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Kalyan Gramin Udyog Yojana

The scheme is designed for the property located in Grampanchayat area to form a new business or for expansion of the already establish business. A perfect problem-solving scheme for villagers having limited sources who wants to grow in competitive business environment.

Purpose :
  • For carrying out / expanding / continuing business / professional / service activity.
  • For acquisition of commercial premises / space such as shop / gala / office / godown, etc. situated at Gaothan or Grampanchayat area.
Eligibility :
  • Businessmen
  • Self - employed
  • Professionals having regular source of income
  • Firms (proprietary / partnership)
Source Of
Eligibility :
Eligible Loan amount would be restricted as under :
  • Borrower’s Average 3 years gross total income to be considered.
  • Total deduction including the present & proposed loan repayment obligations should not exceed 65% of average gross income of Borrower.
  • If income is in decreasing trend, last year’s income to be considered.
    (Note: No Agricultural Income would be considered for eligibility purpose.)
Quantum :
  • Maximum loan amount ₹ 10 lakhs
Tenure :
  • Maximum period - up to 10 Years
Basic Documents :
  • In case of new customer, applicant & guarantors need to open savings / current account
  • Duly filled & signed loan application form
  • Duly signed loan agreement
  • KYC documentation as per RBI guidelines, including proof of identity & address proof of applicant & guarantors with 3 passport sized photographs
  • Copy of updated passbook / bank statement for last one year
  • Details of existing on-going loan availed from banks / financial institution
  • Copy of Bank deposits / Life Insurance Policies / Other Investments (if any)
  • If an applicant Is a self-employed individual :
    • Income Tax Returns of last 3 years, 26 AS from traces
    • Financial statements including balance sheet, profit & loss account and computation of income for last 3 years
    • Licenses / permissions from competent authorities
Security :
  • Registered Simple Mortgage of constructed gala / shop /property in Grampanchayat / Gaothan area in the name of applicant / to be purchased in the name of the applicant.
ROI :
  • Please click here to know about latest ROI & Service Charges.
Important terms :
  • Applicant has to be a regular shareholder of the bank. The guarantors have to be either a regular member (shareholder) or a nominal member of bank.
  • Standing Instruction (SI) Request / ECS or NACH instructions / Post Dated Cheques (PDC) to be submitted to the bank as per requirement.
  • If property is in Gaothan area, Assessment List i.e.Namuna-8 from Grampanchayat and sanad wherever available. Bank’s charge to be noted on Namuna 8/ Property Card after creation of mortgage.
  • Collateral securities, if stipulated, to be submitted before disbursement. In case of assignment of LIC policies, original policies to be deposited and assignment formalities to be completed before disbursement. Surrender value certificate to be obtained from insurance company.
  • Search report and title clearance report for the property to be obtained from bank’s panel advocate. Professional fees / charges for the same to be borne by the applicant, even if the loan proposal is not sanctioned by the bank.
  • All conditions stipulated in the advocate’s title clearance report are to be fulfilled by the applicant before consideration of the loan proposal.
  • Inspection of the property / site will be carried out by bank officials. Applicant has to make necessary arrangements for this
  • Formalities regarding recording bank’s charge on the property by the builder / co-operative housing society and transfer of share certificate in the name of the applicant / borrower by the co-operative housing society, are to be completed as early as possible. The applicant / borrower has to ensure and take active responsibilities for this.
  • Before disbursement, applicant has to provide margin money and necessary amount to meet all the expenses (as mentioned above & as per service charges). Adequate amount for the purpose is to be deposited in the bank account in advance.

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