Direct Lending Scheme
DIRECT LENDING SCHEME
The Corporation is providing Loans Directly for Economic up-liftment of the members of the Scheduled Castes and handicapped people in the State of Punjab.
Any scheduled caste person between the age of 18 years to 55 years residing in Punjab is eligible to avail loan under this scheme. Under this schemes income limit is Rs.1.00 Lacs but at time of considering the loan case of the applicant, his annual income from all sources would be taken into consideration. However, if a prospective beneficiary is otherwise un-employed and intends to start his own business his family income may not be taken into consideration.
Different amounts of loans are advanced depending upon the purpose of the unit to be established. Maximum loan limit is Rs.10.00 Lacs, except Land purchase where maximum limit is Rs.30.00 Lacs.
Below Poverty Line Scheduled Castes loanees are eligible for subsidy of special central Assistances @ 50% of loan amount or RS 10000/- whichever is less.
SOURCES OF FUNDS:-
Share Capital Funds
Period varies according to the kind of the project with monthly, bimonthly, quarterly or half yearly installments with maximum period of repayment of 15 years for land purchase cases.
RATE OF INTEREST:-
Rate of interest Up To 50,000/- @ 5% and above 50,000/- @8%. Penal Interest @ 5% is charged for delayed payment/ non-repayment/violation of terms and conditions of loan.
PROCEDURE FOR TAKING LOAN:-
Any Scheduled Caste person desirous of availing loan can apply on the prescribed application form available free of cost from District offices. Application duly attested is to be submitted to the Distt. Offices . Then cases are referred to screening committee under the chairmanship of ADC (D) for scrutiny .Cases are then sent to the Head Office for sanction. After sanction the cases are sent to District offices for execution of Mortgage Deed. Thereafter payment is made subject to completion of all formalities from H.O. into the Bank A/C of loanee directly through RTGS.