The government’s initiative will benefit small businesses, grocery stores, women savings organizations in villages. In addition, loans will also be provided individually, such as auto drivers, mechanics, electricians, etc. According to sources, the government will also provide additional benefit to those who repay their loans prematurely.
New Delhi: If you run autos, run grocery stores or do another small business. If the Corona (COVID19) epidemic has raised the question of bread and butter before you, the government has heard your troubles. According to an exclusive report quoting sources, the government is gearing up to simplify the loan process for small businesses and individuals to get loans easily. The government is working on creating a Social Micro Finance Institute for the same. Through which the loan process will be expedited and made very easy. A meeting of NITI Aayog on the formation of this financial institution is due on August 13. Niti Aayog CEO Amitabh Kant, MSME officials and IIT Delhi professors will also attend the meeting. The meeting will discuss the contours of the new financial institution.
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Who will benefit?
The government’s initiative will benefit small businesses, grocery stores, women savings organizations in villages. In addition, loans will also be provided individually, such as auto drivers, mechanics, electricians, etc. According to sources, the government will also provide additional benefits to those who will repay their loans prematurely. It is also proposed to provide relief in interest rates to those who deposit money in this financial institution.
How much and when will the loan be?
According to sources, the government will provide loans up to Rs 10 lakh to needy people through this initiative. Anyone who wants to avail a business loan will have to apply. Three days after applying, the loan amount will be credited to his/her account. In fact, the government wants to deal with the crisis caused by the corona crisis in rural areas with this new initiative. With this in mind, the roadmap for the scheme will be worked out. So that more and more people can take advantage of it. The process of taking the loan will reduce the paperwork and the earliest loan amount will be taken care of by the needy.
