Minority Loan Scheme in Karnataka 2024 Apply Online and Required Documents

The Karnataka Congress government, led by Chief Minister Siddaramaiah, has announced that it will provide minority community members with a Rs 3 lakh vehicle purchase discount. The Karnataka government has announced the Minority Loan Scheme In Karnataka. Members of minority communities would receive Rs 3 lakh under the initiative when they purchase a four-wheeler vehicle of their choosing. The government will help them secure loans from different institutions to cover the remaining balance. This scheme will help minorities to start their ventures. Keep reading this article for further information, all the important details about the Minority Loan Scheme will be provided in this article.

Overview of Minority Loan Scheme Karnataka

“A driver shouldn’t remain as a driver,” stated Zameer Ahmed Khan, Minister of Wakf and Karnataka Minorities Welfare. He ought to get a car of his own as well. He has the option to purchase a four-wheeler vehicle for up to ₹8 lakhs. The government is going to provide a ₹3 lakh subsidy. The government assists with financing as well. He is required to pay 10% of the car’s value upfront. For instance, he will be required to pay an upfront payment of 80,000 if the car is valued at Rs 8 lakh. A subsidy of 3 lakh will be provided. We will provide him with a bank loan for the remaining sum, he declared. This plan existed under the previous Siddaramaiah government.

Also Read: KMDC Login 

Objective of Minority Loan Scheme Karnataka

The main and most important aim of the Minority Loan Scheme Karnataka is to promote and generate employment in the state. As we all know, sometimes minorities cannot experience the privileges of other communities so this scheme will become a helping hand for them. The corporation works with nationalized and scheduled banks to implement this scheme. Beneficiaries would receive a subsidy equal to 50% of the vehicle’s worth, up to a maximum of Rs. 3 lakhs, if they are sanctioned or approved for a loan from the banks for the purchase of a passenger autorickshaw, goods vehicle, or taxi. Priority will be given to women. It is prohibited to sell the car acquired through this program to third parties while the loan is in effect.

Key highlights of Minority Loan Scheme Karnataka

Eligibility Criteria

• Candidates must be members of the State Religious Minority Community.
• The candidate needs to live in the state permanently.
• The applicant’s age range should be 18 to 55 years old. The total annual income of the family should not exceed Rs. 6.00 lakh.
• The applicant’s family should not include any members who work for the State, Central, or Government Public Sector Units.
• The applicant needs to have a valid driver’s license that was obtained from the Regional Transport Authority.
• The applicant and any members of their family should not have gotten a car loan through a State Government program.
• The applicant is not allowed to have outstanding debt with KMDC.

Also Read: KMDC Loan Status 

Required Documents

• The beneficiary’s two most recent passport photos for the online application
• Income certificate and caste
• Copy of Aadhaar card
• Copy of driver’s license
• a declaration from the recipient regarding the unavailability of financing options under any State government program for the recipient’s and their families’ car purchases.
• an affirmation promising not to transfer or alienate the car you bought through this program while you had a loan out.

Benefits of Minority Loan Scheme Karnataka

• Beneficiaries would receive a subsidy equal to 50% of the vehicle’s worth, up to a maximum of Rs. 3 lakhs, if they are sanctioned or approved for a loan from the banks for the purchase of a passenger autorickshaw, goods vehicle, or taxi.
• Priority will be given to women.
• It is prohibited to sell the car acquired through this program to third parties while the loan is in effect.
• The beneficiary must provide the KMDC District Office with information regarding the insurance and road tax, together with any supporting documentation.
•  The company should be informed of any insurance payment claims and the specifics of those payments.
•  The beneficiary must pay 10% of the vehicle’s cost
• The phrase “Subsidized by KMDC” must be posted on the vehicle for the vehicle that received KMDC subsidization.

 How to Apply for Minority Loan scheme Karnataka online 2024

To apply for the Minority Loan Scheme Karnataka Online follow these steps;

• First you must visit the official website for KMDC

• The homepage of the website will appear in front of you
• Clock in the E-services option on the homepage.
• And then select the Online application option on the screen.
• Then you will be taken to another window where you will find various options and select the Apply Online option.
• Then fill in the required details and get yourself registered.

 Contact details

Helpline number; 8277799990

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