In Goa it is possible for the unemployed to get loans. It is a wise decision to get one. But first you must learn how the lender qualifies an applicant. You must also carefully read the terms and conditions of the loan so that you do not face any difficulty while processing it.
For the unemployed in Goa, the good news is that the State Government has initiated (in collaboration with EDC limited) – The Chief Ministers Rojgar Yojana (CMRY).
Eligibility criteria for the CMRY loan
The applicant must be a resident of Goa and domiciled in the state for at least 15 years. However, if the applicant does not fulfill the domicile requirements, but is married to a person of Goan origin with residency of at least 15 years will be considered eligible.
Educated unemployed 18 -45 years of age. Relaxable by 5 years for widows, disabled persons, scheduled castes and schedule tribes and other backward classes. Additional relaxation of 10 years is possible in select cases approved by the Chairman EDC/ Chairman Task Force Committee.
Educational qualifications – 8th class passed, relaxable in deserving cases. Persons having technical/ professional qualifications will be given preference.
The annual income of the beneficiary inclusive of that of the spouse and dependents mut not exceed Rs 10,000,000/-per annum.
The applicant must not be a defaulter to any bank or financial institution. The CIBIL report of the applicant must be satisfactory.
The applicant must not be a beneficiary of any other subsidy linked government schemes.
For the loan purpose all economically viable activities are covered except dealing in tobacco and alcohol.
Some key features of the CMRY loan
The interest rate is 8% per annum for male and 6% per annum for females for loans availed from EDC Limited.
The EMI or the equated monthly installment comprising both principal and interest components can be paid in any branch of HDFC bank.
The loan is secured by hypothecation of fixed assets and working capital and by way of mortgage if the premises/shop is being acquired.
When applying for the loan, you will need to submit the following documents.
Birth certificate
School leaving or qualification certificate
15 years residency certificate
Aadhar card
PAN card
Election card
Terms of loan assistance
For loans up to Rs 2 lakhs ( personal guarantee of the applicant and spouse as a confirming party if married. In case of unmarried, guarantee of parents/ relative to be provided.
For loans above Rs 2 lakhs and up to Rs 6 lakhs – one or more guarantor(s) is considered besides confirming party/ relative
For loans above 6 lakhs ( Notarized copy of documents of the unencumbered immovable property owned by the guarantor(s), commensurate to the loan provided. The guarantors shall be confirming party/ relative and one or more guarantors).
Maximum Rs 25 lakhs for an individual with professional degree/ diploma/ I.T.I., including those undergoing special training programmes conducted by authorized Government Departments/ Corporations.
Maximum Rs 20 lakhs for others.
For availing low interest rate loan Goa can be considered lucky. The interest rates and repayment schedule are people friendly. Now the citizens of Goa need not worry about loans for unemployed. The CMRY loan scheme has the potential to benefit a good chunk of unemployed people in the state.
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