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CM Jayalalithaa: Rs. 5000 loan extended for micro-traders
Posted on: 14/Jan/2016 5:57:07 PM
Following the recent floods, mini-scale traders who sell vegetables, fruits, and flowers on the pavements and the petty-shop owners, having lost whatever assets they had during the floods, have been constrained to seek loans from private agencies who charge high interest as their life-line requirement.
Tamil Nadu Chief Minister Jayalalithaa has announced a new scheme to offer these people a fresh hope for renewing their life-lines.
As per this scheme, the petty-shop owners, pavement traders, street sellers, etc belonging to micro-trading community will be given loans through the cooperative banks. The loan will be maximum Rs. 5000/-.This will be interest free.
Thus, a absolutely interest-free loan of Rs. 5000/- is extended to the micro-traders. Tamil Nadu Government will pay an interest of 11 percent to the cooperative banks extending this loan.
The loan will have to be repaid in 25 equal instalments of Rs. 200/- each over a period of 25 months.
The traders who repay within the time-limit will be given the same amount as additional loan with 4 percent low interest rate.
The cooperative banks will be conducting special camps for the benefit of these micro-traders over 10 days. The beneficiaries will be selected during these camps.
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