Micro Financing Scheme

Abstract

Under this scheme loan @ of 3% per annum at a maximum of Rs. 25,000/- is provided to helpless and extremely poor minorities with a view to give chance to earn their bread after starting small business / shops this loan is provided to the minority either directly through the corporation or through the NGOs without obtaining and guarantee or mortgage. This program has been introduced for the first time in the financial year 2007- 08 till date this scheme has been implemented through the NGOs only. To bring self-reliant among these down-trodden minorities self-help groups are formed and on the basis of their activity and also thrift and credit the NGO, who is interested in serving such people, and agreement is make with the corporation so that the loan amount provided could be secured. The recovery of this loan is made by the NGOs mostly on daily basis, which is ultimately repaid to the corporation on quarterly basis.