Goa
Self Employment Scheme - Goa
Main benefit
Financial Support up to a maximum of ₹ 10,00,000 to individuals.
Can you get this scheme?
Conditions at a glance
- Age 55 or above
- Age up to 55
- Family income up to ₹1 lakh a year
- Category: ST
- Work: Business / self-employed
About
"Self Employment Scheme" is a Loan Scheme by the Goa State Scheduled Tribes Finance and Development Corporation Limited, Department of Tribal Welfare, Government of Goa. Under this scheme, the financial support will be advanced up to a maximum ₹ 10,00,000 to any individual person belonging to Scheduled Tribes Community to undertake any self-employment activities that will be approved by the Corporation from time to time. The Loan /Financial assistance will also be made available to the extent of ₹ 15,00,000 to the Association / Societies / Partnership / Self-help groups (SHG) / Companies formed exclusively by the member of the Schedule Tribes Community.
Benefits
- Financial Support up to a maximum of ₹ 10,00,000 to individuals.
- Loan/ Financial Assistance up to a maximum of ₹ 10,00,000 to the Association / Societies / Partnership / Self-help groups (SHG) / Companies.
- The beneficiary is required to contribute a 10% margin money towards the cost of the project. (The BOD may relax this condition considering the merit in each case, but this relaxation shall not be applicable to the Association / Societies / Partnership / SHG / Company etc).
- Insurance
- The life of the beneficiary and the business activity shall be insured from fire, theft, cyclone and other natural calamities with the agency identified by the Corporation and the said policy shall be endorsed in the name of the Corporation. In the event of any calamity, the compensation received from the Insurance Company shall be adjusted against the loan outstanding in the Corporation.
Who can apply
- The applicant should be an Individual / Association / Societies / Partnership / Self-help Group (SHG) / Company.
- The applicant should be from a Scheduled Tribe (ST) Community.
- The family income of the applicant/beneficiary should not be more than ₹ 1,00,000 per annum.
- The age of the applicant should not be more than 55 years. Financial support should only be given to undertake any self- employment activities.
- The applicant will have to provide two guarantors / Surety who is having a sound financial status. One Guarantor should necessarily be a Government Servant.
- NOTE: The eligibility criteria can be relaxed in deserving cases by the decision of the BOD.
Documents needed
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How to apply
Offline
- 1
The interested applicant should visit the Department of Tribal Welfare, Govt. of Goa, Shram Shakti Bhavan, 5th Floor, Patto, Panaji-Goa, - 403 0 1.
- 2
Take a print of the proforma of the application form, or request a hard copy from the concerned authority.
- 3
In the application form, fill in all the mandatory fields, paste the passport-sized photograph (signed across), and attach copies of all the mandatory documents (self-attest if required).
- 4
Submit the duly filled and signed application form along with the documents to the concerned authority.
Common questions
What is the definition of "Family" in the context of this scheme?
"Family" includes Husband, Wife, unmarried Children, Father, Mother, unmarried brother, and sister below 18 years, fully dependent and staying with the applicant.
How is insurance integrated into this scheme?
The life of the beneficiary and their business activity is insured against fire, theft, cyclone, and other natural calamities with an agency identified by the Corporation. Compensation received from the Insurance Company in case of any calamity is adjusted against the outstanding loan in the Corporation.
What is the significance of the 10% margin money requirement for the project cost?
Beneficiaries are required to contribute a 10% margin money towards the project cost. However, the Board of Directors (BOD) can relax this condition based on the merit of each case, except for Association / Societies / Partnership / SHG / Company applicants.
What are the eligibility criteria for availing the benefits of this scheme?
The applicant should be from the Scheduled Tribe (ST) Community, have a family income not exceeding ₹1,00,000 per annum, and be aged below 55 years. They should also intend to undertake self-employment activities and provide two guarantors, one of whom must be a Government Servant.
Can you explain the mortgage requirement for this scheme?
The beneficiary needs to mortgage their business activity to the Corporation until the full and final repayment of the loan is made.
How long is the repayment period for the loan?
The repayment period, which is decided by the Board of Directors, varies based on the nature of the business. The standard repayment period is 10 years, determined during the sanctioning of the loan for specific self- employment activities.
What happens if a borrower defaults on their loan installments?
In case of overdue installments, a 2% penal interest shall be charged on the amount of overdue installments, and the entire loan amount along with the interest shall be recovered as land revenue arrears.
Is the interest rate for the loan fixed, and how is it calculated?
Yes, the interest rate is 4% per annum, calculated using the Reducing Balance Method.
How much financial assistance can an individual person belonging to the Scheduled Tribes Community expect under this scheme?
An individual person can receive financial support of up to a maximum of ₹10,00,000 for their self-employment activities.
Can you explain the types of entities that are eligible to apply for financial support under the "Self Employment Scheme"?
Individuals, as well as Associations, Societies, Partnerships, Self-help Groups (SHGs), and Companies formed exclusively by members of the Scheduled Tribes Community, are eligible to apply.
Is there a specific maximum amount of loan available for Associations, Societies, Partnerships, SHGs, and Companies?
Yes, loan or financial assistance of up to ₹15,00,000 is available for these entities formed exclusively by Scheduled Tribes Community members.
Can an applicant from the Scheduled Tribes Community with a family income slightly above ₹1,00,000 per annum still apply for the scheme?
No, the family income should not exceed ₹1,00,000 per annum, and this criterion is strictly followed to provide assistance to economically disadvantaged individuals.
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