GANGTOK, March 10: After the education loan bonanza for meritorious students, the State Government is now offering soft employment loans to the unemployed youth up to Rs. 3 lakhs per individual under Chief Minister’s Self Employment Scheme (CMSES).
Sikkim Subject Certificate or Certificate of Identification holders and their descendants in the age group of 22 to 35 years who have passed Class X and are unemployed are eligible for the loans under CMSES.
As per the guidelines, the benefit will be restricted to children of persons whose gross income from all sources does not exceed Rs. 2.5 lakhs annually subject to submission of authentic income certificate duly certified by the concerned district collector and subject to revision from time to time. Children of government and PSU employees are also eligible for the loan subject to the above conditions.
However, not more than one member of a family will be considered for the benefit, save in case of BPL families.
The quantum of loan shall not exceed Rs. 3 lakhs per individual, per scheme, it is informed. A processing fee of 1 percent of the sanctioned amount will be charged to cover the administrative expenses of Sikkim Industrial Development Investment Corporation (SIDICO) for loans under the scheme and no other amount is to be deducted from the loan. The SIDICO is the prescribed agency to accept all applications and disburse the loan amount at their end duly ensuring that all eligibility criteria are met.
The government has directed that the total amount of loan under CMSES should be as far as possible be proportionately divided among the four districts as per percentage of their population.
In case of death of a loanee, the co-applicant will be made liable for refund of the outstanding loan, the guidelines state.
Loans under CMSES are to be disbursed on a quarterly basis by the SIDICO after final approval from the government.
The SIDICO will be examining the application for loans with reference to the genuineness of the request, ability of the candidate to establish and run the project and capacity to repay the loan. Preference is to be given to candidates who have undergone higher or specialized training in the field for which the loan is being sought.
Final disbursement to the selected loanees will be made only after they have obtained the required license or permission for running the project. The amount shall be released on installment basis on satisfying progress in the implementation of project, the guidelines state.
