CMRSY

Chief Minister's Rojkar Srijan Yojana (CMRSY), previously known as Bhamashah Rojgar Srijan Yojana (BRSY), is a scheme for educated, uneducated and unemployed youth, women, SC/ ST youth, disabled and berozgar youth in Rajasthan. The schemes aid business loans at low-interest rates so that the individuals can become entrepreneurs starting their own businesses. In this article, let us see the features and benefits of the Chief Minister's Rojkar Srijan Yojana.

Objectives of the Scheme

The objectives of the scheme are as follows.

To empower and provide financial assistance to youth, women, SC/ ST and differently challenged people.
To provide equal opportunities for both genders.
To create self-employment and to promote the rural economy.

Benefits of the Scheme

The following are the benefits of the CMRSY.

Individuals can start small and medium scale businesses to make their living.
Business loans are offered at an interest rate subsidy of 8%.

Eligibility Criteria

To avail the benefits of the scheme, an individual has to pass the following eligibility criteria.

Educated unemployed individuals between 18-42 years old can apply for this loan.
For widows, differently challenged people, scheduled caste, scheduled tribe and other backward class people who are up to 47 years old can apply for this scheme.
An individual should have passed standard VIII. However, preference will be given those individuals who have completed technical and professional qualifications and those candidates who are trained by GHRSSIDC, Agriculture Department, Forest Department or under any other Government Training Scheme.
The income of the spouse, dependents, children of minor age should not be more than Rs. 3,00,000 per annum.
The individual should be a permanent resident of the area for at least 15 years possessing documents like Residential Certificate or School Leaving Certificate or passing Certificate from Goa Board/ Goa University or any other valid document.
The individual should not be a defaulter to any nationalized bank, financial institution or a co-operative bank.

A person already benefiting from other subsidies are not eligible to apply for this scheme.

Applicability

The funding offered by the scheme can be used for all economically viable and legal activities other than dealing with alcohol and tobacco.

Project Cost

For individuals with a professional degree/ diploma/ I.T.I including those who take up special training programmes that are conducted by authorised Government Departments and Corporation, a maximum of Rs. 25 Lakh with 50% share capital under DTC scheme is provided.
Individuals who do not come under the above category, a maximum of Rs. 20 Lakh including 50% (80 % in case of SC/ ST applicant) share capital under the DITC Scheme is provided.
Assistance to acquire premises for the proposed project that usually is not more than 50% of the maximum eligible project cost limit applicable by the scheme, except for professionals and technical people where it could go upto 70%.

Source of Funding

The funding for the scheme is contributed by the following.

10% minimum promoter's contribution and 5% for woman/ disabled/ SC/ ST/ OBC applicants.
50% interest-free share capital under the DITC scheme, limited to a maximum of Rs. 12 Lakh for professionals and technically qualified people and a maximum of Rs. 10 Lakh for others.
40% term loan under CMRY with interest at 8% per annum for male and 6% per annum for female beneficiaries.
5% Promoter's Contribution and 45% term loan for woman/ OBC/ disabled beneficiaries.

Interest Rate

Interests of 8% per annum for male and 6% per annum for female beneficiaries is levied. A penal interest of 2% per annum in the defaulted amount of more than one EMI, for the defaulted period of the EDC term loan, shall be charged. A penal interest of 8% per annum on the defaulted amount of more than one EMI, for the defaulted time period, of the Share Capital of DITC shall be charged.

Margin for Loan

The margin for a loan of minimum 10% is applied except for f0r woman/ disabled/ SC/ ST/ OBC people a minimum of 5% is applied. The moratorium period for the loan is one year.

Security

The first charge of mortgage/ hypothecation of fixed/ current assets.

Collateral

A loan amounts up to Rs. 2 Lakh would be sanctioned to the applicant only when a personal guarantee is given by the Confirming Party. In the case of a married person, a Confirming Party would comprise of the applicant and spouse whereas, for an unmarried person, it would be the applicant and parent/ relative. The same is required for sanctioning transport loans where a minimum of 75% (50% for SC/ ST applicant) of the loan amount that is secured by way of hypothecation/ mortgage of the fixed assets being financed. For other loans that are up to Rs. 6 Lakh, the applicant has to furnish a personal guarantee of more than one guarantor depending on the loan amount. These guarantees could be made by an employee of the Goa government/ Autonomous Body/ Corporations of Government of Goa/ Government aided and other institutions that are authorised by the Government of Goa/ the Companies of repute to the satisfaction of the TFC that is provided for regular employees who are working for more than 10 years or any other person with taxable income of minimum Rs. 5 Lakh for preceding 3 years, whose salary has to be equivalent to the EMI of the loan or a person owning an unencumbered immovable property in Goa, the value of which should be equal to the loan amount. For other loans more than Rs. 6 Lakh, the ownership documents of the immovable property that is owned by the guarantor has to be furnished.

Loan Upto Rs. 1 Lakh

The Tak Force Committee considers proposals upto Rs. 1 Lakh that is determined by the genuineness of the applicant and the project that is based on the affidavit of self-declaration of having obtained or in the process of obtaining all clearances from the concerned authorities.

Repayment Schedule

The loans have to be repaid within 10 years in monthly instalments, including the moratorium of maximum one year. For loans against vehicles, the maximum repayment may be limited up to 5 years. However, the repayment period for SC/ ST applicants can also be extended up to 20 years depending on the nature of the activity that is approved by the CMRY Appraisal Committee/ Task Force Committee).

Group Activities

A maximum of five people can be joined to form a partnership who is eligible to receive a maximum of Rs. 75 Lakh with the approval of the government. The amount provided for the assistance will be made in multiples of the individual who is eligible under the scheme.

Self Help Groups

Self Help Groups (SHGs) is eligible for loan assistance up to Rs. 75 Lakh based on the type of business activity that is undertaken. Prior approval from the government is needed to receive loans more than Rs. 10,000. SHG is also eligible for additional benefits under the scheme if all the members of the group belong to SC or ST.

Default in Repayment

If the borrower does not repay the loan amount including the interest as per the schedule, the same shall be recovered from the borrower or the guarantor according to Land Revenue Code (LRC)/ the Goa Public Monies (Recovery of Dues) Act, 1986 (PMRA) and Section 29, 30, and 31 of SFCss Act, or SARFAESI Act or Recovery of Debts Due to Bank Act (DRT) and or any other provisions of Law.