Kayaka Yojane Loan Scheme 2018-19
Karnataka For Self-help Groups
[Application Form, Interest Rate, Documents, Eligibility]
Every state authority wants to create level platforms for men as well as women empowerment. But poor women don’t have adequate financial backup to start something on their own. Thus, they get in touch with self-help groups. These associations offer financial support and skill development training to these applicants. The Karnataka government announced a new scheme that will pave the path for easy credit for these self-help groups. The name of this program is Kayaka Yojana Loan Scheme and will be officially rolled out at the beginning of the upcoming year.
|Name of the scheme||Kayaka Yojana Loan
|Launched by||HD Kumaraswamy|
|Date of announcement||July, 2018|
|Estimated date of launch||January 2019|
|Target beneficiaries||Self-help group members|
|Interest Rate||5 lakh – 0%
10 Lakh- 4%
Key features of the Kayaka Yojana Loan Scheme
- Encouragement of SHGs – The primary objective of the Karnataka government is to encourage women self-help groups. These groups will work to empower women. SHG members will be able to develop their financial status.
- Easy credit in hand – Self-help groups often don’t get bank loans easily. The implementation of this scheme will eliminate this issue forever. Under this program, cooperative banks will offer easy credit to applicants.
- Low interest rates – The main advantage of this scheme is that applicants will not have to suffer from the pressure of high bank interest rates. The state announced that applicants, who attain loan that is less than Rs. 5 lakhs will not have to pay any interests. However, creditors who have attained credit between Rs. 5 lakhs and Rs. 10 lakhs will have to pay bank interest at 4%.
- Selected banks – The state government has announced that self-help groups will be able to attain the money from cooperative banks in the area.
- Amount of credit attainable – The details in the scheme draft highlights that self-help groups will be able to apply for credit amount that is as low as Rs. 1 lakh. The upper limit of the credit amount is Rs. 10 lakhs.
- Total number of groups – As many as 3000 self-help groups will be able to attain the direct benefits of this scheme.
- Purchasing items directly – The items, manufactured by the members of the self-help groups will be bought by the state government. It will be provide a steady source of income for the female candidates.
Eligibility and documents necessary for application
- Residential requirement – This project will be implemented by the state authority. Thus, applicants must be legal residents of Karnataka. For this, they must attach their residential proof.
- Association with SHGs – Independent applicants will not be entertained under this project. If the candidate is not associated with any self-help group, then she will not attain the financial credit.
- Certificates from the groups – All applicants will have to attach a copy of their certificate that has been issued by the particular self-help group.
- Personal ID proof – Applicants will have to furnish their personal identification documents. The voter card, Aadhar card, or PAN card will be used by the officials to check the authentication of the claims.
- Bank account details – All credits will be transferred in the bank account of the self-help groups. Thus, applicants must offer their bank account details with the application form.
How to attain applicant form and register for Kayaka Yojana Scheme?
- The state government has already mentioned that all self-help organizations and interested applicants will have to log in on the authorized site of the scheme. Without this, they will not be able to attain the digitized registration form.
- Once the online form comes up, applicants will have to do the needful to apply for the loan.
- More details about the actual enrollment scheme have not been offered by the state government. Once these are released, we will offer the pertinent details on this site.
- After preliminary registration, applicants will attain the loan amount in their respective bank accounts.
The announcement of this new scheme was done when the CM was inaugurating the Badavara Bandhu Scheme. This scheme has been targeted towards the betterment of the street vendors. These schemes will ensure that people from all sections of the society get opportunities to develop financially.