Unemployment is one of the rising concerns in the country. The government is doing its best to absorb all the educated youth into their organizations but unfortunately due to our population, they are unable to do so. Therefore, the government has other ways to generate employment or to curb the unemployment ratio in the country. Not only the central government but also states are finding new years through which they can engage the youth in activities so that they don’t have to suffer due to unemployment. Goa government also has one such scheme called “Goa Chief Minister Rojgar Yojana” which was launched in the year 2013. This scheme is solely for educated unemployed youth of the state.
If you are one of the unemployed youth, you need to read about the scheme in detail. In case of any query, you can comment down below and we will try to help as much as we can.
What is Goa Chief Minister Rojgar Yojana?
Goa Chief Minister Rojgar Yojana is a financial assistance for the unemployed youth of the state. This scheme was launched by the CM in the year 2013. Under this scheme, unemployed youth can start their own business with the help of the government. For that, he needs to be between 18 and 50 years old and also must pass 8th as an educational qualification. Previously there was an income limit by the government however, it has been waived as a condition. This can open the opportunity to a lot more youth of the state.
Under this scheme, you can avail of a loan up to a maximum project cost of Rs 25 Lakhs. The interest rate that you have to pay as per your loan amount is 6%. This is not a CGSME scheme, therefore, you have to put in some collateral while availing the loan. This will be explained to you in the later stage of the article. Let’s talk about the “Goa Chief Minister Rojgar Yojana” in detail.
| Goa Chief Minister Rojgar Yojana 2024 Key Highlights | |
| Goa Chief Minister Rojgar Yojana Launch Date | 20172023 (New) |
| Goa Chief Minister Rojgar Yojana Official Website | CMRY Official Website |
| Goa Chief Minister Rojgar Yojana Objective | To provide financial assistance so that the unemployed youth can start something of their own or expand existing ones in eligible sectors |
| Goa Chief Minister Rojgar Yojana Beneficiary | Unemployed Youth of the State |
| Goa Chief Minister Rojgar Yojana Margin Money | 10% for General (Men) 5% for Women/ OBC/ Disabled/SC/ST |
| Goa Chief Minister Rojgar Yojana Interest Rate | 6% |
| Goa Chief Minister Rojgar Yojana Maximum Project Cost | 25 Lakh |
| Goa Chief Minister Rojgar Yojana Collateral Requirement | Yes |
| Goa Chief Minister Rojgar Yojana Mode of Application | Offline |
| Goa Chief Minister Rojgar Yojana Helpline Number | 7722079569 8322224510 |
Goa Chief Minister Rojgar Yojana Objective
To offer employment opportunities to the youth of Goa through financial support for initiating new ventures or expanding existing ones in eligible sectors.
Goa Chief Minister Rojgar Yojana Key Features
Addressing Unemployment Challenges – Encouraging the younger generation to establish their enterprises can significantly diminish their reliance on traditional employment, effectively mitigating the issue of unemployment.
Optimal Credit Allocation – The state government is prepared to extend a maximum credit limit of Rs. 25 lakhs to individuals possessing technical qualifications, while those without such credentials can avail up to Rs. 20 lakhs.
Interest Rates on Credit – Male beneficiaries are subject to a 6% interest rate, whereas women are obligated to pay an EMI calculated at 6%.
Penalty Interest – Failure to make a timely EMI payment will result in an additional penalty of 2%. If a borrower defaults on multiple EMIs, an extra 8% penalty will be imposed.
Repayment Duration – Loan repayment must be completed within ten years. However, applicants from ST or SC backgrounds are granted an additional ten years for repayment. Additionally, all applicants are entitled to a one-year moratorium period.
Entrepreneurship Training – All applicants will receive complimentary business training from the Goa government, lasting for 30 days, to enhance their business management skills.
Group Business Ventures – The state will extend similar financial benefits to group business ventures with multiple owners, limited to a maximum of five members.
Goa Chief Minister Rojgar Yojana Eligibility Criteria
- Age: 18 to 50 years (Can be relaxed by 5 years for widows, disabled persons, scheduled caste, scheduled tribe, and other backward class individuals).
- The loan repayment period should extend up to 60 years of the borrower’s age.
- Educational Qualification: Minimum 8th passed (flexible in deserving cases). Preference is given to those with technical/professional qualifications, including candidates trained by GHRSSIDC, Agriculture Department, Forest Department, or any other Government Training Scheme.
- Family Income: No income ceiling.
- Residence Proof: Permanent resident of the area for at least 15 years.
- Documents required: Residential Certificate, School Leaving Certificate, passing Certificate from Goa Board/Goa University, or any document satisfactory to the sanctioning authority.
- Individuals married to a person of Goan origin, residing in Goa for at least 15 years, are eligible if settled there for a minimum period of one year.
- Defaulter/Non-eligibility: Should not be a defaulter to any nationalized bank/financial institution/co-operative bank. Individuals already assisted under another subsidy-linked scheme are not eligible unless specified otherwise.
Covered Activities
- All economically viable/legal activities except those involving alcohol & tobacco.
- The scheme encompasses the following activities:
- CSC-VLE (Common Service Centres – Village Level Enterprises)
- Start-ups (for fixed assets only)
- Homestay, Bed and Breakfast (for fixed assets only)
- Civil/Electrical Contractors (for fixed assets only)
Goa Chief Minister Rojgar Yojana Ineligibility Criteria
- Projects lacking fixed assets are ineligible; working capital is capped at 40% of the project cost.
- The project cost does not cover the cost of land.
- Ineligibility extends to existing units and those that have previously benefited from any Government Subsidy (under PMRY, REGP, PMEGP, CMEGP, or other government schemes).
- CMRY Loan is limited to one loan (existing/new) per family.
- For financial assistance exceeding Rs.10.00 lakh, the applicant must submit a project report.
- Takeover of existing loans will not be entertained.
- TFC and EDC management hold authority over all matters about the scheme; government involvement is only sought if necessary.
- If a unit is deemed ineligible due to misrepresentation or miscalculation, the interest rebate amount must be repaid immediately by the unit/party. Otherwise, it will be recoverable as arrears of Land Revenue.
Goa Chief Minister Rojgar Yojana Documents Required
Documents Required from the Promoter:
- Birth certificate
- A certificate confirming 15 years of residency
- Aadhar card
- PAN card
- Election card
- Copy of the bank passbook
- Self-declaration by the applicant in the specified format.
Documents Required from the Guarantor:
- Birth certificate
- A certificate confirming 15 years of residency
- Aadhar card
- PAN card
- Election card
- Copy of the latest house tax if the loan amount is less than Rs 6 lakhs
- Notarized copy of the title of immovable property owned if the loan amount exceeds Rs 6 lakhs.
If the premises are rented, the necessary documents include
- No Objection Certificate (NOC) from the landlord, using the prescribed EDC format.
- The latest house tax receipt for the mentioned premises, was issued in the name of the landlord.
Goa Chief Minister Rojgar Yojana Financial Assistance
| Goa Chief Minister Rojgar Yojana Project Cost | |
| Professional degree/diploma/I.T.I., including those undergoing special training programs conducted by authorized Government Departments/ Corporations. | MaximumRs. 25.00 Lakhs |
| Others | MaximumRs. 20.00 Lakhs |
| Goa Chief Minister Rojgar Yojana Means of Finance | ||
| DITC Share Capital | General (Men) | 50% of Project Cost |
| Women /OBC /Disabled | 50% of Project Cost | |
| SC/ ST | 80% of Project Cost | |
| EDC Term Loan | General (Men) | 40% of Project Cost |
| Women /OBC /Disabled | 45% of Project Cost | |
| SC/ ST | 15% of Project Cost | |
| Promoter’s Contribution | General (Men) | 10% of Project Cost |
| Women /OBC /Disabled | 5% of Project Cost | |
| SC/ ST | 5% of Project Cost | |
| Goa Chief Minister Rojgar Yojana Margin Money | |
| General (Men) | 10% |
| Woman/ OBC/ Disabled/SC/ST | 5% |
| Goa Chief Minister Rojgar Yojana Repayment Duration | |
| Vehicle | 5 Years |
| Others | 5 to 7 Years |
The repayment schedule includes a moratorium period of a maximum of 1 year in monthly EMIs.
Loan disbursement occurs to suppliers based on proforma invoices related to machinery, furniture, furnishings, working capital, vehicles, etc. Suppliers are required to provide an undertaking in the specified format, ensuring that the items/vehicles will be delivered as outlined in the proforma invoice. Subsequently, a physical verification of the acquired assets and a valuation of furniture/furnishings will be conducted.
Goa Chief Minister Rojgar Yojana Loan Security Requirements/ Collateral
Loans up to Rs. 1.00 lakh
- The Task Force Committee has the authority to review and consider proposals up to Rs. 1.00 lakh, contingent upon the authenticity of the applicant and the project. This determination is made based on an affidavit of self-declaration, confirming the acquisition or initiation of all necessary clearances from competent authorities relevant to their proposed venture.
- The Joint Managing Director of EDC Limited or, in his absence, the General Manager of EDC Limited (acting as the link officer) is empowered to approve CMRY loans up to Rs. 2.00 lakh and vehicle loans up to Rs. 6.00 lakh.
Loans up to Rs.2.00 lakh
- Personal guarantee required from the applicant and spouse (as a Confirming Party for married individuals), or a parent/relative (for unmarried individuals).
- For non-transport loans, where a minimum of 75% (50% for SC/ST applicants) of the loan amount is secured, hypothecation or mortgage of the fixed assets being financed.
Loans above Rs.2.00 lakh and up to Rs.6.00 lakh:
- Applicant must provide a third-party personal guarantee from one or more guarantors based on the loan amount.
- A spouse’s guarantee is necessary for married applicants and a parent/relative guarantee for unmarried applicants.
- Eligible guarantors include:
- An employee of the Government of Goa, Corporations of the Government of Goa, Autonomous Bodies, Government aids, and other Institutions controlled by the Government of Goa.
- Any individual with a minimum taxable income of Rs.5.00 lakh for the preceding 3 years, with a take-home salary sufficient to cover the EMI.
- Employees of reputable companies, subject to approval by TFC, provided they have a service history of more than 10 years.
- Individuals owning unencumbered immovable property in Goa, with a value corresponding to the loan amount.
Loans above Rs.6.00 lakh:
- Submission of a notarized copy of ownership documents for unencumbered immovable property owned by the guarantor/s, matching the loan amount.
- The guarantor must not be a defaulter with any financial institution/bank and should have the financial capacity to service the extended loan.
Goa Chief Minister Rojgar Yojana Subsidy Amount
A 75% interest rebate at a rate of 6% per annum on the EDC Term loan and DITC share capital will be applied as a subsidy and the credited amount will be directed to the beneficiary’s loan account. This subsidy is contingent upon meeting the specified terms and conditions. The eligibility and reimbursement of this subsidy by the Government will adhere to established norms.
This subsidy applies to both fixed assets and current assets. Disbursement of the subsidy is contingent upon regular EMI payments by borrowers and the operational status of the unit.
Training Requirement
The scheme mandates mandatory entrepreneurship training lasting up to 30 days for the beneficiary, provided by the Government after the loan is sanctioned but before its disbursement. Exemption from this requirement may be considered and made optional based on the recommendations of the Task Force on a case-by-case basis.
Interest Rates
- For both the EDC Term loan and DITC Share capital, the applicable interest rate is 6% per annum.
- In the event of default, a 2% per annum penal interest will be levied on the defaulted amount during the defaulted period for both EDC Term Loan and DITC Share capital.
Goa Chief Minister Rojgar Yojana Application Process
To avail of the Chief Minister’s Rojgar Yojana in Goa, individuals can follow the outlined procedure:
- Obtain the application form from the offices of the Economic Development Corporation of Goa.
- Complete the application form, ensuring all required documents are attached.
- Application Form: Prospective applicants meeting the eligibility criteria should submit their application using the prescribed form, available at a cost of Rs.100/-. This form should include comprehensive details of their project, accompanied by the necessary documents.
- Processing Fees: The completed application form must be submitted to EDC Ltd. with a non-refundable processing fee, as follows:
- Rs.500/- (plus applicable GST) for loans up to Rs.5.00 lakh.
- Rs.5,000/- (plus applicable GST) for loans exceeding Rs.5.00 lakh.
- Payment terms: 50% upon form submission, and the remaining 50% after loan sanction.
- However, SC/ST applicants will be charged an application fee of Rs.200/- (plus applicable GST), regardless of the loan amount.
- Submit the duly filled application form along with the application fee to the Economic Development Corporation of Goa.
Goa Chief Minister Rojgar Yojana FAQs
Who is eligible under the CMRY Scheme?
All educated unemployed individuals aged between 18 to 50 years are eligible. Age relaxation of 5 years is applicable for widows, disabled persons, scheduled castes, scheduled tribes, and other backward-class individuals.
What are the main criteria for availing of the Scheme?
The applicant should have a minimum qualification of Std. 8th, a 15-year residence certificate, no income ceiling, and should not be a defaulter to any nationalized bank/financial institution/co-operative bank
Can applicants slightly exceeding the age limit apply for the loan?
Yes, age relaxation can be considered by the Task Force Committee on a case-by-case basis.
What is the maximum project cost eligible for finance?
Maximum Rs. 25.00 lakh for individuals with a professional degree/diploma/I.T.I., etc., and Rs. 20.00 lakh for others in general.
What is the promoter’s margin required?
A minimum promoter contribution of 10% in the general category and 5% for women/disabled/SC/ST/OBC applicants.
What is the repayment period for the loan?
Maximum 10 years (including a moratorium of a maximum of 1 year) in monthly installments.
What documents are required from the promoter?
General documents required include birth certificate, 15-year residency certificate, Aadhar card, PAN card, election card, copy of bank passbook, and a self-declaration in the prescribed format.
Am I entitled to any subsidy under the CMRY Scheme?
Yes, an interest rebate of 75% (@ 6% p.a.) on EDC term loan and DITC share capital will be credited to the beneficiary’s loan account as a subsidy, subject to fulfilling terms and conditions.
