For Uplifting the minority community in Karnataka, the Shrama Shakti Scheme 2024 is a pioneering initiative by the state government. Launched in July 2023, this program aims to provide low-interest financing (4 to 5 percent) and skill training to individuals from minority groups, enabling them to establish their own businesses. This brainchild of the Karnataka Chief Minister is designed to uplift and support aspiring entrepreneurs. In this blog post, we will delve into the essential details of the Shrama Shakti Loan Scheme, including highlights, objectives, benefits, eligibility criteria, required documents, application steps, rewards, and more
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What Is Karnataka Shrama Shakti Scheme 2024
The Karnataka government has introduced the Sharma Shakti project with the aim of empowering the minority community in the state to establish their own businesses or pursue entrepreneurial endeavours. Facilitated by the Karnataka Minorities Development Corporation Limited, this initiative provides eligible candidates with financial loans of Rs. 50,000 through the Sharma Shakti Scheme, with a repayment period of 36 months and an additional 4% interest rate
In addition to financial assistance, candidates enrolled in the program will also receive training in technical or artistic skills. To qualify, individuals must be within the age range of 18 to 55 years old, with an annual income not exceeding 3.50 lakh. Notably, applicants are ineligible for the program if any family member is employed in the Central, State, or Government Sector Unit.
This strategic initiative by the Karnataka government aims to uplift and support the minority population by fostering entrepreneurship and skill development through the Sharma Shakti project
What Are The Details Of Shrama Shakti Scheme 2024
| Scheme Name | Shrama Shakti Scheme |
| Initiated By | Government of Karnataka |
| State | Karnataka |
| Objective | To inspire and encourage young people without jobs in Karnataka to launch their own businesses |
| Benefits | Financial loan up to 50,000 rupees |
| Interest Rate | 4 percent |
| Official Website | kmdc.karnataka.gov. in |
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What Are The Objectives Of The Shrama Shakti Scheme 2024
The Sharma Shakti Scheme has a core objective of igniting entrepreneurship among unemployed youth in Karnataka, encouraging them to establish their own businesses and create employment opportunities. Targeting individuals who, despite being employed, struggle to support their families due to financial constraints, the Karnataka government initiated Sharma Shakti to extend financial assistance to eligible applicants.
Under this scheme, qualified candidates can avail themselves of a loan amounting to Rs. 50,000, with a repayment period of 36 months. An additional benefit includes a back-end subsidy of Rs. 25,000, which is recognized if the candidate successfully repays half of the loan amount. The Sharma Shakti initiative aims to empower young individuals, foster economic growth, and address financial challenges faced by families in the region
What Are The Key Benefits Of Karnataka Shrama Shakti Scheme 2024
- Financial loans of Rs. 50,000 for eligible candidates.
- Comprehensive training in technical or artistic skills.
- 4% interest rate applied to the total loan amount.
- Rs. 25,000 back-end subsidy if half of the funding is returned.
- Eligibility Criteria for the Scheme
Who Is Eligible For Karnataka Shrama Shakti Scheme 2024
- Permanent residence in Karnataka is a prerequisite for applicants.
- Age eligibility spans from 18 to 55 years, with an annual income not exceeding 3.50 lakh.
- Candidates must belong to a minority group, including Buddhist, Muslim, Christian, Jain, Sikh, or Parsi.
- Ineligibility criteria include having a family member employed in the Central, State, or Government Sector Unit.
- A clean record of not defaulting on KMDC loans is required.
- No family member or candidate should have benefited from any other KMDCL program in the last five years, except for the Arivu Scheme
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What Are The Documents Required For Shrama Shakti Scheme 2024
Applicants need to provide the following documents:
- Passport size photo
- Aadhaar Card
- Income Certificate
- Project Report
- Surety Self Declaration Form
- Self Declaration Form
- Bank Account Details
- Residence Proof of Karnataka
- Online Application Form
- Caste Certificate
- Minority Certificate
How to Apply for Karnataka Shrama Shakti Scheme 2024
Follow these steps to apply for the Shrama Shakti Scheme:
- Visit the official website of Karnataka Minorities Development Corporation Limited.
- Navigate to the schemes option and select Shrama Shakti Loan Scheme.
- Read the information carefully and click on the e-services option.
- Choose the Online Application option under Loan/Subsidy for Minorities.
- Fill in the application form with accurate details.
- Verify your mobile number and submit the form.
- Print the application form and attach the required documents.
- Submit the form to the District Selection Panel.
- Details of the Shrama Shakti Scheme Reward
- Financial loans of Rs. 50,000 repayable within 36 months.
- Rs. 25,000 back-end subsidy if half of the funding is returned.
- Additional 4% interest rate applied to the total loan amount.
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How Much Is The Reward Under Karnatka Sharma Shakti Scheme 2024
- Eligible participants can access financial loans of Rs. 50,000 through the Sharma Shakti Scheme, with a repayment period of 36 months.
- Upon repaying half of the funding, candidates qualify for a back-end subsidy of Rs. 25,000.
- The total loan amount incurs an additional 4% interest rate
What Is The Difference Between Karnatka Sharma Shakti Scheme And Gruha Lakshmi Scheme 2024
| Scheme Name | Shrama Shakti Scheme | Gruha Lakshmi Scheme Status |
| Initiated By | Government of Karnataka | Government of Karnataka |
| State | Karnataka | Karnataka |
| Objective | To inspire and encourage young people without jobs in Karnataka to launch their own businesses | To provide financial help to Women |
| Benefits | Financial loan up to 50,000 rupees | 2000 rupees per month |
| Interest Rate | 4 percent | NA |
| Beneficiaries | Every Citizen Of Karnataka | Women |
| Official Website | kmdc.karnataka.gov. in | sevasindhu.karnataka.gov. in |
What Is The Difference Between Karnatka Sharma Shakti Scheme And Seva Sindhu Shakti Smart Card 2024
| Scheme Name | Shrama Shakti Scheme | Shakti Smart Card |
| Initiated By | Government of Karnataka | Government of Karnataka |
| State | Karnataka | Karnataka |
| Objective | To inspire and encourage young people without jobs in Karnataka to launch their own businesses | The main objective is to provide free transport for all Women in Karnataka state |
| Benefits | Financial loan up to 50,000 rupees | Free transport throught out Karnataka |
| Interest Rate | 4 percent | Not applicable |
| Beneficiaries | Every Citizen Of Karnataka | Women In Karnataka |
| Official Website | kmdc.karnataka.gov. in | sevasindhu.karnataka.gov.in/Sevasindhu/English |
FAQ’s Of Karnataka Shrama Shakti Scheme 2024
- What Is Karnataka Shrama Shakti Scheme 2024
To empowering the minority community in the state to establish their own businesses or pursue entrepreneurial endeavours.
- What Is The Objective Of Karnataka Shrama Shakti Scheme 2024
The Main objective of igniting entrepreneurship among unemployed youth in Karnataka, encouraging them to establish their own businesses and create employment opportunities
- How Much Amount Is Given Under Karnataka Shrama Shakti Scheme 2024
Under Karnataka Shrama Shakti Scheme 2024 One can take upto 50,000/- rupees
- Who All Can Apply For Karnataka Shrama Shakti Scheme 2024
Any person who are residence of Karnataka and should be unemployed
- What Is The Age Limit For Karnataka Shrama Shakti Scheme 2024
Any unemployed people from age 18 -55 can apply for Karnataka Shrama Shakti Scheme 2024
What Is The Contact Details For Karnataka Shrama Shakti Scheme 2024
Address:
39-821, 2nd Floor, K M D C BHAVAN, Subedar Chatram Road, Sheshadripuram, Bengaluru – 560020, Karnataka Phone Numbers: 080-22860999 & 080-22861226
Email: kmdc.ho.info@gmail.com
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