Monday, February 17, 2014


Self-reliance loans to be interest-free for two years and fetch 6% interest thereafter
GANGTOK, 16 Feb: Added to the many schemes initiated by the State government to encourage the youth to take up meaningful employment is the Chief Minister’s Self Reliant Scheme. This is being implemented under the Human Resource Development Department which has now established criteria and guidelines on eligibility and other conditions. These criteria also pertain to the grant of training and vocational courses under the Sikkim Youth Empowerment & Self Reliant Mission under the same department.
Under the CMSRS, loans will be disbursed only to holders of Sikkim Subject Certificates [and Certificates of Identification] and their descendants with those holding CoI’s on the basis of land parchas also being eligible.
The age-group for which this loan is available is 18 to 40 years.
Employment Card will have to be presented at the time of applying for loan to SIDICO along with affidavit stating that there are no outstanding dues with any financial institution. This card will be in the custody of SIDICO till the total loan amount is repaid.
Only one member per family will be permitted to avail this loan except in the case of BPL families.
Meanwhile, those youth who have already applied for loans under the Chief Minister’s Self Employment Scheme will not be eligible for this scheme.
Under the CMSRS the minimum amount of loan that a person can avail is Rs. 50,000 and the maximum is Rs. 1 lakh. A processing fees and application form fee of 1% of the sanctioned amount will be charged to cover the administrative expenses of SIDICO. There will be no other deductions.
As for cases of default of loan or death of a loanee, the guarantor/ surety will be liable to pay back only the principal amount within 1 year.
The loan is interest free for the first 2 years from the date of disbursement of the first installment. Thereafter, each loanee will be required to pay interest at 6% per annum. As per the guidelines laid down by the HRD Department, the loan is to be repaid on EMI basis in 5 years [after a moratorium period of 2 years]. It is also provided that the loanee can make the repayment before the due date.
SIDICO has been entrusted with the charge of accepting applications and disbursing loans with due regard to the conditions set out by the HRDD. Each application will be checked for genuineness and it is stated that preference will be given to candidates who have undergone higher/ specialized training in the field for which the loan is sought.
The HRD department is to ensure wide publicity of scheme and the last dates of submission of applications so that all interested have a fair chance of selection. Disbursement itself will be done only after final approval of the government.

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