KMDC Direct Loans For Business/Enterprise Karnataka

Organisation : Karnataka Minorities Development Corporation Limited (KMDC)
Scheme Name : Direct Loans For Business/Enterprise
Applicable For : Entrepreneurs
Applicable State/UT : Karnataka
Website : https://kmdc.karnataka.gov.in/33/business-direct-credit-scheme/en

What is KMDC Direct Loans For Business/Enterprise?

The main objective of this scheme is to provide financial assistance in the form of loans to persons belonging to the State’s Religious Minority Communities so as to help them to start their businesses or expand their existing ones. Under this scheme, loans will be provided to eligible entrepreneurs to start or expand their businesses by mortgaging property (building or land).

Related / Similar Scheme : KMDC Vrutti Protsaha Loan Scheme Karnataka

Eligibility Criteria of KMDC Direct Loans For Business/Enterprise

** Applicant should be resident of Karnataka state
** Applicant should belong to a minority community
** Applicant Age should be between 18 to 55 years
** Applicant should not be defaulter of K.M.D.C.
** Loans will be provided only on mortgage of property (building/land) to the corporation. The value of the property should not be less than the loan amount.
** Business/Enterprise Loan will be given to only one member of a family
** If applicant’s family income is below Rs 8.00 lakhs, then the loan will be provided upto Rs 20 lakhs on 4% interest rate
** If applicant’s family income is Rs 8.00 lakhs to 15 lakhs, loan will be provided upto Rs 20 lakhs on 6% interest rat

How To Apply For KMDC Direct Loans For Business/Enterprise?

The application is to be completed in two parts, first online and then offline.

Step-1: First go to the official website, and fill out the application form.
Step-2: Print the application form.
Step-3: Submit this application form along with other relevant documents to the Selection Panel of your concerned district.
Step -4: After the approval of the Selection Panel, the loan amount will be transferred to your bank account.

Apply Here : https://kmdconline.karnataka.gov.in/Portal/home

Documents Required For KMDC Direct Loans For Business/Enterprise

Documents Required While Applying:
** Copy of Aadhaar as residential proof
** Caste Certificate Issued by the competent authority
** Income Certificate Issued by the competent authority
** Lease deed/Partition deed/Release deed/Gift deed/Rental agreement/Sale deed of the property
** Project report/Profile of activities from CA(Chartered Accountant)
** Quotations related to the project
** License from respective authorities with respect to property proposed to be mortgaged
** Building’s Khata extract and Khata certificate or land’s Mutation copy.
** Phodi/Partition deed with respect to revenue lands and phani-RTC
** Encumbrance Certificate-(EC)/Form No.15
** Up-to-date tax-paid receipts from the local bodies
** Guidance value of the land from the competent authority
** No objection from the family members to pledge the title deed, with the family tree
** In the case of a building, a Valuation report by a registered valuer- Valuation Certificate
** Self-Declaration Form

Documents Required After Selection:
** Committee Approval Order
** Affidavit from Applicant
** Joint Affidavit from the Beneficiary & the Guarantor
** Demand Promissory Note (DPN)
** Hypothecation & Mortgage Deed
** Letter of Repayment
** Letter of Guarantee
** Loan Agreement
** Consideration of Receipt
** Acknowledgment of debt from the Borrower
** Acknowledgment of debt from the Guarantor
** Memorandum of deposit of title deeds/equitable mortgage deed
** Blood Relations Power of Attorney (if the property is not in the applicant’s name)