Marath youths to get interest reimbursement on education loan

Lokmat News Network

Chhatrapati Sambhajinagar: Annasaheb Patil Arthik Vikas Mahamandal (Annasaheb Patil Economically Backward Development Corporation) has decided to introduce an interest reimbursement education loan (up to Rs 40 lakh) scheme for Maratha community youths.

Talking to this newspaper, the president of the Mahamandal Narendra Patil said that the Government would issue the orders in this regard soon.

Patil said that the Corporation implements interest reimbursement loan schemes for unemployed youths of the Maratha community so that they can start industries and businesses and become self-dependent.

There was a demand from the community that the Corporation should also pay the interest on the educational loans of the Maratha community students.

Taking cognizance of this demand, the Mahamand decided to reimburse the interest on educational loans up to Rs 40 lakh for Maratha students.

The Government orders would be issued soon. An individual who takes a loan from the Corporation is entitled to get interest reimbursement for seven years, at the rate of 12 per cent, on loan amounts up to Rs 15 lakhs. Under this scheme, the Corporation has given loan eligibility certificates to 1.35 lakh applicants so far. Of them, 74, 714 beneficiaries have been sanctioned loans of Rs 5,658 crore by the banks. He said that the reimbursement of Rs 608.12 crore was given to the beneficiaries till today.

Under the Group Loan Interest Reimbursement Scheme, those who take loans up to Rs 50 lakh for starting an industry or registered establishment are given 12 per cent interest reimbursement. A total of 624 people from this group were allotted eligibility certificates by the Corporation. Out of them, 476 beneficiaries were given an interest reimbursement of Rs 11.84 crore lakh by the banks.

Under the Group Project Loan Scheme, an interest-free scheme of Rs 10 lakh is implemented for seven years for the promotion of self-entrepreneurship. Patil said that 35 applicants were allocated Rs 3.35 crore loans under this scheme.

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Call centre to be launched soon

Patil said that Mahamand would launch a call centre soon to address the grievances of Maratha community youths related to interest reimbursement and the decision of the bank on loan proposal.