Sarothi Startup Scheme 2023. Sarothi Startup Fund is a financial assistance scheme for Assamese entrepreneurs run by the Assam State Government. This is a new programme known as the Chief Minister’s Start-up Fund or the Start-up Fund Loan Scheme. This project was created to alleviate financial constraints for small businesses and entrepreneurs. Entrepreneurs will receive financial assistance in the form of low-interest loans.
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The Sarothi Startup Fund Assam loan scheme will run for five years beginning with the fiscal year 2016-07. This project is managed by the Department of Industry and Commerce, according to the project guidelines. Beneficiaries will receive a loan from State Bank with an interest subsidy of 5% per year (money plus cash credit)
The applicants were initially loaned by the Assam Grameen Vikas Bank (AGVB). However, the state government is consulting with additional banks in order to provide banks under the scheme.
The highlights of the loan and the role of the state government under the scheme
The eligible applicant will be granted a loan of up to Rs. 10 lakh with a 5% interest subsidy.
The applicant will contribute at least 15% of the project’s cost, with the remainder financed by the bank.
DICC will determine the number of beneficiaries for each fiscal year. Furthermore, DICC will finalise district-specific AGVB branches to accept loan applications under the scheme.
Without DICC’s permission, the bank branch cannot begin the process of selecting beneficiaries under the scheme.
Furthermore, the applicant’s loan application will be reviewed by a DICC official. Following the inspection, the loan application will be presented to the District level Committee (DLC) for approval.
DLC will accept the proposal and forward it to an Assam Gramin Vikash Bank branch for loan approval under the scheme.
Furthermore, the Assam government’s Department of Industries and Commerce will inspect the financed units and assist the bank in recovering loans made under the scheme.
Furthermore, the beneficiary must repay the loan within 5 years, according to the bank’s terms and conditions.
Required Documents
Id Proof: The first thing that the applicant must provide is proper proof of identity. They must include a signed and attested photocopy of their voter ID card, PAN card, or Aadhar card. It will help the authorities identify candidates.
Address Proof: In addition to the ID proof, the applicant must provide attested copies of their residential proof. They can do so by supplying a landline phone, electricity, and water supply bill. The Aadhar card will also be accepted because it contains residential information.
Caste Certificate: If the applicant is a member of a Schedule Cast, Schedule Tribe, or Other Backward Classes, appropriate official certificates must be attached to the application form. This will make it easier to obtain additional government services.
An application for a start-up: The application must be accompanied by specifics about the venture that the applicant wishes to launch. He or she must provide estimated expenditure and profit figures to back up the claim that the venture will be profitable.
Udyog Aadhar Card: In addition to these, the applicant must provide attested copies of the trade licence and the Udyog Aadhar Card. The individual will also be required to provide documents that will provide the authorities with a clear picture of their training.
Passport Photo: The applicant must submit a copy of a recent passport photograph. It will allow the authorities to verify the applicant’s identification.
All interested candidates must go to the DICC’s General Manager’s office and submit the application form for verification, assessment, and final approval. Applicants must include all required documents with their application form.
The DICC is in charge of selecting the AGVB for each branch and district. The DICC will direct the AGVB headquarters on how to proceed with finalising the list of selected candidates and verifications.
The DICC will review all of the applications that have been submitted. After the analysis is completed, the applications will be sent to the District Level Committee for approval.
DLC will enlist the assistance of the appointed Branch Managers of all AGVB nodal branches.
They will be tasked with the difficult task of selecting the candidates who will be given the credit amount to begin their business.
Following the completion of the assessments, all information will be sent to the Assam Gramin Vikash Bank branches. The next stage of verification and evaluation will take place in the respective departments.
The Branch Managers of the respective branches will approve or reject the applications. The decision will have to be made within the next 30 days.
According to the guidelines, the DLC is only allowed to approve a certain number of applications from each district. It will provide opportunities to all Assamese entrepreneurs, even those in the most remote parts of the state.
All applications that are rejected must be returned to the appropriate agencies. The reasons for these applications’ rejection must be properly highlighted.
1)How do I apply for a student loan in Assam? Ans Criteria for Eligibility
It is required that the student be a permanent resident of Assam. The student must have obtained a loan from a commercial or rural bank in order to benefit from the scheme. The Reserve Bank of India has approved the bank.
2)What exactly is Startup Assam? Ans The Assam government intends to establish Assam as the entrepreneurial hub of Northeast India by creating an ecosystem for start-ups. The Assam Startup Policy is primarily concerned with creating jobs, nurturing start-ups in their early stages, and stimulating the state’s startup culture.
3)Can we obtain a 0% education loan? Ans It is not possible to obtain a 0% interest education loan. Banks have the highest percentage of Non-Performing Assets (NPAs) from education loans themselves. As a result, student loans are subject to intense scrutiny from lenders.
4)What are the four kinds of startups? Ans This guide will teach you about each one:
Startups for small businesses.
Startups that are marketable.
Startups that can scale.
Startups that are offshoots.
Social enterprises.
5)What is the starting salary in a startup? Ans In Startup, the average annual salary is INR 13.3 lakhs. Salary estimates are based on 977 Startup salaries submitted by various Startup employees.
6)Do student loans have a seven-year grace period? Ans Do student loans expire after seven years? After seven years, student loans do not disappear. After seven years, there is no programme for loan forgiveness or cancellation. However, if you recently checked your credit report and wondered, “Why did my student loans vanish?” The answer is that you are in default on your student loans.
7)Do student loans expire after seven years? Ans While negative information about your student loans may be removed from your credit reports after seven years, the student loans themselves will remain on your credit reports – and in your life – until they are paid off.
