Karnataka Shrama Shakthi Scheme: For the benefit of the minority community in the state, the Government of Karnataka has launched the Shram Shakthi Scheme in 2024. Under this initiative, the government will provide low-interest financing (4 to 5 percent) and skill training to members of minority communities to help them towards self-reliance and empower them to start their businesses.
The Chief Minister of Karnataka has presented this initiative for the benefit of the people and it was organized in July 2023. Under this scheme, members of minority groups will be provided skill training in several categories by the government. Good morning information related to the Shram Shakti Loan Scheme like highlights, objectives, benefits, eligibility criteria, required documents, steps to apply for the scheme, award details, and more.
Karnataka Shrama Shakti Scheme 2024
The Government of Karnataka has launched the Sharma Shakthi Project to help the minority population of the state move towards entrepreneurship. The major responsible department for this project is Karnataka Minority Development Corporation Limited. Under this scheme, financial support will be provided to the candidates. Under Sharma Shakti Yojana, candidates will receive a loan of Rs 50,000, which they will have to repay within 36 months. This loan will include an interest rate of 4%.
Moreover, under this scheme, the candidates will get an education in technical or artistic talent. The age of the applicant should be between 18 to 55 years and his annual income should not exceed Rs 3.50 lakh. If any family member of the applicant works in a Central, State, or Government Sector Unit, he/she is not eligible for this program.
Shrama Shakti Loan Scheme Details in Highlights
|Shrama Shakti Scheme
|Financial loans up to 50,000 rupees
|Government of Karnataka
|Financial loans up to 50,000 rupees
|Financial loan up to 50,000 rupees
|Loan takers from Karnataka state
Main Objective Of The Shrama Shakthi Scheme
The objective of the Shrama Shakthi Scheme is to motivate the minority population of the state towards prosperity, self-reliance, and social inclusion. Through this scheme, the government wants to provide support to individuals who want to improve their entrepreneurship and skills, so that they can become economically self-reliant.
Through the scheme, along with providing financial support to the candidates, they are also provided the facility of technical and artistic education, so that their skills can be improved. This will not only make them self-reliant but will also strengthen their role in society. Along with this, candidates are also assisted in taking loans through interest rate concessions and refunds of the amount, making them more likely to repay the loan and move towards self-reliance.
Benefits of the Karnataka Shrama Shakti Scheme
Karnataka Shrama Shakthi Scheme offers many benefits to consumers, which help them prosper socially and economically. Following are some of the main benefits of this scheme:
- Establishment of Entrepreneurship: Through the Shrama Shakthi Scheme, the Government of Karnataka has attempted to motivate the minority population of the state towards entrepreneurship. This helps them start their own companies or achieve success in entrepreneurial careers.
- Financial Support: Under the scheme, candidates get a financial loan of Rs 50,000, which they have to repay within 36 months. This provides them with financial support and relevant resources to establish themselves.
- Technical and Artistic Education: According to the scheme, candidates get an education in technical or artistic talent, which makes them proficient in their field.
- Interest Rate Facility: Candidates get the benefit of an additional 4% interest rate on the total loan amount, which helps them repay the loan.
- Back-end Subsidy: If the candidate refunds half the amount, it will be recognized as a back-end subsidy of Rs 25,000, which reduces his financial burden.
The scheme is an effort to help the minority population prosper at the social and economic levels and guide them to make them self-reliant.
Eligibility Criteria for the Shrama Shakti Scheme
Any eligible person who wants to apply and avail of benefits will have to fulfill the following eligibility criteria.
- Any person applying online must be a temporary resident of Karnataka state.
- The age of the applicant should not be above 18 years and not more than 55 years.
- Along with this, the annual income of the applicant should not be more than Rs 3.50 lakh.
- The candidate must be a member of a minority group like Buddhist, Muslim, Christian, Jain, Sikh, Parsi
- If any member of the family is holding a government job then he will not be given the benefit of this Sharm Shakti Yojana.
- The applicant cannot have a history of default on KMDC loans.
- Not a single member of the candidate’s family or any other candidate should have benefited from any other KMDCL program (other than Arivu Scheme) during the last five years.
Required Documents Shrama Shakti Scheme In Karnataka
You have to keep all the documents mentioned here as they will be asked during the online application process.
- Passport Size Photo
- Aadhaar Card
- Income Certificate
- Project Report
- Surety Self Declaration Form
- Self Declaration Form
- Bank Account Details
- Residence Proof of Karnataka
- Online Application Form
- Caste Certificate
- Minority Certificate
Steps to Apply for Karnataka Shrama Shakti Scheme 2024
Take the following steps to apply for Karnataka Shrama Shakthi Scheme:
- Get information from the official website of the scheme or the local labor department to ensure the completion of scheme details and required documents.
- Download the application form for the scheme and fill in all the required information and documents correctly.
- Attested copies of required documents along with the application form, such as ID proof, as required.
- Submit the filled application form and related documents to the local labor department or the specified location of the scheme.
- Track the application to keep an eye on the application status and get need-based updates.
- After the application status, if your application is approved, you will get the loan amount allotted.
- After receiving the loan, the amount can be used for entrepreneurship or other needs.
It is important to get complete information during this process with the help of the local labor department so that you can complete the application process correctly and simply.
Details of the Shrama Shakti Scheme Reward
A new scheme Shrama Shakthi Scheme has been implemented to provide financial support to the candidates, under which they will get an opportunity to get a financial loan. According to this scheme, candidates will get a loan of Rs 50,000, which they will have to repay within 36 months.
If the candidate refunds half the amount in full, he/she will also be entitled to a back-end subsidy of Rs 25,000. Due to this, the candidate will have to pay 4% interest on his loan amount. The scheme is an effort to provide credit to individuals in a most accessible and user-friendly manner, thereby promoting socioeconomic security.
Contact Details For Shrama Shakti
|39-821, 2nd Floor,
K M D C BHAVAN,
Subedar Chatram Road,
Bengaluru – 560020, Karnataka
|Go To More State Scheme
|Karnataka Gruha Lakshmi Scheme Status
Who is eligible for the Shram Shakti scheme in Karnataka?
Who are the eligible persons for the Shrama Shakthi Scheme in Karnataka: Under the scheme, members of the minority community, whose income is less than Rs 3.50 lakh, and those in the age group of 18 to 55 years are all eligible.
What is the interest rate of a Shram Shakti loan?
The interest rate for Shram Shakti Loan is 4%.
What is the last date to apply for the Shram Shakti scheme?
The last to apply for a Loan under Shrama Shakthi Loan Scheme of Karnataka is 03-10-2024.