Tamil Nadu govt to offer Rs 1 crore loan assistance under Kakkum Karangal Scheme

The Tamil Nadu government is providing loan assistance of up to Rs. 1 crore for starting businesses through the Kakkum Karangal Scheme. Under this scheme, a 30% capital subsidy and a 3% interest subsidy will be provided.

Loan up to Rs. 1 crore at low interest

The Tamil Nadu government is implementing various welfare schemes and key initiatives for the progress of the people. In that respect, it is providing financial assistance and subsidies for those who wish to start their own businesses. It is also arranging loan assistance through banks. In this situation, a loan assistance scheme of up to Rs. 1 crore is being implemented by the Tamil Nadu government to transform aspiring entrepreneurs through the Chief Minister's Kakkum Karangal Scheme.

Loan assistance scheme

Chief Minister Stalin announced that under this scheme, 400 ex-servicemen will benefit in two years, with a capital subsidy of approximately Rs. 120 crore and a 3% interest subsidy for projects worth Rs. 400 crore. Chennai District Collector Rashmi Siddharth Jagade has announced that applications are being invited from ex-servicemen and their dependents to benefit under the "Chief Minister's Kakkum Karangal" scheme to implement this project.

Loan assistance for ex-servicemen

In the announcement, the Chief Minister of Tamil Nadu, during his 78th Independence Day address, announced a new scheme called "Chief Minister's Kakkum Karangal" to make ex-servicemen and their dependents entrepreneurs. Under this scheme, ex-servicemen will be facilitated to get loans up to Rs. 1 crore through banks to start businesses. A 30% capital subsidy and a 3% interest subsidy will be provided on the loan amount for businesses started under this scheme. A government order has been issued following this announcement.

Who is eligible?

This government order also states that necessary training such as skill development and entrepreneurship development training will be provided by the government. Ex-servicemen under 55 years of age, widows of ex-servicemen who died in service, unmarried daughters of ex-servicemen, and widowed daughters of ex-servicemen can benefit from this scheme.

Call for applications

Therefore, ex-servicemen from Chennai district, widows of ex-servicemen who died in service, unmarried daughters of ex-servicemen, and widowed daughters of ex-servicemen are requested to approach the office of the Assistant Director, Ex-Servicemen Welfare Office in Saidapet, Chennai, and apply to benefit from this scheme, as stated by Chennai District Collector Rashmi Siddharth Jagade.