The applicant for the loan is parent

The applicant for the loan is parent

Up to Rs.1.00 lakh per member of SHG, Up to Rs. lakh for a group of 20 members in one SHG

Up to Rs. 1.50 lakh per member of SHG Up to Rs. lakh for a group of 20 members in one SHG

Upto Rs.25Lakhs per NGO. The limit is increased to Rs.50 Lakhs for NGOs with 100% repayment record for last 2 years

Upto Rs.25Lakhs per NGO. The limit is increased to Rs.50 Lakhs for NGOs with 100% repayment record for last 2 years

a) The applicant NGO should have been registered for at least three years and it should have good reputation / credibility of work in the area of its operation.

b) The bye-laws of the NGO should have an enabling clause to borrow funds for the purpose of providing loans to the poor.

Beneficiary contribution need not be collected from the beneficiary, instead the beneficiaries are expected to utilise the amount along with the loan amount received from the KSMDFC

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c) It should have broad-based objectives, serving the social and economic needs of the weaker sections of the society. Preference will be given to organizations working for the welfare of minorities.

d) It should have necessary flexibility, professional competence, basic financial management capability and organizational skills to implement lending programs. It must have outreach services in the operational areas.

The total loan amount

f) It should have a proper system of maintaining accounts. Its accounts should have been audited & published for the last three years without any serious irregularities observed in the audit.

g) It should be running on sound financial lines and should not have incurred losses during the last three years.

h) It should have experience of Thrift and Credit administration through Self Help Groups (SHGs) of at least six months and its recovery performance should be of the order of 90% and above.

The student will be the co-borrower for the loan. Under this scheme an amount up to Rs. lakhs are considered for financing for studying technical, professional and skill development courses of durations not exceeding 5 years duration within India or Aboard. The maximum loan amount that can be disbursed in a year is limited to Rs.10 lakhs.

The maximum loan amount that can be disbursed under this scheme is limited to 90% of the cost or the amount requested by the beneficiary, whichever is lower. The student shall submit the details of the admission Fee, tuition fee and other fees to be paid by the student in the college in each year certified by the Principal or Head of the institution.

In the case of abroad study confirmed admission in the intended course is the pre-requirement for availing the loan amount. Applications can be submitted in anticipation of the admission. The admissible expenditure includes admission fee, tuition fee and exam fee and hostel expenses only. The applicant should have obtained admission for any full-time professional/Technical /Skill development Courses. Distant education/ Part-time no credit check payday loans Blue Ridge GA programmes are also not covered under this scheme.

The college/institute that offering the course should be a recognized institution by the Central/State Government or by an appropriate authority such as UGC/AICTE/MCI etc.

Mode of release: The installment amount will be paid by A/c payee cheque in the name of educational institution. The parent will be the borrower of the loan amount. For availing subsequent installments, interest upto that period to be paid, utilization of previous installment and the completion of the previous years of study is compulsory. A certificate in this regard shall be obtained from the head of the institution and submitted before the corporation to avail the subsequent installments. The repayment will start after 3 months from the last installment released. Even if the student has not successfully completed the course in the final year or he/she is perusing for higher studies, the repayment will start as per schedule i.e. after 3 months of the loan is availed.