Tamil Nadu Government Individual Loan Scheme

Tamil Nadu Government Providing Empower your business with a Individual Loan UP TO 25 Lakhs

The Individual Loan Scheme (ILS) is designed to provide financial support to individuals from economically weaker and backward communities who wish to become self-employed. The scheme helps eligible beneficiaries start or expand small businesses, trades, and other income-generating activities by providing access to financial assistance. The Individual Loan Scheme (ILS) is implemented through the National Backward Classes Finance and Development Corporation (NBCFDC) and the Tamil Nadu Backward Classes Economic Development Corporation (TABCEDCO). It provides financial assistance to eligible men, women, and transgender individuals belonging to economically weaker sections for undertaking self-employment and income-generating activities.

The loan can be utilised for establishing or expanding small businesses, trades, and other viable income-generating ventures. The scheme aims to encourage self-employment and entrepreneurship, create sustainable livelihood opportunities, and improve the economic and social well-being of backward and disadvantaged communities.

Key Highlights of the Individual Loan Scheme

• The Individual Loan Scheme (ILS) offers financial assistance of up to ₹25 lakhs to eligible individuals for starting or expanding their own business or income-generating activities.
• The loan comes with a flexible repayment period of 1.5 to 6 years.
• While the interest rate ranges from 7% to 8%, making it a supportive option for people looking to become self-employed.

Pattern of Finance – How the Loan is Funded

Eligibility Criteria

• The applicant must belong to the Backward Classes (BC), Most Backward Classes (MBC), or Denotified Communities (DNC) to be eligible for both schemes.
  
• The applicant’s annual family income must be ₹5 lakhs or below.
  
• Applicants aged 18 to 60 years are eligible for the scheme. The beneficiary must be at least 18 years old and not more than 60 years old.
  
• Beneficiaries can receive financial assistance under only one scheme at a time.

Interest & Repayment Structure

• Aadhar Card
• PAN Card
• Community Certificate
• Income Certificate
• Smart Family Card
• Passport Size Photo

Apply Link in Below