Launched by the Co-operation, Food and Consumer Protection Department, Tamil Nadu, this scheme provides financial assistance to professionals such as doctors, engineers, and self-employed individuals. The objective is to support and enhance their professional activities by offering loans that help expand their practices or businesses. Eligible applicants can secure a loan amount of up to ₹10,00,000 at a competitive interest rate of 13% (subject to change).
Benefits
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Access to Loan:
Loans up to ₹10,00,000 are available. -
Competitive Interest Rate:
The interest rate is set at 13% per annum, subject to change.
Eligibility
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Professional Qualification:
The beneficiary must be a doctor, engineer, or a self-employed professional. -
Residency:
The applicant should be a resident of Tamil Nadu. -
Purpose:
The loan must be used exclusively for professional purposes such as expanding or enhancing one’s professional practice or business.
Application Process
Offline
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Collect the Application Form:
Visit the District Central Cooperative Banks or their branches to collect the application form. -
Complete the Form:
Fill in all mandatory fields on the form, paste a passport-sized photograph (signed across, if required), and attach self-attested copies of all required documents. -
Submit the Application:
Submit the duly filled and signed application form along with the necessary documents to the concerned authority. -
Obtain Acknowledgment:
Request a receipt or acknowledgment that includes essential details such as the date and time of submission, along with a unique identification number (if applicable).
Documents Required
- Identity proof (e.g., Aadhaar Card, PAN Card)
- Address proof
- Proof of professional qualification or self-employment (certificates, diplomas, or business registration documents)
- Any additional documents as required by the scheme guidelines
Frequently Asked Questions
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What is the objective of this scheme?
To provide financial assistance to professionals for expanding or enhancing their practices or businesses. -
Who is eligible for the loan?
Doctors, engineers, and self-employed professionals who are residents of Tamil Nadu. -
What is the maximum loan amount that can be availed?
Up to ₹10,00,000. -
What is the applicable interest rate for the loan?
The interest rate is 13% per annum (subject to change). -
What documents are required to apply for the loan?
Required documents include identity proof, address proof, and proof of professional qualification or self-employment. -
Is there an age limit for applying to this scheme?
The scheme guidelines do not specify an age limit. -
How can one apply for the loan?
Applications must be submitted offline through the District Central Cooperative Banks or their branches. -
For what purposes can the loan be used?
The loan is strictly for professional purposes such as expanding or enhancing a professional practice or business. -
Are there any community-based restrictions on eligibility?
No, the scheme is open to all eligible professionals in the specified categories. -
Is collateral required to secure the loan?
Collateral requirements, if any, are detailed in the official scheme guidelines. -
Is there a validity period for this loan scheme?
The scheme remains valid as per the guidelines issued by the Government of Tamil Nadu.