6% Interest Subsidy on Loans taken for Vehicle Purchase through Banks in Salem
6ISLTVPB
Gujarat Tribal Development Corporation, Government of Gujarat
Guidance for businesses in Salem
The scheme aims to support Scheduled Tribe (ST) individuals in purchasing vehicles for self-employment purposes. Under this scheme, tribal beneficiaries availing bank loans for vehicle purchase with interest subsidy. This financial support helps reduce the repayment burden on tribal entrepreneurs.
At a glance
- Scheme Name
- 6% Interest Subsidy on Loans taken for Vehicle Purchase through Banks
- Implementing Body
- Gujarat Tribal Development Corporation
- Target Audience
- Scheduled Tribe (ST) individuals in Gujarat's tribal areas
- Purpose
- Vehicle purchase for self-employment
- Subsidy
- 6% interest subsidy on bank loans
- Loan Range
- ₹5,00,000 to ₹20,00,000
Benefits
Interest Subsidy:
- 6% interest subsidy on bank loans for vehicle purchase.
Loan Eligibility Range:
- ₹5,00,000 to ₹20,00,000.
Eligibility
- The applicant must be a resident of tribal areas in Gujarat.
- The applicant must belong to the Scheduled Tribe (ST) category.
- The applicant must have taken a bank loan specifically for vehicle purchase.
Documents required
- Aadhaar Card
- Bill of Vehicle Purchase
- Copy of RC Book
- Loan Approval Letter
- Bank Passbook/Cancelled Cheque
- Caste Certificate
- Identity Card
- Passport-size Photos
How to apply
- 1
The interested applicant should visit (during office hours) at the office of the Project Administrator, Gujarat Tribal Development Corporation, Gandhinagar, and all tribal district offices and request a hard copy of the prescribed format of the application form from the staff exclusively entrusted to issue and collect filled-in applications.
- 2
In the application form, fill in all the mandatory fields, and attach copies of all the mandatory documents (self-attestted, if required).
- 3
Submit the duly filled and signed application form along with the documents to the office of the Tribal District Sponsorship Administrator.
- 4
Request a receipt or acknowledgment from the office of the Tribal District Sponsorship Administrator to whom the application has been submitted. Ensure that the receipt contains essential details such as the date and time of submission, and a unique identification number (if applicable).
About the scheme
The “6% Interest Subsidy on Loans taken for Vehicle Purchase through Banks” is a scheme run by the Gujarat Tribal Development Corporation for Scheduled Tribe (ST) individuals residing in the tribal areas of Gujarat. It reduces the cost of financing a vehicle bought for self-employment by subsidising 6% of the loan interest.
By lowering the effective interest rate on vehicle loans between ₹5,00,000 and ₹20,00,000, the scheme makes it easier for tribal entrepreneurs to acquire commercial vehicles and build a livelihood.
Why it matters
- Reduced Repayment Burden:
- A 6% interest subsidy lowers the cost of financing a vehicle.
- Promotes Self-Employment:
- Enables ST individuals to buy vehicles for commercial or self-employment use.
- No Income Limit:
- There is no income ceiling to apply, widening access.
- Targeted Support:
- Focused on Scheduled Tribe residents of Gujarat's tribal areas.
Focus areas
- Interest Subsidy:
- 6% subsidy on bank loans for vehicle purchase.
- Self-Employment:
- Vehicles acquired for commercial or self-employment purposes.
- Tribal Empowerment:
- Financial support directed at ST entrepreneurs in Gujarat.
Is this scheme right for you?
The “6% Interest Subsidy on Loans taken for Vehicle Purchase through Banks” scheme is a valuable support for Scheduled Tribe entrepreneurs in Gujarat looking to buy a vehicle for self-employment. By subsidising 6% of the interest on loans between ₹5,00,000 and ₹20,00,000, the scheme meaningfully reduces the cost of financing. If you are an ST resident of Gujarat's tribal areas with a vehicle loan for self-employment, this scheme can ease your repayment burden.
Frequently asked questions
Who can apply for this scheme?
Only Scheduled Tribe individuals from Gujarat who have taken a vehicle loan for self-employment.
What is the range of eligible loan amounts?
Loans between ₹5,00,000 and ₹20,00,000.
What is the subsidy provided?
A 6% interest subsidy on the loan.
Is there any income limit to apply?
No, there is no income limit.
Can private vehicles be purchased under this scheme?
No, the vehicle must be used for self-employment or commercial purposes.
Where can the application form be obtained?
The application form obtains From the Project Administrator's office in Gandhinagar or tribal district offices.
Is the application form available online?
No, it is only available offline.
Is there any cost to get the form?
No, the form is free of cost.
Where should applications be submitted?
The application submitted at the office of the Tribal District Sponsorship Administrator.
What key documents are required?
Aadhaar card, caste certificate, loan approval letter, vehicle purchase bill, RC book copy, and passport photos.
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