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Rs 3 lakh loan at 7 percent interest for SHGs
Posted on: 23/Jan/2016 12:27:11 PM
The RBI has insisted banks to offer loan amounts to self-help groups up to Rs 3 lakhs at 7 percent rate of interest under the National Rural Livelihoods Mission`s Aajeevika scheme (2015-16).
In a notification rolled out about the same, it was mentioned that all women SHGs are eligible for Rs 3 lakh credit at 7 percent rate of interest every year. Those who obtain the capital subsidy under Swarnjayanti Gram Swarojgar Yojana (SGSY) will not be eligible for other benefits.
The credit will be given out by commercial and cooperative banks in rural areas and the rate of interest will be 7 percent in over 150 districts. The new guideline on interest subvention scheme falling under the NRLM is provided following the approval of the Ministry of Rural Development, Government of India.
Apart from this, a 3 percent subvention will be provided towards prompt repayment of the loan amount.
The women SHGs under NRLM functioning in districts that fall under category-2 which are apart from these 150 districts will also be eligible for interest subvention. They also can receive the loan at 7 percent rate of interest.
These loan amounts will be bankrolled by the Rural Livelihoods Missions (SRLMs).
Charges in these category-2 districts will be based on their lending norms and variations in lending rates.
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