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KMDC Loan Schemes: How to Apply Online and Eligibility Criteria

The Karnataka Minorities Development Corporation Limited (KMDC) is a government agency that aims to provide financial assistance and skill development to the religious minority communities in the state. KMDC offers various loan schemes for education, entrepreneurship, and self-employment of the minority students and entrepreneurs. In this article, we will discuss some of the popular KMDC loan schemes, how to apply online for them, and their eligibility criteria.

Arivu Education Loan Scheme

The Arivu Education Loan Scheme is one of the flagship schemes of KMDC. It provides loans ranging from Rs. 50,000 to Rs. 3,00,000 per year for minority students who wish to pursue professional courses such as MBBS, MD, MS, BE, B.Tech, ME, M.Tech, BDS, MDS, B.Ayush, M.Ayush, MBA, MCA, LLB, B.Arch, M.Arch, B.Sc in Horticulture, Agriculture, Dairy Technology, Forestry, Veterinary, Animal sciences, Food Technology, Bio Technology, Fisheries, Sericulture, Home/community Sciences, Food Nutrition and Dietetics, B.Pharma, M.Pharma, Pharma.D,and D.Pharma.

The loan has to be repaid by the beneficiary after six months of completion of the course with a service charge of 2% per annum. The annual income of the beneficiary’s family should not exceed Rs. 8,00,000. The loan amount is transferred directly to the bank account of the respective college through Direct Benefit Transfer.

To apply online for the Arivu Education Loan Scheme, the students have to visit the official website of KMDC and click on the “Online Application” link under the “E-Services” tab. Then they have to select the scheme name and fill out the application form with the required details and upload the necessary documents. The documents include:

  • Aadhaar card copy
  • Caste and income certificate
  • Marks card of previous examination
  • Admission letter from the college
  • Bank account details
  • Passport size photos

The applications are then verified by the concerned district office of KMDC and forwarded to the selection committee for approval.

Shrama Shakthi Scheme

The Shrama Shakthi Scheme is another important scheme of KMDC that aims to empower the minority entrepreneurs by providing them skill training and financial assistance. Under this scheme, minority entrepreneurs who want to start or improve their small businesses are trained in artistic and technical skills and provided a loan of Rs. 50,000 with 4% rate of interest to be paid in 36 instalments.

If the beneficiary repays 50% of the loan within 36 months, the remaining 50% of the loan is considered as a back-end subsidy. If the beneficiary fails to repay the loan within 36 months, 50% of the backend subsidy is considered as a loan.

The eligibility criteria for this scheme are:

  • The applicant must belong to a religious minority community in Karnataka
  • The applicant must be a permanent resident of Karnataka
  • The age limit of the applicant is between 18 and 55 years
  • The annual income of the family from all sources should not exceed Rs. 6.00 lakh
  • No member of the applicant’s family should be an employee of the state/central/government PSU
  • The applicant should not have availed any loan from KMDC

The documents required for this scheme are:

  • Online application
  • Beneficiary’s latest passport size photos
  • Caste and income certificate
  • Aadhaar card copy
  • Project report of the business

To apply online for this scheme, the applicants have to visit and register themselves with their mobile number. Then they have to fill out the online application form and submit it along with the documents. The applications are then sent to the selection panel for approval.

The selection panel consists of:

  • Concerned MLA of the respective assembly constituency – Chairman
  • Member of the legislative council who is a permanent resident in the taluk – Vice-Chairman
  • Concerned taluk tahsildar – Member
  • Executive officer of the concerned taluk panchayat – Member
  • Concerned district’s lead bank manager – Member
  • Concerned district joint director, commerce and industry – Member
  • Concerned district deputy director, women and child welfare department – Member
  • Concerned district manager, KMDC – Member Secretary

Subsidy Scheme for Purchase of Taxi/Goods Vehicle/Passenger Autorickshaw

This scheme is implemented by KMDC in collaboration with nationalized/scheduled banks. Under this scheme, minority entrepreneurs who are sanctioned/approved for loans from banks for purchase of taxi/goods vehicle/passenger autorickshaw are provided a subsidy of 50% of the value of the vehicle or a maximum subsidy of Rs. 3.00 lakhs.

The vehicle purchased under this scheme should not be sold to others during the tenure of the loan. The beneficiary should contribute 10% of the cost of the vehicle. The vehicle subsidized by KMDC should display “Subsidized by KMDC” on it. The beneficiary should submit information about the road tax and insurance along with supporting documents to the KMDC district office.

The eligibility criteria for this scheme are:

  • The applicant must belong to a religious minority community in Karnataka
  • The applicant must be a permanent resident of Karnataka
  • The age limit of the applicant is between 18 and 55 years
  • The annual income of the family from all sources should not exceed Rs. 6.00 lakh
  • No member of the applicant’s family should be an employee of the state/central/government PSU
  • The applicant must possess a relevant driving license issued by the regional transport authority
  • The applicant or his/her family members should not have availed any vehicle loan under any scheme of the state government
  • The applicant should not be a loan defaulter in KMDC

The documents required for this scheme are:

  • Online application
  • Beneficiary’s latest 2 passport size photos
  • Caste and income certificate
  • Aadhaar card copy
  • Driving license copy
  • An affidavit from the beneficiary towards non-availment of loan facility under any scheme of the state government for purchase of vehicle by the beneficiary and his/her family members
  • An affidavit towards non-transfer (alienation) of the vehicle obtained under this scheme during the loan period

To apply online for this scheme, the applicants have to visit and fill out the online application form with the required details and upload the documents. The applications are then verified by the concerned district office of KMDC and forwarded to the banks for sanctioning/approval of loans.

FAQ

Q: What is KMDC?

A: KMDC stands for Karnataka Minorities Development Corporation Limited. It is a government agency that provides financial assistance and skill development to the religious minority communities in Karnataka.

Q: What are the religious minority communities in Karnataka?

A: According to the 2011 census, the religious minority communities in Karnataka are Muslim, Christian, Buddhist, Jain, Sikh, and Parsi.

Q: How can I check the status of my online application for KMDC loan schemes?

A: You can check the status of your online application by visiting and entering your application number and mobile number.

Q: How can I repay my KMDC loan online?

A: You can repay your KMDC loan online by visiting and clicking on the “Online Loan Repayment” link under the “E-Services” tab. Then you have to enter your loan account number, mobile number, and amount and make the payment through net banking or debit/credit card.

Q: How can I contact KMDC for any queries or grievances?

A: You can contact KMDC through their helpline number 1902 or email kmdc@karnataka.gov.in. You can also visit their head office at No.22, Annexe Building, Cunningham Road, Bangalore – 560052 or their district offices across Karnataka.

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