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Swarojgar Loan is a type of loan offered by the Indian government to promote self-employment and entrepreneurship. It is primarily targeted towards individuals who want to start or expand their own businesses.

Key features of Swarojgar Loan:

  • Loan amount: The loan amount varies depending on the nature and scale of the business.
  • Interest rate: The interest rate is typically subsidized by the government, making it more affordable for borrowers.
  • Repayment terms: The loan can be repaid in installments over a specified period.
  • Processing fees: There may be processing fees associated with the loan.
  • Collateral requirements: The loan may or may not require collateral, depending on the lender's policy and the borrower's creditworthiness.

 

How to apply for Swarojgar Loan:

  • Visit a participating bank or financial institution: There are designated banks and financial institutions that offer Swarojgar Loan.
  • Submit required documents: You will need to provide proof of identity, address, income, and business plan.
  • Complete the loan application form: Fill out the loan application form accurately and provide all the necessary information.
  • Submit supporting documents: Submit any additional documents that may be required, such as business registration documents or licenses.
  • Await approval: The lender will review your application and supporting documents and notify you of the decision.

Documents required for Swarojgar Loan:

  • Identity proof (Aadhaar card, passport, driving license)
  • Address proof (utility bills, rent agreement)
  • Income proof (salary slips, income tax returns, bank statements)
  • Business plan
  • Business registration documents (if applicable)
  • Other documents as required by the lender.

Eligibility: Individuals who are planning to start or expand a micro or small enterprise are eligible for this loan.