The Government is providing financial assistance of up to Rs. 50,000/- to each beneficiary for self-employment activities in business, service agriculture and allied activities under Devaraj Arasu Loan Scheme 2023 To avail loans under Self-Employment Scheme, the annual income of candidates residing in rural areas must not exceed Rs. 98,000/- while the candidates who are residing in urban areas must not exceed more than Rs. 1,20,000/-. In this article we will discuss about Objective, Key Highlights, Eligibility Criteria, Benefits, Required Documents etc.
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Devaraj Arasu Loan Scheme 2023
This is a Government initiative Scheme which aims at promoting financial inclusion and entrepreneurship among marginalized communities. The scheme provides accessible loans to individuals from economically weaker sections, including scheduled castes, scheduled tribes and other backward classes.The scheme also offers financial support for education, housing and agriculture-related activities. By providing easy access to credit the aims to empower disadvantaged individuals and uplift their socio-economic status. It plays a crucial role in fostering self-employment, reducing poverty, and promoting inclusive growth in the targeted communities.
Devaraj Arasu Loan Scheme 2023 Objectives
Some of the objectives of the Scheme are as follows:
- The primary objective of the scheme is to provide loans to the citizens of backward classes who want to set up their business activities.
- Financial assistance of up to Rs. 50,000/- to each beneficiary for self-employment activities will be provided.
- Subsidy will also be provided on the loan.
Highlights of Devaraj Arasu Loan Scheme
| Name of the Scheme | Devaraj Arasu Loan Scheme |
| Launched By | Government of Karnataka |
| Scheme Start Date | 02 October 2023 |
| Beneficiary | Citizens of Karnataka |
| Objective | To provide loan and to generate employment |
| State | Karnataka |
| Mode of Application | Online |
| Loan Amount | Rs. 50,000/- |
| Loan Interest Rate | 4% Yearly |
Eligibility Criteria
Who wants to apply for the scheme please check the eligibility criteria provided below:
- Candidates must be a permanent resident of Karnataka.
- Age of the applicant should fall between 18 to 55 years.
- The annual family income of the applicant living in rural areas should not exceed Rs. 98,000/- and those who are living in urban areas the annual family income should not exceed Rs. 1,20,000/-.
Benefits of the Devaraj Arasu Loan Scheme
Here we have provided some of the benefits under the Scheme which are as follows:
- The amount of up to Rs. 50,000/- will be provided for loan.
- The government will also provide subsidies on the loan.
- The amount of up to Rs. 10,000/- subsidy will be provided.
- Beneficiaries have to pay a nominal amount of interest at 4% per annum.
- Beneficiaries are not required to depend on anyone to finance their business with the implementation of the phone now.
Required Documents
Following documents are required to apply online under the scheme:
- Aadhar card
- Income certificate
- Proof of age
- Passport size photograph
- Mobile number
- Email ID
- Bank Details
- Loan Application form
Application Process of Devaraj Arasu Loan Scheme 2023
- Visit the Official Website of the Portal.
- Click on the homepage.
- On another page, enter all the required details.
- Attach all the relevant documents.
- Click on Submit button to complete the application process.