Mukhyamantri Alpsankhyak Rozgar Rinn Yojana

Permanent residence in Bihar is required

Permanent residence in Bihar is required.

Applications must be made in the district where…

Applications must be made in the district where the applicant permanently resides.

Only members of a minority community (Muslim, Sikh,…

Only members of a minority community (Muslim, Sikh, Christian, Buddhist, Jain, or Parsi) can apply.

Age must be between 18 and 50 years

Age must be between 18 and 50 years.

Government and semi-government employees are not eligible

Government and semi-government employees are not eligible.

Yearly family income has to be below ₹4,00,000/-

Yearly family income has to be below ₹4,00,000/-. Note 1: The loan can be spent only on employment and income-generation activities. Note 2: Except for Muslims, applicants from every minority community need a religious belief certificate from a recognized religious body. Priority Criteria:

Earlier beneficiaries who repaid their loans in full…

Earlier beneficiaries who repaid their loans in full and on time do not have to go through selection and site inspection.

Applicants fulfilling one or more of these conditions…

Applicants fulfilling one or more of these conditions will be preferred:
Holding an educational qualification or training under a skill development scheme
Living in a rural area
Being a woman, disabled, abandoned or widowed
Being aged between 18 to 35 years
Belonging to a government-registered cooperative institution, federation or self-help group (SHG)
Having experience or running a shop Guarantor:
Upto ₹1,00,000/-: The applicant may stand as self guarantee, or the guarantee may come from a person who, or either of whose parents, holds a rent receipt/ other related document.
More than ₹1,00,000/-: The guarantor must be a govt/semi-govt/bank/ autonomous body employee with at least 5 years of service left, an income tax payee, an Anganbadi worker, a teacher of a Registered Madarsa, or a permanent teacher or mutawalli of a registered waqf, holding immoveable property for equitable mortgage.

Minority community youth can obtain loans of up…

Minority community youth can obtain loans of up to ₹5,00,000/- at a simple annual interest of 5% to generate employment. Note 1: Once the Sanction Order is issued, the loan is sent to the beneficiary's account through RTGS. Note 2: Depending on the sanctioned amount:

More than ₹1,00,000/- (per unit of equipment or machines, etc.):

Payment goes to the vendor’s account once a quotation or proforma invoice is received.

Less than ₹1,00,000/-:

Payment goes straight into the applicant's account. Loan Recovery:

Interest:

Once the 3-month moratorium ends, simple interest of 5% is charged on the loan.

EMI:

Repayment is made through 20 equal quarterly installments.

Processing Charge:

Before the RTGS payment, 0.5% of the sanctioned amount is deducted as a processing fee.

Rebate:

Borrowers who repay the entire loan on time receive a 0.5% rebate on the outstanding interest.

Penalty:

If EMIs are not paid on time, compounded interest is recovered when the financial year ends.

Post-dated Cheques:

Between 10 to 20 post-dated cheques have to be submitted by the applicant.

Proof of identity (Aadhaar Card)

Proof of identity (Aadhaar Card)

A passport-size photograph

A passport-size photograph

Age proof

Age proof

Certificate of educational qualification, training or experience

Certificate of educational qualification, training or experience

A photocopy of the bank passbook with bank…

A photocopy of the bank passbook with bank name, account number and IFSC code

Certificate of caste/community

Certificate of caste/community

Income certificate from a competent authority (SDO, BDO,…

Income certificate from a competent authority (SDO, BDO, CO)

Residence certificate from a competent authority

Residence certificate from a competent authority

Disability certificate, where applicable

Disability certificate, where applicable

Other documents, if asked for

Other documents, if asked for