Karnataka Shrama Shakti Scheme 2023: Apply for Loan Now

Karnataka Shrama Shakti Scheme | Shrama Shakti Loan Scheme 2023 | Eligibility, Benefits, Application Process | Apply for Sharma Shakti Loan Now

The Karnataka government has introduced the Shrama Shakti Scheme 2023 to benefit the state’s minority community. Under this initiative, members of the minority class would receive skill training and low-interest financing (4% to 5%) from the government. It allows them to launch their businesses. The Chief Minister of Karnataka presented this proposal in July 2023. In this article, we will tell you all the details regarding the Sharma Sakti Loan Yojana, including its objectives, benefits, eligibility, and application procedure to apply for the scheme.

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Karnataka Sharma Shakti Scheme 2023

Sharma Shakti Yojana is primarily under the jurisdiction of Karnataka Minorities Development Corporation Limited. The scheme would provide the candidates with monetary loans of Rs. 50,000 at an interest of 4%, which they would have to repay in 36 months. It will help the minority community of Karnataka to start their businesses or pursue professions in entrepreneurship.

The candidates will also receive training in technical or artistic skills. The candidate must be between the ages of 18 and 55. And, their annual financial assistance cannot be more than Rs. 3.50 lakh. If any member of the applicant’s family is employed by the Central, State, or Government Sector Unit, they are not eligible for the program.

Overview of the Sharma Sakti Loan

Name of the Scheme Name	Karnataka Shrama Shakti Scheme
Initiated By	Government of Karnataka
Objective	To motivate and empower young people in Karnataka without jobs to start their own enterprises
Benefits	Financial loan up to 50,000 rupees
Interest Rate	4% to 5%
Official Website	https://kmdc.karnataka.gov.in/

Objectives of this Loan Scheme

The Sharma Shakti Scheme aims to help unemployed youth in Karnataka progress their careers and create jobs for other youth by encouraging them to start their businesses or become entrepreneurs. Despite working, they are unable to provide for their family because of their financial situation.

To offer applicants financial support, the Karnataka government launched the Sharma Shakti project. Eligible applicants will get a 50,000 rupee loan under this initiative, which they will have to pay back in 36 months. If half of the financing is returned by the candidate, the remaining amount of Rs. 25,000 will be considered the back-end subsidy.

Benefits of the Sharma Shakti Loan Scheme

The Karnataka Sharma Shakti Yojana help the state’s minority community start their businesses or pursue entrepreneurial careers.
This scheme would provide the candidates with Rs. 50,000 loans at a 4% interest rate, which you should return within 36 months.
Candidates will be taught technical or artistic skills.
If the applicant returns half of the financing, the remaining amount of Rs. 25,000 will be recognized as the back-end subsidy.

Eligibility Criteria for the Scheme

The candidate must live permanently in the state of Karnataka.
The candidate should be between the ages of 18 and 55.
Their annual financial assistance should not be more than Rs. 3.50 lakh.
The applicant should belong to one of the minority groups, which include the Parsi, Buddhist, Muslim, Christian, Jain, Sikh, and Sikh.
If any family members are employed by the Central, State, or Government Sector Unit, the individual is not eligible for the program.
The candidate cannot have a history of loan defaults from KMDC.
During the five years prior, neither the candidate nor any other candidate may have benefited from any other KMDCL scheme (other than the Arivu Scheme).

How to Apply for Karnataka Shrama Shakti Scheme 2023?

Visit the official website of Karnataka Minorities Development Corporation Limited.

On the homepage, select the “Shrama Shakti Loan Scheme” option under the “Scheme” section.
A new page will open, read all the information carefully.
After that, click on the “E-Services” option.
Next, click on the “Online Application” option.
A new page will open, click on the “Apply Online” option under the “Loan / Subsidy for Minorities” tab.
Click on the “Application Form” option, enter your mobile number and click on the “Verify” button.
Now, enter all the required details in the application form.
- Name
- Date of Birth
- Annual income
- Community
Click on the “Submit” option, and take a printout of it.
Then, attach all the required documents with the form, and submit it to the “District Selection Panel.”

Required Documents for the Scheme

Passport Size Photo
Aadhaar Card
Income Certificate
Project Report
Surety Self Declaration Form
Self Declaration Form
Bank Account Details
Residence Proof of Karnataka
Online Application Form
Caste Certificate
Minority Certificate

HelpDesk

Please use the contact information provided below if you would like more information about the Shrama Shakti Scheme or if you have any questions or concerns.

Address	39-821, 2nd Floor, K M D C BHAVAN, Subedar Chatram Road, Sheshadripuram, Bengaluru – 560020, Karnataka
Contact Number	080-22860999 & 080-22861226
Email ID	kmdc.ho.info@gmail.com