New Entrepreneur cum Enterprise Development Scheme (NEEDS)
|Purpose||Educated youth will be identified, given entrepreneurial training, assisted in preparation of business plan, helped to tie up with banks/TIIC/SIDBI and linked with major industrial clients to set up new business ventures.|
1) For first generation entrepreneur with +2 qualification and in the age group of 21-35 years under General category and 21-45 years under special category (i.e., Women /SC / ST/BC/ MBC / Minorities / Ex-serviceman / Transgender / Differently abled persons)
2) The Private Limited Companies are not eligible for getting assistance under NEED Scheme.
|Project Cost||Rs 10.00 lakhs to Rs 500.00 lakhs|
|Promoter’s Contribution / DER||
10% for general category
The maximum permitted DER for 5% capital will be 19.00:1.00 and for 10% capital, max. DER is 9:1.
|Repayment Period||5 – 7 years including 6 months moratorium|
|Collateral Security||50% of loan amount|