Purpose

For Financial assistance to people with the intent to take up an activity as a career in Arts, Sports, Music, Dance, Painting, Photography, Gardening, etc or

To purchase of basic materials to pursue in one's passion like sports kits, music instruments, painting materials etc.

Eligibility

Profession (Category A)

Hobby (Category B)

Category A: Any individual with a proven skills in any specific field like sports, arts, paints, music etc who has taken it has CAREER and are in need of a financial assistance to tone their skills to excel in it

The age of the individual should be between 10-25 Years

Category B: Any individual who wants to pursue as HOBBY and the age of the individual should be between 25-50 years.

Quantum of Loan

90% of the cost of article including Coaching fee etc., but not to exceed Rs. 3.00 lacs.

Margin

10% on cost of the article

Rate of Interest

Linked to MCLR

Repayment

Maximum Repayable is 60 equated monthly instalments without holiday period.

No Prepayment charges.

Security

Hypothecation charge; salary undertaking; guarantee; liquid securities and immovable in the name of borrowers or third party

Processing Charges

As applicable from time to time. Click here for current Service Charges