"Interest Subsidy" under "Motivation of Entrepreneurs to Start Industries and Fiscal Assistance to Industries"

DETAILS The "Interest Subsidy" is a Component of the "Motivation of Entrepreneurs to Start Industries and Fiscal Assistance to Industries" Scheme by the Industries and Commerce Department, Union Territory of Puducherry. The industrial units which have availed loans from financial institutions towards the creation of fixed assets and for working capital shall be eligible for an interest incentive to an extent of 25% of the annual interest amount paid. The applications are accepted offline in the prescribed form available on the Official Website of the Department. BENEFITS For industry set up by SC/ST/Women entrepreneurs, that commenced production on or after 2-8-2004 An interest incentive to an extent of 25% of the annual interest amount paid for five years which shall be admissible from the date of commencement of commercial production. The maximum amount of interest incentive admissible to each industry shall not exceed ₹75,000/- in any financial year. For the industry set up by SC/ST/Women/Physically Handicapped/Ex-Servicemen entrepreneurs, that commenced production on or after 24-8-2011 25% interest subsidy subject to a maximum of ₹5,00,000/- per annum for a period of 5 years.  *The incentive will be paid through the financial institution. ELIGIBILITY The industry should be set up by SC/ST/Women/ Entrepreneur OR The industry should be a "Thrust Area Industry" or an "IT Sector Industry". The industrial unit should have availed of a loan from a financial institution towards the creation of fixed assets and working capital. The industry should have commenced production on or after 2-8-2004. OR The industry should be set up by SC/ST/Women/Physically Handicapped/Ex-Servicemen Entrepreneur OR The industry should be a "Thrust Area Industry" or an "IT Sector Industry". The industry should have availed the loan on or after 24-8-2011 from a financial institution towards the creation of fixed assets and working capital. The industry should have commenced production on or after 24-8-2011. *The "Financial Institution" mean and includes PIPDIC, or any other Government Corporation, Scheduled Banks including Co-operative Banks and Government Co-operative Societies.