Hoshiarpur- Punjab Backward Classes Land Development and Finance Corporation Chairman Sandeep Saini said that the corporation has approved loan applications worth Rs 59 lakh at low interest rates for setting up self-employment to applicants from backward classes, minorities and economically weaker sections. Giving information here today, Backward Classes Land Development and Finance Corporation (Backfinco) Chairman Sandeep Saini said that the district office of the corporation organized a district level screening committee meeting at the local district welfare office on January 9, in which the committee approved the applications for these loans.
He said that applicants belonging to backward classes, minorities and economically weaker sections participated in the screening committee meeting, where applications were submitted for taking loans to open various businesses. Chairman Sandeep Saini informed that out of 14 applicants present in the committee, 10 applications were submitted under NMD scheme, 4 applications were submitted under NBC scheme. The committee approved loan applications worth Rs 59.00 lakh for various businesses like dairy farming, fabrication unit, readymade garments, sanitary shop, vegetable growing, agricultural machinery, photography and hardware etc.
It is noteworthy that Deputy Economic and Statistical Advisor Sunita Pal, Lead Bank Manager Jujhar Singh from Punjab National Bank, Abhishek from Udyog Kendra and Audit Officer-cum-Member Secretary Raj Kumar also participated in the district level screening committee. Audit Officer-cum-Member Secretary Raj Kumar informed that under Backfinco Direct Loan Scheme, loans up to Rs. 5.00 lakh are provided under self-employment schemes to backward classes and economically weaker sections of Punjab state, whose annual income is less than Rs. 1.00 lakh, backward classes and minority classes (Sikhs, Christians, Muslims, Parsis, Buddhists and Jains) whose annual income is Rs. 3.00 lakh, at an interest rate of 7-8% per annum.
Apart from this, Backfinco provides loans to backward classes and minority students under National Backward Classes Finance and Development Corporation for professional and technical education, graduation and further higher education. This loan is available through NBC. Under the scheme, Rs. 10000 is given for studies in India and abroad. Loan upto Rs. 15.00 lakh (90% of course fee) is given at 8% annual interest rate and under NMD scheme, loan upto Rs. 20.00 lakh for studies in India and Rs. 30.00 lakh (85% of course fee) for studies abroad is given at 3% to 8% annual interest rate.
He informed that after the loan of the applicant is approved, he goes to the concerned tehsil and registers the property given as guarantee in favour of Backfinco. After the registered property is declared legally valid by the head office and other necessary conditions are fulfilled, the loan payment is transferred directly to the savings account of the applicants. The loan is repaid in 20 quarterly installments in a period of five years.