicants.