SIDICO : Chief Ministers Self Employment & Free Scholarship Scheme Sikkim

Name of the Organization : Sikkim Industrial Development & Investment Corporation Ltd (sidico.org)
Type of Facility : Chief Ministers Self Employment & Free Scholarship Scheme
Location : Gangtok

Website : sidico.org/index.htm

Chief Ministers Self Employment Scheme :
The Government of Sikkim has launched Chief Minister’s Self Employment Scheme ( CMSES ) w.e.f. March 2002 for providing loan to educated unemployed youths for setting up of self-employment venture through service and business routes. SIDICO is the Nodal Agency for implementation of this scheme.

Eligibility :
i) The applicant should have minimum qualification of class X and above and are unemployed.
ii) Applicants who have completed livelihood/vocational training courses from recognised institutes.
iii) Benefit shall be restricted to persons whose family income from all sources does not exceed Rs.2.50 lakhs p.a.
iv) One member of the family shall be eligible for the benefit except in case of BPL families.

Quantum Of Loan :
The maximum loan limit under this scheme is Rs.5.00 lakhs.

Disbursement :
The loan will be disbursed in 2 – 3 installments by an account payee cheque after inspection / verification of the unit.

Rate Of Interest :
The loan under this scheme is interest free for the first two years from the date of first disbursement. Thereafter it shall bear an interest AT 6% p.a.

Repayment Period :
The loan is repayable within five years on EMI basis after the moratorium period. However, the loanee is at liberty to make the repayment before the due date.

Loan Processing Fee :
The loan processing fee of AT 1.00 % is charged on the sanctioned loan amount..

Documents Required :
i) Loan application along with 2 recent passport size photos.
ii) Attested copy of pass certificate / mark sheet of class X and above.
iii) Attested copy of birth Certificate
iv) Sikkim Subject Certificate / Certificate of Identification
v) Valid employment card
vi) Collateral security
vii) Income certificate of parents
viii) Project report

Chief Minister’s Free Scholarship Scheme :
i) A meritorious local candidate / student who succeeds in getting admission through competitive entrance exam to the world’s top twenty universities for higher studies in any discipline shall be eligible for the Chief Minister’s Free Scholarship. A certificate to this effect will have to be produced by the candidate.
ii) Only one candidate per year shall be eligible under this scheme.
iii) The scholarship covers full course fee, institute hostel / accommodation charges, books & stationery and to & fro traveling charges once a year from the institute to the home country.

Comprehensive Educational Loan :
The Govt. of Sikkim has introduced Comprehensive Educational Loan for granting loan to students of Sikkim desiring to pursue their higher studies within India and abroad w.e.f July 2007. SIDICO is the Nodal Agency for implementation of this scheme. Loan processing fee AT 0.5% shall be charged on the sanctioned amount.

The quantum of loan for study is as under :
a) Study within Sikkim ( maximum ) Rs.5.00 lakhs
b) Study in other states – do – Rs.7.50 lakhs
c) Study abroad – do – Rs.15.00 lakhs

Rate of interest :
The loan under this scheme is interest free during the course period and thereafter it shall bear interest AT 6% p.a.

Eligibility :
i) Study loan within Sikkim is restricted to members of BPL families for full time professional courses only.
ii)Study loan in other states of India shall be restricted to children of persons whose annual income from all sources does not exceed Rs.2.50 lakhs and Rs. 5.00 lakhs in case of study in foreign countries.
iii) Study loan benefit is restricted to only one member of the family except in case of BPL families.
iv) The institution of study must be recognized by the competent authority.
v) Children of Government / Public Sector Undertaking employees are also be eligible subject to clause No. ( i ), ( ii ) and (iii) above.

Documents required :
The applicant is required to submit attested copy of following documents :
a) Sikkim Subject / Certificate of Identification
b) Occupation of parent / guardian
c) Income certificate of parents
d) Education qualification certificates
e) Letter of admission issued by the College / University / Institute
f) Collateral securities
g) Tuition fees and cost of study

If study is proposed abroad, following additional documents are required :
a) Passport and Visa
b) Admission letter of Institute

Disbursement :
The loan under this scheme is released directly in favour of the Institute after executing mortgage deed and other necessary loan documents.

Repayment of loan :
The loan is payable in five to seven year in Equated Monthly Installment ( EMI ) basis after the moratorium period.

For further details please contact :
Managing Director
SIDICO
Bhanu Path, Gangtok- 737 103
Sikkim

Phone : 03592 – 202287, 202637, 209622, 203092
Fax : 03592 – 202287
E-mail : mdsidico@rediffmail.com