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 mcro-traders. Tamil Nadu Government will pay an interest of 11% 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% 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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