Dr. Bhimrao Ambedkar Aarthik Kalyan Yojana

Dr. Bhimrao Ambedkar Aarthik Kalyan Yojana

The Dr. Bhimrao Ambedkar Aarthik Kalyan Yojana aims to empower Scheduled Caste individuals in Madhya Pradesh by providing them with financial support for self-employment ventures. This initiative, managed by the Tribal Welfare and Scheduled Caste Department, offers a substantial interest subsidy on loans, encouraging entrepreneurship and economic independence among the beneficiaries.

Overview of the Scheme

The Dr. Bhimrao Ambedkar Aarthik Kalyan Yojana facilitates a 7% annual interest subsidy on loans extended to Scheduled Caste individuals for a maximum period of five years. The range of financial assistance varies from ₹10,000 to ₹1 lakh, catering to diverse self-employment projects. This scheme is designed to foster self-reliance among Scheduled Caste applicants by providing necessary training and support for various business ventures. Beneficiaries can also participate in a 12-day online entrepreneurship development training program. The scheme encompasses projects across manufacturing, services, and business sectors, and loans are guaranteed by the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) through participating banks.

Key Benefits

• 7% interest subsidy on loans for a duration of up to five years.

Eligibility Requirements

• The applicant must be aged between 18 and 55 years.
• Applicants should not be registered as income tax payers.
• No history of defaulting on loans from banks or financial institutions, including Micro Finance Institutions (MFIs), Non-Banking Financial Companies (NBFCs), Small Finance Banks (SFBs), or Primary Agricultural Credit Societies (PACS).
• Applicants must not be receiving benefits from any other self-employment scheme provided by the state or central government.
• The family income of the applicant should adhere to the following criteria:
  • If unmarried: Should include the applicant and their dependent parents.
  • If married: Should encompass the applicant, spouse, and dependent children (there is no age limit for dependent, unmarried children).

Application Procedure

To apply for this scheme, interested individuals can follow the offline application process outlined below:

1. Visit the Scheduled Caste Welfare Department: During office hours, go to the department and request a hard copy of the application form from the designated authority.
2. Complete the Application Form: Fill out all the required fields in the application form, affix a passport-sized photograph (if necessary, sign across it), and attach self-attested copies of all mandatory documents.
3. Submit the Application: Hand in the completed and signed application form along with the required documents to the appropriate authority within the stipulated time frame.
4. Obtain Acknowledgement: After submission, ask for a receipt or acknowledgement from the authority. Ensure the receipt contains crucial details such as the submission date, time, and a unique identification number (if applicable).

Note: It is essential to submit the application within the specified timeline, if applicable.

Official Resource

For further information, please visit myScheme.gov.in.