What is the Udyogini Scheme
Details:-
Established during the fiscal year 1997-1998 and later revised in 2004-2005, Udyogini stands as an innovative initiative endorsed by the Government of Karnataka. This program aims to empower women by fostering self-reliance and economic autonomy through entrepreneurial ventures, primarily in trade and the service industry. What is the Udyogini Scheme It encompasses provisions for subsidizing loans obtained from the Karnataka State Women’s Development Corporations, facilitating business ventures and micro-enterprises through various banking and financial entities. The disbursement of loans is conducted through diverse financial institutions such as commercial banks, district cooperative banks, and Regional Rural Banks (RRBs).
In the absence of a structured credit system, women often resorted to borrowing from private lenders, resulting in exorbitant interest rates. Recognizing this issue, there arose a necessity to establish formal credit channels accessible to women. What is the Udyogini Scheme Profitable business endeavours are endorsed and nurtured through this program. What is the Udyogini Scheme These ventures encompass a range of activities including bookbinding and notebook manufacturing, chalk and crayon production, jam and pickle making, papad crafting, saree weaving, embroidery, cloth printing and dyeing, as well as woolen weaving, among others. What is the Udyogini Scheme Udyogini provides ample opportunities for these women, facilitating their journey towards self-employment.
Benefits:-
For women hailing from Scheduled Castes and Scheduled Tribes, the unit cost ranges from a minimum of ₹ 1,00,000 to a maximum of ₹ 3,00,000. A subsidy amounting to 50% of the loan is provided, with a family income limit set below ₹ 2,00,000 per annum. As for women falling under the special category and general category, the maximum unit cost stands at ₹ 3,00,000. Subsidies for these categories are set at 30%, capped at a maximum of ₹ 90,000. Additionally, selected beneficiaries receive Entrepreneurship Development Program (EDP) training.
Eligibility:-
- The applicant must be female.
- For women in the general and special categories, the family income should not exceed ₹ 1,50,000. There are no income restrictions for widowed or disabled women.
- Applicants must be aged between 18 to 55 years across all categories.
- The scheme is accessible to enterprises operating within the small-scale industry (SSI) sector, as well as retailers, manufacturers, self-employed professionals, traders, and other relevant categories.
Priority is allocated to individuals facing extreme poverty, destitution, widows, and those with physical disabilities. Additionally, preference may be granted to candidates who have completed previous skill development or vocational training programs organised by either KSWDC or other relevant departments. What is the Udyogini Scheme Approximately 10% of the designated target is reserved to support applicants who are members of World Bank-supported Swashakthi or Stree Shakthi groups.
Application Process :-
Online Process
Step 1: Prospective applicants have the option to submit their loan applications electronically through the designated banking institutions’ official websites for the Udyogini scheme. What is the What is the Udyogini Scheme Udyogini Scheme Upon submission, the Child Development Project Officer (CDPO) reviews the applications and subsequently forwards them to the Selection Committee following on-site verification. What is the Udyogini Scheme The Selection Committee thoroughly assesses the applications and then forwards them to the banks for loan disbursement.
Step 2: Bank or Karnataka State Financial Corporation (KSFC) representatives will validate the documentation and project proposal before proceeding with the loan application. Upon verification, banks submit a formal request letter to the Corporation seeking subsidy disbursement. Subsequently, upon approval, the bank disburses the sanctioned loan amount to the applicant.
Step 3: Following the approval of the loan application, the sanctioned loan amount is transferred either to the applicant’s bank account or directly to the supplier’s account for the procurement of machinery, equipment, or any other necessary capital expenditure.
Offline Process
Step 1: In order to initiate the business loan application process, the applicant may visit the nearest bank equipped with all necessary documents and complete an application form to commence the requisite banking procedures. These application forms can be obtained from the offices of the Deputy Director/CDPO, or accessed on the official websites of banks providing loans.
Step 2: Once the application form, accompanied by the necessary documentation, is filled out, it should be submitted to the nearest bank branch or KSFC branch. Bank or KSFC officials will then conduct a thorough verification of the documents and project proposal before proceeding with the loan application process. What is the Udyogini Scheme Subsequently, banks forward a formal request letter to the Corporation to initiate the subsidy release process, following which the sanctioned loan amount is disbursed by the bank.
Step 3: Upon approval of the loan application, the sanctioned loan amount is transferred either to the applicant’s bank account or directly to the supplier’s account for the procurement of machinery, equipment, or any other necessary capital expenditure.
Document Required:-
Two passport-size photographs must be affixed to the completed application form.
- Aadhaar card and birth certificate of the female applicant are required.
- Applicants falling below the poverty line need to provide a copy of their ration card.
- An income verification letter is necessary.
- Proof of residence must be submitted.
- A caste verification certificate is mandatory.
- Additionally, a bank account passbook and other relevant documents should be provided.
For More Information : https://taxgyany.com/