Navajeevan Yojana: Self-Employment Scheme for Senior Citizens

The Navajeevan Yojana is a self-employment scheme designed to support senior citizens in Kerala, aged between 50 and 65, whose names are registered with employment exchanges. This initiative aims to provide financial assistance and promote self-sufficiency among elderly individuals.

 Eligibility Criteria

1. **Employment Registration**: Applicants must have their names registered with employment exchanges in Kerala.
2. **Age Limit**: The scheme is open to senior citizens aged between 50 to 65 years.
3. **Income Limit**: The personal annual income of the applicant should not exceed Rs.1 lakh.

Priority Considerations

1. **Timely Renewal**: Priority will be given to those who consistently renew their employment registration on time.
2. **Women and Vulnerable Groups**: 25% of the sanctioned loans will be allocated to women, with a particular focus on widows above 55 years and differently-abled individuals.
3. **Below Poverty Line (BPL) Category**: Another 25% of the sanctioned loans will be available to applicants from the BPL category.

Loan and Repayment Terms

1. **Maximum Loan Amount**: Applicants can receive a loan up to Rs.50,000.
2. **Subsidy**: 25% of the loan amount will be deposited as a subsidy into the entrepreneur’s loan account.
3. **Repayment and Interest**: These will be governed by the rules of the financial institutions involved.
4. **Collateral**: No collateral is required as the loan is sanctioned under the credit guarantee scheme.

Click here to download the Application Form

Participating Financial Institutions: Loans under the Navajeevan Yojana are available through various financial institutions, including:
– District Nationalized/Scheduled Banks
– State/District Co-operative Banks
– Kerala Bank
– Kerala State Financial Enterprises (KSFE)
– Other Public Sector Financial Institutions

Joint Ventures: More than one applicant can start a joint venture under this scheme. Each person involved in the venture is eligible for loans and subsidies.

By offering financial support and removing barriers such as the need for collateral, the Navajeevan Yojana empowers senior citizens to embark on entrepreneurial ventures, ensuring their financial independence and improving their quality of life.

Click here to download the Application Form

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