Chief Minister’s Rojgar Yojana Goa | Offers Loans and Financial Assistance to Unemployed Youth

Introduction:

The Goa State Government, in collaboration with the Economic Development Corporation (EDC), launched the “Chief Minister’s Rojgar Yojana” in 2023. The main purpose of the scheme is to provide self-employment opportunities to the youth of Goa by assisting them financially in starting a new business or expanding an existing one.

Under this scheme, all the educated unemployed/self-employed persons between the ages of 18 to 50 years are eligible (Eligible for 5-year age relaxation for widows, disabled persons, and individuals from Scheduled Castes, Scheduled Tribes, or Other Backward Classes)

The government will provide 3 days of compulsory entrepreneurship training before disbursing the approved loans. The loans will be sanctioned only to Backward Class People, Scheduled Castes and Scheduled Tribes or Other backward Class people)

The primary goal of the Chief Minister’s Rojgar Yojana is to assist the people of Goa to find proper jobs and encourage them to start a business of their own. A certain amount of money is given by the government of Goa with very low interest rates to help them get going initially. This way the people become entrepreneurs and gradually create jobs for themselves and many others.

The loan amount received through the Chief Minister’s Rojgar Yojana in Goa can vary by various factors. Generally, the maximum loan amount can range from Rs. 2 lakhs to Rs. 25 lakhs.

For the most updated and correct information, it is recommended to check the official website of the Goa Government or contact the concerned authorities directly.

Meanwhile, at the time of writing this article and as per gathered information, Professional degrees/diplomas/I.T.I., including those undergoing special training programmes conducted by authorised Government Departments/ Corporations can avail of a loan of a maximum.

Rs. 25.00 Lakhs and all other categories can avail up to Rs. 20 lakhs, of course, various other factors such as nature of the business, the applicant’s category (general, SC/ST, OBC, etc.), and other eligibility criteria are taken into account.

1. Main Objective: This is to provide loans to start own business and to reduce unemployment. Also, to promote self-employment and entrepreneurship among the youth of Goa.
2. Target Beneficiaries: To target the unemployed youth of Goa.
3. Loan Amount: The loan amount can vary ranging from Rs. 2 lakhs to Rs. 25 lakhs, this depends on the nature of the business and other criteria such as including a 50% share capital under the DITC scheme (80% in the case of SC/ST applicants).
4. Rate of Interest: The interest rates are low to make the loans affordable for repayment.
5. Method of Repayment: The repayment method is flexible to ease the burden of borrowers.
6. Eligibility Requirements: Typically the age limit of educated unemployed/self-employed individuals shall be between 18 to 50 years. The age is relaxable by 5 years in case of widow, disabled person, scheduled caste, scheduled tribe and other backward class person.
7. Domicile: The applicants must be permanent residents of Goa.
8. Educational Qualifications: VIIIth passed, (Relaxable in deserving cases). There is preference given to those who have technical/professional qualifications. These will include candidates trained by GHRSSIDC, the Agriculture Department, the Forest Department or under any other Government Training Scheme. Finally, there is also another factor that will be taken into account is the nature of the proposed business.
9. Training: Compulsory entrepreneurship training of up to 3 days for the beneficiary after the loan is sanctioned but before disbursement of the loan. This may be exempted and made optional based on recommendations of the Task Force Committee on a case-to-case basis.
10. Income Criteria: There is No income ceiling
11. Application Form: The applicants need to fill out an application form which can be obtained from designated government offices or can be downloaded from the official sites.
12. Documents Required: Proof of identity, address, birth certificate, income certificate, and educational qualifications documents must be submitted at the time of application form.
13. Submission: Submit all the documents such as the application form and other related documents to the concerned authority.
14. Selection: Various factors of eligible applicants are scrutinized to verify eligibility criteria.

1. Age: The age requirement is 18 to 50 years in case of widow, disabled person, scheduled caste, scheduled tribe, or other backward class person).
2. Loan Repayment: The loan repayment period should not exceed 60 years of the borrower’s age.
3. Resident Proof: The applicant must be residing in Goa for at least 15 years. The following documents are required- Residential Certificate School Leaving Certificate or passing Certificat1e from Goa Board/Goa University or any document to the satisfaction of the sanctioning authority. In case the person does not fulfil the domicile conditions but he/she is married to a person of Goan origin and whose spouse has been a resident of Goa for at least 15 years, shall also be eligible for assistance, provided he/she is settled in Goa for a minimum period of one year.
4.  Educational Qualification:  Minimum VIIIth pass (relaxable in deserving cases) Those who have technical/professional qualifications preference will be given. Besides, preference is given to candidates trained by GHRSSIDC, the Agriculture Department, the Forest Department, or under any other Government Training Scheme.
5. Family Income: No income ceiling

Here we are listing the documents required:

1. Proof of Identity: Aadhaar Card, Passport Copy or PAN card.
2. Educational Qualification: Marksheet of class 8 standard or higher.
3. Proof of Residence: Residential Certificate, School Leaving Certificate, From Goa Board/Goa University Passing Certificate or any other documents to the satisfaction of the sanctioning authority.
4. Income Certificate: An income Certificate is required which is issued by the competent authority.
5. Project Report/Business Plan: A project Report shall be submitted explaining clearly your business idea, its implementation plan, financial viability, and job creation potential. Keep in mind, that a well-crafted and convincing project report increases the chances of loan approval.
6. Passport-sized Photographs: A recent passport-sized photograph is required.
7. Other Documents: Additional documents might be required by the concerned authorities for verification depending on the nature of the projects

The forms can be obtained from the following sources:

1. District Industries Centres (DICs)
2. Block Development Offices (BDOs)
3. Common Service Centres (CSCs)
4. Official Website of the Goa Government

For the time being, you can download the form from this link.

To apply for the Chief Minister’s Rojgar Yojana (CMRY) offline follow these steps:

• The application forms can be obtained from the following sources: District Industries Centre (DIC), Block Development Office (BDO), or Common Service Centre (CSC) in Goa.
• One may also be able to download the form from the official Goa government website, here is the link.
• The price of the application form is Rs 100 / – for loans above Rs 50,000 and Rs 25 / – for loans below 50,000
• Fill out the application form by providing accurate information in all sections of the form.
• Next, attach all the relevant documents as mentioned such as proof of identity, residence, educational qualifications, income certificate, and project report/business plan.
• Verify for the final time before handing over the documents.
• Submit the application form along with all the necessary documents to the designated offices (DIC, BDO, or CSC).
• Pay the applicable fees, if any.

Unfortunately, submitting online will not be a wise decision however it is worth checking the official website of the Goa government or contacting the concerned authorities directly.  

Meanwhile, here is the link to the Goa E-Governance Portal: https://www.goa.gov.in

Well, the Chief Minister’s Rojgar Yojana in Goa is a superb initiative targeted at creating employment opportunities for the people of Goa. The scheme provides financial assistance and support to individuals who want to start their own businesses or ventures.

Through the scheme, it will empower the Goans to contribute to the state’s economic development by creating job opportunities.

Here is a great opportunity for the people of Goa with a dream and a passion to start something of their own.

The Chief Minister’s Rojgar Yojana (CMRY) could be your stepping stone to success. Don’t be afraid to take the leap and explore the possibilities. Remember, with hard work and determination, your dreams can become a reality hence go for it.

Any person already assisted under another subsidy-linked scheme will not be eligible under this scheme otherwise relaxed/specified.

It is a period of time during which one does not have to pay back a loan. It is like a temporary pause on the loan you have taken. In this case of the scheme, the maximum period is one year at the discretion of the Task Force Committee.

Yes, the security required for the CMRY loan is typically a first charge of mortgage/hypothecation of fixed or current assets. This means that the lender (EDC Goa) will have a first claim on these assets as security for the loan.

For further specific details, one should refer to the scheme guidelines or consult with the EDC Goa directly. They can provide you with the most accurate and up-to-date information.

On the basis of the proforma invoice in respect of machinery, furniture and furnishing, working capital, and vehicle the loan will be disbursed.

The suppliers will have to furnish an undertaking in the prescribed format that the items/vehicle will be delivered as per the specified proforma invoice.

There will be a physical verification of the assets acquired and a valuation of the furniture/furnishing will be carried out.

Well, “You’ll be charged an interest rate of 8% per year on your loan. But nothing to worry about, the government offers a generous interest rebate of 6% per year. This means you’ll only end up paying an effective interest rate of 2% per year. However, to enjoy this benefit, you’ll need to keep your business running smoothly and make your loan payments on time.”

In case one is not able to pay the interest on time then there will be a Penal interest @ 2% p.a., on the defaulted amount for the defaulted period of EDC Term Loan and share capital of DITC shall be charged.

Disclaimer: “For the most accurate and up-to-date information, refer to official government resources or contact local authorities.”

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