Karnataka Shrama Shakti Yojana: Our central and state governments introduce many plans and programs to develop our nation. Jobs are crucial for a nation’s progress. So, our government brings out different schemes to boost employment in each state and the country. Recently, the Karnataka state government has introduced a new plan for entrepreneurs in the state. It’s called the Shrama Shakti Scheme. Under this scheme, the Karnataka government will give loans to entrepreneurs in the state to create jobs and improve financial stability. This scheme is specifically for the minority community in the state.
If you’re interested and eligible, you can apply for this scheme. In today’s article, we’ll share details about the Shrama Shakti Scheme in Karnataka, including its key highlights, objectives, features, benefits, eligibility criteria, required documents, and the application procedure. Read this article carefully, and if you have any questions about the scheme, feel free to ask in the comment box below.
Karnataka Shrama Shakti Scheme 2023 Summary
The Karnataka government started the Sharma Shakti project to help the state’s minority folks start their own businesses or venture into entrepreneurship. The main department overseeing this initiative is the Karnataka Minorities Development Corporation Limited. Under the Sharma Shakti Scheme, candidates can get financial loans of Rs. 50,000, and they need to repay it within 36 months with an additional 4% interest rate.
Furthermore, candidates will receive training in technical or artistic skills. To be eligible, the candidate should be between 18 and 55 years old, and their annual income should not exceed 3.50 lakh. If any family member works for the Central, State, or Government Sector Unit, the applicant won’t be eligible for the program.
| Karnataka Shrama Shakti Scheme – Overview | |
|---|---|
| Name of Scheme | Shrama Shakti Scheme |
| Scheme Level | State Level |
| State | Karnataka |
| Launched By | Government of Karnataka |
| Objective | To inspire and encourage young people without jobs in Karnataka to launch their own businesses |
| Benefits | Financial loans up to 50,000 rupees |
| Interest Rate | 4% |
| Official Website Link | https://kmdc.karnataka.gov.in/ |
Objective of Shrama Shakti Scheme
The main aim of the Sharma Shakti Scheme is to encourage unemployed youth in Karnataka to start their own businesses or become entrepreneurs, boosting their careers and creating job opportunities for others. Even though they have jobs, financial constraints make it challenging for them to support their families. To aid such individuals, the Karnataka government launched the Sharma Shakti initiative. Under this scheme, eligible candidates can get a loan of Rs. 50,000, which they need to repay within 36 months. If the candidate repays half of the funding, the remaining Rs. 25,000 will be considered as a back-end subsidy.
Benefits of Karnataka Shrama Shakti Scheme:
- Entrepreneurial Support: The scheme assists the minority population in Karnataka in starting their own businesses or pursuing entrepreneurial careers.
- Financial Assistance: Eligible candidates can receive financial loans of Rs. 50,000 under the Sharma Shakti initiative, repayable within 36 months.
- Skill Development: Candidates will receive training in technical or artistic talents, enhancing their skill set.
- Interest Rate: An additional 4% interest rate will be applied to the total loan amount.
- Back-End Subsidy: If the candidate repays half of the funding, the remaining Rs. 25,000 will be recognized as a back-end subsidy.
Eligibility Criteria for the Scheme:
- Residency: The applicant must permanently reside in the state of Karnataka.
- Age Limit: The candidate’s age should be between 18 and 55 years, and their annual income should not exceed 3.50 lakh.
- Minority Group: The candidate should belong to a minority group, such as Buddhist, Muslim, Christian, Jain, Sikh, Parsi.
- Employment Status: The applicant should not have a family member working for the Central, State, or Government Sector Unit.
- Loan History: The applicant should not have a history of defaulting on KMDC loans.
- Program Benefit History: Neither the candidate’s family nor any other individual in the family should have benefited from any other KMDCL program in the past five years (except the Arivu Scheme).
Karnataka Driver Scheme 2023: Online Apply, Beneficiary List
Documents Required to Apply
The following documents are required to apply for the Sharma Shakti Scheme
- Aadhaar Card
- Surety Self Declaration Form
- Proof of income
- Project Report
- Bank Account Details
- Residence Proof of Karnataka
- 3 Color Passport Size Photo
- Online Application Form
- Minority Certificate and Caste Certificate
Shrama Shakti Scheme Reward Details:
- Financial Loans: Eligible candidates will receive financial loans of Rs. 50,000 under the Sharma Shakti Scheme. This amount is to be repaid within a period of 36 months.
- Back-End Subsidy: If the candidate repays half of the funding, the remaining Rs. 25,000 will be acknowledged as a back-end subsidy.
- Interest Rate: An additional 4% interest rate will be applied to the total loan amount.
These provisions aim to provide financial support to entrepreneurs, fostering economic stability and growth.
Procedure to Apply Online for Karnataka Shrama Shakti Scheme 2023
To apply for the Shrama Shakti Scheme, follow these simple steps:
1. Visit the official website of Karnataka Minorities Development Corporation Limited.
2. On the homepage, find the “Schemes” option and select the “Shrama Shakti Loan Scheme.”
3. A new page will open with all the necessary information. Read it carefully.
4. Click on “e-services” and then select “Online Application.”
5. On the new page, choose “Loan/Subsidy for Minorities” and click on “Apply Online.”
6. Click on the “Application Form” option.
7. The application form will appear on the screen.
8. Enter your mobile number and click “Verify” to confirm your mobile number.
9. Fill in all the required details such as Name, Date of Birth, Annual income, Community, etc.
10. Click on “Submit” to submit the application form.
11. Print a copy of the application form.
12. Attach all the necessary documents to the form.
13. Finally, submit the form to the District Selection Panel.
By following these steps, you can easily apply for the Shrama Shakti Scheme.