Annasaheb Patil Economic Demand Development Corporation has introduced Annasaheb Patil loan schemes for the citizens of the Maratha community. These schemes aim to facilitate the establishment of various businesses.
Sometimes, starting a business isn’t feasible due to financial constraints. If you don’t have enough money to start a business, you can still benefit from government schemes. State governments often provide incentives for young individuals to start businesses. You can take advantage of loan schemes offered by the Annasaheb Patil Economic Demand Development Corporation to start your business.
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What is Annasaheb Patil loan scheme?
The Maharashtra government established the Annasaheb Patil Economic Demand Development Corporation in 1998 to address economic vulnerabilities in the state. The primary objective of this corporation is to develop economically weaker sections, promote entrepreneurship, and encourage self-employment. The corporation offers various loan schemes such as Individual Loan Interest Rebate Scheme (IR-I), Group Loan Interest Rebate Scheme (IR-II), and Group Project Loan Scheme (GL-I). These schemes are aimed at benefiting the youth of the Maratha community, enabling them to start industries and purchase commercial vehicles.
Under the Individual Loan Interest Rebate Scheme (IR-I), individuals can avail loans up to 10 lakh rupees. The interest rebate period is up to 5 years with an interest rate of up to 12%. The corporation provides initial assistance (principal + interest) in the first week. This assistance can be up to 3 lakh rupees towards the loan amount. However, certain conditions must be met to benefit from this scheme.
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This scheme is applicable to men up to the age of 50 and women up to the age of 55. Additionally, the annual household income must be at least 8 lakh rupees. Individuals who have already benefited from any other corporation’s scheme are not eligible for this scheme.
Under the Group Loan Interest Rebate Scheme (IR-II), registered institutions such as cooperative societies, savings groups, LLPs, and other government-registered groups are eligible for loans up to 50 lakh rupees. The interest rebate period is up to 5 years with an interest rate of up to 12%. The annual income limit under this scheme is also 8 lakh rupees. The age limit is the same as IR-I.
Under the Group Project Loan Scheme (GL-I), projects worth up to 11 lakh rupees are eligible for application, and loans of up to 10 lakh rupees can be granted. If the loan amount exceeds 10 lakh rupees, it requires approval from the bank and submission of distribution proof to the corporation. Farmers’ Producer Organizations (FPOs) can also apply for loans under this scheme. The repayment period for these loans is 7 years, and all assets acquired through these loans will be registered under the corporation’s name. Additionally, providing financially capable guarantors is necessary for these loans.
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Objective of Annasaheb patil loan
The objective of these schemes is to empower the youth economically and strengthen their foundation for achieving their dreams. Through these schemes, youth can realize their entrepreneurial aspirations, and the issue of unemployment in the state can be addressed. These schemes aim to make economically marginalized groups self-reliant and improve their socio-economic status.
Eligibility Criteria
The eligibility criteria for these schemes are straightforward and clear:
- The applicant must be a resident of Maharashtra.
- The applicant’s age must not exceed 55 years.
- Applicants should not have previously benefited from any government scheme. Only one person can avail of the loan under this scheme.
- The applicant’s bank account must be linked with Aadhaar Card.
Documents Required
While applying for a loan, the following documents are necessary:
- Bank Loan Approval Letter
- Business Project Report
- Aadhaar Card / Shop Act License
- Business Photos
Apply for Annasaheb Patil’s loan
- To apply for Annasaheb Patil’s loan scheme, visit the website
- After completing the registration, click on “Apply for Loan” option.
- You will then be prompted to provide details regarding your annual household income. Click on “Yes” to proceed.
- Then, fill in personal details, residential details, loan details, etc. While filling in this information, provide details such as name, address, PAN card, education, mobile number, etc.
- After clicking on the loan details, specify the amount required. Once all the required information is uploaded, click on submit.
After submission, you can track the status of your loan using the application number. Additionally, you will need to provide a Letter of Intent (LOI) from the bank when obtaining the loan from the bank.
Anna Saheb Patil’s loan scheme is a significant initiative aimed at enabling youth to achieve their economic independence and realize their dreams. It provides an opportunity for the youth of Maharashtra to pursue their aspirations and become financially self-sufficient.
