CHIEF MINISTER'S SELF EMPLOYMENT SCHEME FOR EDUCATED UNEMPLOYED YOUTH

Chief Minister's Self-Employment Scheme for providing Self-Employment to Educated Unemployed Youth was announced by the Hon'ble Chief Minister on 23rd March 2002 in his budget speech to provide Self-Employment opportunities to educated unemployed youth in the State, The Scheme would be in operation from June,2002.  

1. OBJECTIVE
   The Chief Minister Self-Employment Scheme has been designed to provide employment for setting up micro enterprise by the educated unemployed youths. It relates to the setting up of Self-Employment ventures through service and business routes. The Scheme also seeks to associate reputed non-governmental organizations, panchayats, MLA,DC/DDO/SDM,SISI, SIDBI,Industries Agriculture, Animal Husbandry Department,Banks etc. in implementing of CMSE scheme especially in the selection, traning of enterperneurs and guidance in setting up of the venture.
   
    

2. COVERAGE
   The scheme is applicable to entire state.
   
    

3. ELIGIBILITY
   Any unemployed educated person living in any part of the State fulfilling the following conditions will be eligible for assistance.

   1. Age: Between 22-35 Years.

   2. Qualification: Class X pass, ITI pass, Diploma holder, Graduate/Post Graduate

   3. Residency: The applicant shoud submit documents like copy of Sikkim subject/Domicile

   4. Employment Card: Xerox copy of Renewed Employment Card.
      
       

4. LOAN LIMIT
   The maximum limit of loan wil be as follows:
   Level I
   Graduates & equivalent, Post Graduates Rs. 1,00,000/-
   Class X Board Exam passed & above Rs. 50,000/-
   
    

5. RATE OF INTEREST
   The term loan shall be intrest free for the first two years for male and there years for female beneficiaries from the date of first disbursement. Thereafter it shall bear interest @6% per annum and shall be payable on half yearly basis.
   
    

6. REPAYMENT SCHEDULE
   Repayment schedule for principal installment would rage from 4 to 5 years for after an initial interest free period of 2/3 years as may be applicable and payable on half yearly basis. However, the loanee can make the repayment before the due date.
   
    

7. GUARANTEE ON LOAN
   The loan would require personal guarantee and one surety from parent or guardian or Government employee or responsible member of the society and assets created under the scheme would be hypothecated/pledged to the Corporation.
   
    

8. SUBMISSION OF APPLICATION FORMS
   The application form duly filled in along with all relevant documents is to be submitted to SIDICO.
   
    

9. DOCUMENTS REQUIRED

   1. CMSES Loan application form along with 2 passport size photographs.

   2. Xerox copy of Mark Sheets of Educational qualification.

   3. Birth Certificate.

   4. Sikkim Subject/Domicile Certificate/Certificate of Identification (any one)

   5. Renewed Employment Card.

   6. Affidavit duly attested by Magistrate.

   7. One Surety from parent or guardian or Govt. employee or responsible members of the society.
      
       

10. TRANING & PROJECT REPORT
    The selected candidate have to undergo for one day compulsory Livelihood Options Counseling Programe (LOCP) and a traning progamme designed under the scheme.
    
     

11. DISBURSEMENT
    One successful completion of the training programme, the loan will be disbursed by an account payee cheque drawn on the nearest Branch of the Bank of residency.