• Image
  • Image
  • Image
  • Image
  • Image
  • Image
Procedure for Availing Loan

Procedure for selection of beneficiaries/ availing of loan

UNDER BANK TIE- UP SCHEME

Any eligible person desirous of establishing a feasible project have to apply to the District Manager of the corporation in the prescribed form available in each district office of the Corporation. The field staff of the Corporation conducts survey to determine suitability/ feasibility of the proposed activity and genuineness of the beneficiary. The case deemed fit is sponsored to the concerned bank operating in the area for sanction of loan. The concerned bank after pre-sanction survey sanctions the loan component and intimates to the corporation through its Distt. Manager/s regarding release of subsidy.

On receipt of sanction from the bank the corporation releases subsidy component to the bank concerned. The income generating asset is handed over to the beneficiary in presence of a committee comprising of the Bank Manager, District Manager of the Corp. representative of insurance company and the concerned Veterinary Asstt. Surgeon (in case involving animals). District Manager of the Corporation is fully empowered to monitor the running of all units so established.


UNDER DIRECT FINANCING SCHEME

The Corporation issues advertisements for seeking applications containing all terms and conditions, in local print and/ or electronic media invariably as soon as a particular scheme/ project of financing is approved by the national level financing corporation (under Direct Financing Schemes).

On receipt of application a district level selection committee (constituted by the State Govt.) scrutinizes the documents furnished by the applicant and conducts interview of the prospective beneficiary. The committee comprises of Lead District Manager, Lead Bank Office, Assistant Director, District Employment Exchange, Projects Manager, DIC, Regional /Assistant Regional Transport Officer ( in case of Transport cases) of concerned District as member/s of the committee, concerned District Manager of the corporation is Member-Secretary and Divisional Manager of the corporation is Chairman of the Committee. Therefore the selection is made keeping in view the genuineness of the applicant and feasibility of the activity in a particular area/ district. Thereafter the corporation issue sanction orders and asks the selected beneficiary to complete the legal formalities in a reasonable time. As soon as the documents are completed and the contribution is deposited by the beneficiary, the asset is handed-over to the beneficiary (as per the choice of the beneficiary) duly insured and the payment is released to the seller/ dealer.

 

MAIN POST SANTION FORMALITIES/ DOCUMENTS TO BE COMPLETED BY THE BENEFICIARY

(A) Pre-sanction Documents
Besides other documents, attested copies of the following Certificates/Documents with original should be attached with Loan Application Form:

(i) Permanent Resident Certificate,
(ii) Caste Certificates,
(iii) Income Certificate
(iv) Disability Certificate (in case NHFDC’s schemes)
(v) Valid Driving License(in case of vehicles)
(vi) Experience Certificate(if any)
(vii) Ration Card/ Aadahar Card

(B) Post-sanction Documents
Besides other formalities the beneficiary should have to execute/furnish the following documents :

(i). Execution of Loan Agremment/Hypothecation Deed ,
(ii) Execution of Guarantee Deed.
(iii) Execution of Mortgage Deed of Immovable Property or Guarantee of two Govt. Employees having sufficient amount of salary (acceptable to the corporation) in the Loan cases costing above Rs.2.00 Lacs. In case the Guarantee of Govt. Employee, the Guarantor shall furnish Salary certificate of prescribed duly certified by the concerned D.D.O.
(iv) Promoter’s contribution as applicable in the scheme,
(v) Post-Dated cheques equivalent to the nos. of loan Recovery installments,
(vi) Trust Receipt (vii).One Affidavit each from beneficiary and Guarantor/s.
(viii) D.P.Note(Hundi) (ix). N.O.C from Local Financial Institutions.

ALL THE FINANCING SCHEMES OF THE CORPORATION UNDER DIRECT FINANCING ARE SUBJECT TO AVAILABLITY OF FUNDS FROM THE RESPECTIVE APEX CORPORATIONS.

Copyright © 2016 J&K SC,ST & BC Dev.Corporation Ltd, 715-A, Last Morh, Gandhi Nagar, Jammu - 180004
Telephone/ Fax: +91-0191-2433229