Sarothi Scheme 2020: Assam Govt has launched the Sarothi Start-Up Fund scheme for the entrepreneurs of the state. New Ventures will get a loan of up to ₹ 10 lakh at a lower interest rate of 5% on the loan.
Assam govt planned to boost the industrial sector with local entrepreneurs by providing loan at lower interest rates. Small start-ups and entrepreneurs will get better fund for their business. Assam Gramin Vikash Bank has the authority to disbursed loans under Sarothi Yojana.
Sarothi Scheme, Assam Details
A financial scheme has launched by Assam govt for the small entrepreneurs and businesses to get term loan at a subsidized rate of interest of 5% P.A. under the Sarothi Start-Up scheme.
|Year||2020 – 2021|
|Benefits||Start-up loans at 5% P.A.|
Eligibility of the Scheme
Those who are thinking of a start-up in Assam or already started their business and want fund then Sarothi scheme is very beneficial to them.
As far so, no criteria have set for the scheme, but only business or start-up in the state can avail the fund. They need to approach the loan under Assam Gramin Vikash Bank (AGVB). However, the selection of the beneficiary is totally on the bank and the govt.
Some basic eligibility criteria you should required are-
- MSME (Micro, Small & Medium Enterprises) of Assam can be eligible.
- Any start-up having creative ideas can easily get the loan.
- Any business or entrepreneur should not be declared defaulter by govt.
Those are the basic requirements need for the applicant.
Benefits of the Scheme
Under the Sarothi scheme, the major benefits are for the small entrepreneurs or Start-Ups who can get fund from a bank loan at a lower rate of interest. Small Industries or innovative business can get loans at 5% rates of interest per annum.
Features and Highlights of Sarothi Scheme
The major features on the scheme under the Financial sector of the state are shown below.
- An applicant can avail a loan up to ₹ 10 Lakh with 5% interest subvention.
- 15% of the cost of Business needs to be invested by the owners and rest will be invested by the bank.
- Every year, the beneficiaries will be selected by DICC along with AGVB branches either to accept the loan or not.
- The loan amount will be disbursed after the inspection of the business done by DICC.
- Disbursement and recovery of loan will be regulated by the Dept of Industries & Commerce, Assam.
- The loan should be repaid in a duration of 5 years as per term.
How to apply for Sarothi Start-Up fund scheme?
Those Small & Medium enterprises who want to get the benefits under the Sarothi Scheme should need to apply online. Or else they can visit the Assam Gramin Vikash Bank branch and approach them for the loan. TO know more about the application process, you can check the Official notification for Sarothi Start-Up fund here.