edc-goa.com Dr. Verghese Kurien Rojgar Yojan VKRY : Economic Development Corporation

Name of the Organization : Economic Development Corporation
Type of Facility : Dr. Verghese Kurien Rojgar Yojana (VKRY)
Location: Goa

Official Website : http://www.edc-goa.com/edc/products_edc.php

Dr. Verghese Kurien Rojgar Yojana (VKRY):
Eligibility:
Age:
For all educated unemployed 18 to 42 years in general; relaxable by 5 years in case of widow, disabled person, scheduled caste, scheduled tribe, other Backward class person. (Additional relaxation of 10 years for general as well as reserved categories could be considered by the VKRY Task Force Committee (TFC), to be approved by the Chairman EDC/Chairman TFC, depending upon genuineness of the case/project). However, such relaxations during the year shall not exceed 10% of the total sanctioned cases during the previous financial year. Regular ex-Government employees including those who have opted for VRS shall not be eligible for such relaxations.

Educational qualification:
VIIIth passed; relaxable in deserving cases. Preference will be given to those who have technical/professional qualifications. These will include candidates trained by GHRSSIDC, Agriculture Department, Forest Department or under any other Government Training Scheme.

Family income :
The income of the beneficiary along with spouse and dependents, and children of minor age shall not exceed Rs. 3,00,000/- p.a.

Residence proof:
Permanent resident of the area for at least 15 years. Documents required – Residential Certificate or School Leaving Certificate or passing Certificate from Goa Board/Goa University or any document to the satisfaction of the sanctioning authority.

Defaulter/ Non Eligibility:
Should not be a defaulter to any nationalized bank/financial institution/co-operative bank. Further, a person already assisted under other subsidy linked scheme will not be eligible under this scheme, unless otherwise relaxed / specified.

Activities covered:
All economically viable/legal activities except dealing in alcohol & tobacco

Loan Assistance:
a) Project cost :
Maximum Rs. 20.00 lakh, including 50% share capital under *DITC scheme (80% in case of SC/ST applicant) for an individual with professional degree/diploma/I.T.I., including those undergoing special training programmes conducted by authorised Government Departments/ Corporations.
Maximum Rs. 15.00 lakh, including 50% (80 % in case of SC/ST applicant) share capital under *DITC scheme, for others.

Assistance for acquiring premises which may be required for the proposed project, could also be considered, subject to the condition that exposure for such premises shall not exceed 50% of the maximum eligible project cost limit under the Scheme, in all cases except in case of professionals and technically qualified persons, wherein it can be as high as 70%.

b) Means of Finance:
10% minimum promoter’s contribution; (5% in case of woman/disabled/ SC/ST/OBC applicant).
50% interest free share capital under *DITC Scheme, restricted to maximum Rs. 10.00 lakh *(Rs. 16.00 lakh in case of SC/ST applicant) for professionals and technically qualified persons and maximum Rs. 8.00 lakh *(Rs. 12.00 lakh in case of SC/ST applicant), for others.
40% (15% in case of SC/ST applicant) term loan under CMRY with interest @
8% p.a., for male & 6% p.a, for female beneficiary.
5% Promoter’s Contribution & 45% term loan in case of woman/ disabled/OBC beneficiary).

c) Interest rate:
Penal Interest 8% p.a., for male and 6% p.a., for female beneficiary.
Penal interest @ 2% p.a., on the defaulted amount of more than one EMI, for the defaulted period of EDC Term Loan shall be charged.
Penal interest @ 8% p.a. on the defaulted amount of more than one EMI, for the defaulted period, of the *Share Capital of DITC shall be charged.

d) Margin for loan:
10% minimum (5% minimum for woman/disabled/SC/ST/OBC person).

e) Moratorium period:
Maximum one year. (Moratorium period at the discretion of the Task Force Committee).

f) Security:
First charge of mortgage/hypothecation of fixed/current assets.

g) Collateral :
Only personal guarantee by the applicant and spouse, as a Confirming Party, in case of married person and of parent/relative, in case of unmarried person, to be provided for loan amount upto Rs. 2.00 lakh; and also for non transport loans, where minimum 75% (50% in case of SC/ST applicant) of the loan amount is secured by way of hypothecation / mortgage of the fixed assets being financed.

For other loans upto Rs. 6.00 lakh, the applicant has to provide personal guarantee of one or more guarantors depending upon the loan amount. Such a guarantor could be an employee of the Government of Goa /Corporations of Government of Goa/ Autonomous Body/ Government Aided and other Institutions controlled by the Government of Goa/ Companies of repute to the satisfaction of the TFC provided they are regular employees working for more than 10 years or any other person with taxable income of minimum Rs. 5.00 lakh for preceding 3 years, with take-home salary commensurate to the EMI of the loan or a person owning an unencumbered immovable property in Goa, the value of which should commensurate to the loan amount.

For other loans above Rs. 6.00 lakh, ownership documents of the immovable property owned by the guarantor, to be produced.

Repayment Schedule:
Maximum 10 years (including moratorium of maximum 1 year) in monthly installments. In case of loans against vehicles, the maximum repayment may be restricted to 5 years.

(The repayment period in case of SC/ST applicant could be extended upto 20 years, based on nature of activity, strictly on the approval of the CMRY Appraisal Committee / Task Force Committee).

Application Form/Fees:
Eligible persons shall apply in prescribed application form priced at Rs.100/- for loan above Rs. 50,000/- and Rs. 25/- for loan upto Rs. 50,000/-, giving details of their project alongwith requisite documents.

Duly completed application form shall be submitted to EDC Ltd. with non refundable application fee of:
Rs. 200.00 for loan upto Rs. 5.00 lakh;
Rs. 500.00 for loan upto Rs. 10.00 lakh; and Rs. 1000.00 for others.

However, SC/ST applicant will be charged uniform application fee of Rs. 200/-, irrespective of loan amount.

Loans upto Rs. 50,000/- will not be charged application fee.

Download Scheme Details: https://www.indianjobtalks.in/uploads/42350-VKRY.pdf