Loans under this scheme are sanctioned only to the State Government employees on the strength of recommendation and undertaking given by the Drawing & Disbursement Officer and Head of Department to the effect that repayment of the loan as conveyed to the Department by SIDICO. 
The maximum amount admissible under the Multipurpose Loan is Rs. 20,00,000/- , subject to a maximum limit of 25 times of the net pay of the employee and bears a simple interest rate of 12.50% p.a.
           
The loan is repayable on EMI basis within 7 years.  
Scheme details can be downloaded here.

Details of sanction and recovery under the scheme for the past 10 years are as under:

Sl. No	Financial Year	No.of Beneficiaries	Amount (Rs.)	Recovery (Rs.)
1	2013-14	285	438.15	1025.39
2	2014-15	258	598.65	1017.40
3	2015-16	365	1058.60	1072.62
4	2016-17	364	1150.24	1060.72
5	2017-18	277	865.70	1210.66
6	2018-19	211	1070.00	1237.15
7	2019-20	179	1100.60	1246.85
8	2020-21	193	1410.51	1180.06
9	2021-22	245	1395.15	923.12
10	2022-23	324	1792.00	1243.23
Total		2701	10880	11217

The Corporation is also addressing the problem of unemployment in the State under the Chief  Minister’s Self Employment Scheme in which educated unemployed youth of the State are  guided to take up income generating schemes through self employment.    The Hon’ble Chief Minister of Sikkim has announced on 23rd March 2002 with his vision to  provide employment opportunities to the educated youths and help set up micro self- employment ventures in the State. The salient features of the schemes are as such:  Under    Chief    Minister    Self    employment    Scheme  the educated unemployed youth of Sikkim  can availed the loan under the following Schemes:-  1.Industrial and service sector.  2.Hotel, Guest House, Lodging Restaurants  3.Agriculture and allied  4.Animal breeding, poultry, piggery, dairy, bee keeping etc.  5.Technical Trades such as electricians, plumbers, steel fabrication works, TV Radio,  Mobile, Automobile repairs motor mechanical, book binding, chemical booth etc.   6.Artisans and tradition occupation.  7.Small Business- like tea shops, General provision shop grocery manihari shops,  readymade garments shop newspaper/magazine shops etc.​ Loan   Limit/Quantum   of   loan  The quantum of loan shall not exceed Rs. 10.00 lakhs per individual per scheme.​ Rate   of   Interest  The loan shall be interest for two years from the date of 1st disbursement. Thereafter it shall  carry interest @ 6% p.a. ​ Repayment   Schedule  The loan shall be repayable in 60 equated monthly installments after the repayment holiday/  moratorium of 2 years. However, the loanee can make repayment before the due date.​

CHIEF MINISTER’S COMPREHENSIVE EDUCATION LOAN (CELS)
The State Government has launched Comprehensive Educational Loan Scheme (CELS) for pursuing higher/professional studies in India and Abroad with effect from July 2007. SIDICO is the nodal agency for implementation of this scheme. The Government regularly trains educated youth in various vocational courses both within and outside the state under the Directorate of Capacity Building.       The Capacity Building measures initiated by the Government has witnessed commendable success. Many young students are undergoing courses in Engineering, Medicine, Agriculture, Horticulture, Hospitality Management, Commercial Pilot, Post Graduate courses, etc.     
The Scheme has been designed to provide educational loans to students desiring to pursue their studies in technical/professional courses and /or in post graduation courses in India and abroad.   
Eligible Courses:

1. Studies in India and Abroad: Technical/Professional and Higher Academic Courses in India and abroad.
2. Correspondence courses are not eligible for financial assistance under the Scheme.
3. Loans for pursuing more than one course at a time shall not be considered under the Scheme.

Quantum of Finance: 

Need based finance subject to repaying capacity of the parents/students with margin and the following ceilings:
Studies within Sikkim              -           Max Rs. 10.00 lakhs
Studies in India                       -           Max. Rs. 12.00 lakhs
Studies Abroad                       -           Max. Rs. 15.00 lakhs

Rate of Interest

The loan shall be interest free for the duration of the course plus one year or six months after getting job, whichever is earlier. Thereafter, it shall bear an interest of 6(six) Percent per annum.
Interest shall be charged on simple interest basis after the period of repayment holiday/moratorium.


Till 31.03.2023, under CELS the Corporation has sanctioned loans to 3320 beneficiaries for an amount of Rs. 94.03 Crores.   




                                                                                 

 


















 

 
CHIEF MINISTER’S SELF RELIANT SCHEME (CMSRS).
The Chief Minister’s Self Reliant Scheme (CMSRS) was launched by the State Government on 27^th Jan. 2017, whereby loans are being provided to the domiciled unemployed youth within the age group of 18-40 years. The quantum of the loan has been maintained at Rs. 50,000/- minimum and Rs. 1,00,000/- maximum per individual per scheme.          
The loan shall be interest free for the first 2 years from the date of disbursement of first instalment.  Thereafter, it shall carry an interest rate of 6% per annum
Under the scheme, a sum of Rs. 2.58 crores has been disbursed to 412 beneficiaries spread across the four districts of the State.