Details

The main objective of this scheme is to provide financial assistance in the form of loans to persons belonging to the State’s Religious Minority Communities so as to help them to start their businesses or expand their existing ones.

Under this scheme, loans will be provided to eligible entrepreneurs to start or expand their businesses by mortgaging property (building or land).

Loans will be provided only on a mortgage of property (building/land) to the corporation. The value of the property should not be less than the loan amount.

Business/Enterprise Loan will be given to only one member of a family.

If the applicant’s family income is below Rs 8.00 lakhs, then the loan will be provided up to Rs 20 lakhs at a 4% interest rate.

If the applicant’s family income is Rs 8.00 lakhs to 15 lakhs, then the loan will be provided up to Rs 20 lakhs at a 6% interest rate.

People belonging to State Religious Minority Communities are covered under this scheme. (State Religious Minority Communities consist of People belonging to Muslim, Christian, Sikh, Buddhist, and Jain Communities).

The following are the eligibility criteria for this scheme

Applicant should be a resident of Karnataka state

Applicant should belong to the minority community

Applicant should belong to a minority community

Applicant Age should be between 18 to 55 years

Business/Enterprise loan will be given to only one member of a family

Specific documents regarding the viability of the business are required while applying for this scheme, and some other Documents are Required After Selection as well.

Documents Required While Applying

Copy of Aadhaar as residential proof

Caste Certificate Issued by the competent authority

Income Certificate Issued by the competent authority

Lease deed/Partition deed/Release deed/Gift deed/Rental agreement/Sale deed of the property

Project report/Profile of activities from CA(Chartered Accountant)

Quotations related to the project

License from respective authorities with respect to property proposed to be mortgaged

Building’s Khata extract and Khata certificate or land’s Mutation copy.

Phodi/Partition deed with respect to revenue lands and phani-RTC

Encumbrance Certificate-(EC)/Form No.15

Up-to-date tax-paid receipts from the local bodies

Guidance value of the land from the competent authority

No objection from the family members to pledge the title deed, with the family tree

In the case of a building, a Valuation report by a registered valuer- Valuation Certificate

Self-Declaration Form

Documents Required After Selection

Committee Approval Order

Affidavit from Applicant

Joint Affidavit from the Beneficiary & the Guarantor

Demand Promissory Note (DPN)

Hypothecation & Mortgage Deed

Letter of Repayment

Letter of Guarantee

Loan Agreement

Consideration of Receipt

Acknowledgment of debt from the Borrower

Benefits

Under this scheme, loans will be provided to eligible entrepreneurs to start or expand their businesses by mortgaging property (building or land).

If the applicant’s family income is below Rs 8.00 lakhs, then the loan will be provided up to Rs 20 lakhs at a 4% interest rate.

If the applicant’s family income is Rs 8.00 lakhs to 15 lakhs, then the loan will be provided up to Rs 20 lakhs at a 6% interest rate.

Eligibility

Applicant should be a resident of Karnataka state

Applicant should belong to the minority community

Applicant should belong to a minority community

Applicant Age should be between 18 to 55 years

Business/Enterprise loan will be given to only one member of a family

Exclusion

Applicant should not be a loan defaulter of K.M.D.C.

Application Process

link- https://kmdconline.karnataka.gov.in/Portal/home

Online

Offline

The application is to be completed in two parts, first online and then offline.

Step 01: First go to the official website, and fill out the application form.

Step 02: Print the application form.

Step 03: Submit this application form along with other relevant documents to the Selection Panel of your concerned district.

Step 04: After the approval of the Selection Panel, the loan amount will be transferred to your bank account.

Documents Required

Documents Required While Applying

Copy of Aadhaar as residential proof

Caste Certificate Issued by the competent authority

Income Certificate Issued by the competent authority

Lease deed/Partition deed/Release deed/Gift deed/Rental agreement/Sale deed of the property

Project report/Profile of activities from CA(Chartered Accountant)

Quotations related to the project

License from respective authorities with respect to property proposed to be mortgaged

Building’s Khata extract and Khata certificate or land’s Mutation copy.

Phodi/Partition deed with respect to revenue lands and phani-RTC

Encumbrance Certificate-(EC)/Form No.15

Up-to-date tax-paid receipts from the local bodies

Guidance value of the land from the competent authority

No objection from the family members to pledge the title deed, with the family tree

In the case of a building, a Valuation report by a registered valuer- Valuation Certificate

Self-Declaration Form

Documents Required After Selection

Committee Approval Order

Affidavit from Applicant

Joint Affidavit from the Beneficiary & the Guarantor

Demand Promissory Note (DPN)

Hypothecation & Mortgage Deed

Letter of Repayment

Letter of Guarantee

Loan Agreement

Consideration of Receipt

Acknowledgment of debt from the Borrower

Acknowledgment of debt from the Guarantor

Memorandum of deposit of title deeds/equitable mortgage deed

Blood Relations Power of Attorney (if the property is not in the applicant’s name)