Increase in income ceiling for loans for members from minority communities
Posted on: 27/Oct/2015 10:11:06 AM
The eligibility of members of minority communities applying for government loan has just got broader. The Collectorate of Chennai has said that there will now be an increase in the income ceiling as one of the criteria. This will apply to those applying for loan up to Rs. 20 lakh. The ceiling will now be Rs. 1,20,000 per annum, compared to Rs. 1,03,000 per annum earlier.
Those eligible for this are members from the Muslim, Christian, Parsi, Sikh, Buddhist and Jain communities. They may apply as individuals or as self help groups. An official from Chennai`s District Backward Classes and Minorities Welfare Officer has said that the self help groups must have a minimum of 20 members. 60% have to be members of minority communities while 40% can be from other communities... The loans are given to individuals or groups taking up traditional projects, the release said. By traditional projects, we mean small-scale units like tailoring, making and distributing snacks, flower business, micro-finance-aided clothes or saree business, making idly-dosa batter, shoemaking, and so on... Those who are interested in applying for the loans can do so through cooperative banks. They can also submit applications at the Chennai district backward classes and minorities welfare office before November 10, said the official.
