Agnel Entrepreneurship Development Institute

Agnel Technical Education Complex

Verna Goa

CRMY

With Share Capital Assistance to Self Employed Scheme of DITC – 2009

ELIGIBILITY
Age: For all educated unemployed 18-40 year in general; relaxable by 5 years in case of widow, disabled person, scheduled caste, scheduled tribes, other backward class person. (Additional relaxation of 5 years for general as a well as reserved categories could be considered by the Task Force committee, to be approved by the Chairman EDC, depending during the year shall not exceed 5% of the total sanctioned cases during previous financial year ex-Government employees including those who have opted for VRS shall not be eligible for such relaxations.

Educational Qualification : VIIth passed relaxable in deserving cases. Preference will be given to those who have technical /professional qualifications. These will include candidates trained by TCPC, GHRSSIDC, Agriculture Department, Forest Department or under any other Government Training Scheme.

Family Income : The income of the beneficiary along with spouse and dependents and children of minor age shall not exceed Rs.80,000/-p.a

Residence : Permanent resident of the area for at least 15 years. Documents required Residential/ certificate or School Leaving certificate or passing certificate from Goa Board / Goa University or any document to the satisfaction of the sanctioning authority.

Defaulter : Should not be a defaulter to any nationalized bank / financial institution / co-operative banks. Further, a person already assisted under other subsidy linked scheme would not be eligible under this scheme.

ACTIVITIES COVERED
All economically viable / legal activities except dealing in alcohol & tobacco. Plantation is also not covered under the scheme.
 
LOAN ASSISTANCE
Term Loan Assistance : Maximum Rs. 4.00 Lakhs, including 50% share capital under DITC scheme Rs. 6.00 lakhs including 50% share capital under DITC Scheme* for an individual with professional degree /diploma/ I.T.I. including those undergoing special training 
 programme conducted by authorized Govt. Departments / Coporations.

Means of Finance: 10% promoters’ s contribution 50% share capital under DITC Scheme (Interest free) 40% term loan under CMRY @ 8% P.A.(5% Promoter’s Contribution & 45% term loan incase of widow, disabled person, SC/ST/OBC beneficiaries)

Interestrate: 8% p.a. (Penal & compound interest not to be charged on term loan)

Margin for loan: 10% (5% minimum for widow, disabled person SC/ST/OBC person)

Moratorium: Maximum one year. (Moratorium period at the discretion of Period of the Task Force Committee)

Security: First charge of mortagage/ hypothecation of fixed /current assests.

Collateral: The applicant has to provide personal guarantee from self and one guarantor (Govt. Servant or a person owning a house worth Rs. 2,00 Lakhs or a plot of land of 1000 sq.mts in Goa. Only the personal guarantee by the applicant and parents / spouse/ relative of the applicant to be taken for loan amount upto Rs. 1.00 lakh and for a loan where the assets financed are fixed as a tangible security.
 
REPAYMENT SCHEDULE
10 years (including moratorium of maximum 1 year) in monthly installments. In case of loans against vehicles, the maximum repayment may be restricted to 5 years.

GROUP ACTIVITY
More than one person (not exceeding five) joining together to form a partnership will be eligible for the assistance. The assistance will be multiplied by number of person joining together. Prior approval of the Government will be required for consideration of proposals involving a group of more than 5 persons.

DEFAULT IN REPAYMENT
If the borrower fails to repay the loan amount including interest thereon as per repayment schedule, the same shall be recovered under provisions of the Goa Public Monies (Recover of dues) Act, 1986 PMRA) and or section 29,30&31 of SFC’S ACT.

APPLICATION FROM /FEES
Eligible person shall apply in prescribe application from priced at Rs. 25/- giving details of their project along with requisite documents. Duly completed application from shall be submitted to EDC Ltd. With application fee of Rs. 200.00 (Non refundable)

INSURANCE COVER FUND
Rs. 200/- per lakh of term loan/share capital will be deducted from the 1st disbursement to create a fund to provide insurance cover to the loan amount /share capital in case of unfortunate disability/ death of the beneficiary during currency of the loan. Repayment of principal balance of the loan amount will be done though the fund.

TRAINING
The Scheme envisages compulsory entrepreneurship training of upto 7 days for the beneficiary to be provided by the Government, after the loan is sanctioned but before disbursement of the loan.

APPLICATION FORM:
Fill up the simple prescribed application form in duplicate along with the following documents.
  • 2 photograph of the applicant.
  • Birth Certificate
  • School leaving or qualification certificate
  • Certified copy of ration card.
  • 15 years residential certificate.
  • Any other relevant certificate.
PROJECT REPORT
Fill up the prescribed project report form in duplicate along with the following documents.
  • All quotation of assets to be acquired and also of raw material or stock, from authorized dealers.
  • Registration of the unit where necessary.
  • N.O.C. From Panchayat / Municipality.
  • Any other requisite N.O.C. from Government department or authority as applicable.
  • N.O.C. on stamp paper and in prescribed format from the owner of the premises where the activity is proposed to be started.
  • Tax receipt / registration of the shop.
  • Electricity / water connection proof (Wherever necessary)
GUARANTOR:
The applicant has to provide one guarantor in the form of Government Servant having a minimum monthly take home salary of about Rs. 4000/- or a person owing a residential house worth Rs. 2.00 lakhs or plot of land measuring 1000 sq.mts. such a guarantor will have to fill in the prescribed from provided with the application alongwith two photographs and relevant proof i.e. Salary certificate, house tax receipt or form I & XIV, as the case may be (No Guarantor is required for loan upto Rs. 1.00 lakh. Also, if assets proposed to be acquired have tangible security, no Guarantor is required for loan upto Rs. 1.00 lakh)

AFFIDAVIT
The applicant has to file an affidavit on Rs. 20/- stamp paper, executed before the competent authority, in the format provided with the application form.
N.B.  1) All photo copies should be attested
         2) Staff from Agnel Entrepreneurship Development Institute will assist the beneficiaries in preparing  project report.