| Chief Minister’s Rojgar Yojana (CMRY) – 2023 | ||||||||||||||||||||||||||||||
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| Purpose of Loan | To provide self-employment (Rojgar) opportunities to Goan youth by way of financial assistance to new as well as expansion of existing units for setting up projects for eligible activities. | |||||||||||||||||||||||||||||
| 1 | Eligibility | |||||||||||||||||||||||||||||
| a) | Age | 18 years to 50 years (Relaxable by 5 years in case of widow, disabled person, scheduled caste, scheduled tribe, other backward class person). The loan repayment period should not exceed 60 years of the age of the borrower. |
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| b) | Educational qualification | VIIIth passed, (Relaxable in deserving cases). Preference will be given to those who have technical/professional qualifications. These will include candidates trained by GHRSSIDC, Agriculture Department, Forest Department or under any other Government Training Scheme. | ||||||||||||||||||||||||||||
| c) | Family income | No income ceiling. | ||||||||||||||||||||||||||||
| d) | Residence proof | Permanent resident of the area for at least 15 years. Documents required– Residential Certificate or School Leaving Certificate or passing Certificat1e from Goa Board/Goa University or any document to the satisfaction of the sanctioning authority. Those who do not fulfill the domicile condition, but are married to a person of Goan origin, and whose spouse is a resident of Goa for atleast 15 years, shall also be eligible for assistance, provided he/she is settled in Goa for a minimum period of one year. |
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| e) | Defaulter/ Non Eligibility | Should not be a defaulter to any nationalized bank/financial institution/co-operative bank. Further, a person already assisted under other subsidy linked scheme will not be eligible under this scheme, unless otherwise relaxed/specified. | ||||||||||||||||||||||||||||
| 2 | Activities covered | All economically viable/legal activities except dealing in alcohol & tobacco. The scheme shall cover the following activites: CSC-VLE ( Common Service Centres – Village Level Enterprises) Start- ups (for fixed assets only) Homestay, Bed and Breakfast (for fixed assets only) Civil/Electrical Contractors (for fixed assets only) |
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| 3 | Loan Assistance | |||||||||||||||||||||||||||||
| a) | Project cost |
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| b) | Means of Finance |
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| c) | Interest rate Penal Interest |
Both EDC Term loan & DITC Share capital @ 8%p.a Penal interest @ 2% p.a. on the defaulted amount for the defaulted period of EDC Term Loan &DITC share capital shall be charged. |
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| d) | Margin for loan |
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| e) | Moratorium period | Maximum one year (Moratorium period at the discretion of the Task Force Committee). | ||||||||||||||||||||||||||||
| f) | Security | First charge of mortgage/hypothecation of fixed/current assets | ||||||||||||||||||||||||||||
| g) | Collateral | 1.Loans up to Rs.2.00 lakh: Personal guarantee by the applicant & spouse, as a Confirming Party, in case of married person and of parent/relative, in case of unmarried person and also for non transport loans, where minimum 75% (50% in case of SC/ST applicant) of the loan amount is secured by way of hypothecation / mortgage of the fixed assets being financed.
2.Loans above Rs.2.00 lakh and up to Rs.6.00 lakh: The applicant has to provide third party personal guarantee of one or more guarantors depending upon the loan amount in addition to the guarantee of the spouse in case of married person and parent/relative in case of unmarried person. Such a guarantor could be one of the following:- b) Any other person with taxable income of minimum Rs.5.00 lakh for preceding 3 years with take-home salary commensurate to the EMI of the loan. c) An employee of Companies of repute to the satisfaction of the TFC provided they are regular employees working for more than 10 years. d) A person owning an unencumbered immovable property in Goa, the value of which should commensurate to the loan amount. 3. Loans above Rs.6.00 lakh: Notarised copy of ownership documents of the unencumbered immovable property owned by the guarantor/s, commensurate to the loan amount to be produced. |
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| h) | Loans upto ` Rs. 1.00 lakh | The Task Force Committee could consider proposals up to Rs.1.00 lakh depending upon genuineness of the applicant and the project, based on an affidavit of self-declaration of having obtained/in the process of obtaining all clearances from competent authorities, as applicable to their proposed venture. The Joint Managing Director, EDC Limited or in his absence General Manager, EDC Limited (Link officer) is authorized to sanction CMRY loans up to Rs.2.00 lakh and vehicle loans up to Rs.6.00 lakh. |
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| 4 | Disbursement | Disbursement of loan is made to the suppliers on the basis of proforma invoice in respect of machinery, furniture and furnishing, working capital, vehicle etc. The supplier will have to furnish an undertaking in the prescribed format stating that the items/vehicle will be delivered as per specified in proforma invoice. Physical verification of the assets acquired and valuation of the furniture/furnishing will be carried out. |
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| 5 | Repayment Schedule |
Repayment schedule includes the moratorium period of maximum 1 year in monthly EMIs. |
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| 6 | Default In Repayment | If the borrower fails to repay the loan amount including interest thereon as per repayment schedule, the same shall be recovered from the borrower/guarantor under provisions of the Goa Public Monies (Recovery of dues) Act,1986 (PMRA)/Land Revenue Code (LRC) and/or section 29,30 &31 of SFC’s Act, or SARFAESI Act or Recovery of Debts Due to Bank Act (DRT) and/or any other provisions of Law. | ||||||||||||||||||||||||||||
| 7 | Application Form/Fees |
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| 8 | Subsidy | Interest rebate 75%(@ 6% p.a.) of EDC Term loan and DITC share capital shall be credited to the loan account of the beneficiary as subsidy, subject to fulfilling terms and conditions for availing the said subsidy. This subsidy shall be subject to entitlement and reimbursement of the amount by the Government as per the laid down norms. This Subsidy shall be eligible on all the fixed assets and current assets. This subsidy shall be released to borrowers who pay EMIs regularly & the unit being fully operational. |
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| 9 | Training | The Scheme envisages compulsory entrepreneurship training of upto 3 days for the beneficiary after the loan is sanctioned but before disbursement of the loan. This may be exempted and made optional based on recommendations of Task Force Committee on case to case basis. | ||||||||||||||||||||||||||||
| 10 | Other terms & conditions |
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| 11 | Task Force Committee | A Task Force Committee (TFC) comprising of the following will scrutinize and sanction applications under the Scheme:
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| 12 | Validity | The Scheme shall be valid for a period of 3 years w.e.f. 01/04/2023 to 31/03/2026. |
