Coimbatore District Collector Kranthi Kumar Pati calls on backward, most backward, and traditional communities to apply for individual and group loans via TAMCO for business ventures on July 2nd.
Coimbatore: In a recent announcement, the Coimbatore District Collector Kranthi Kumar Pati has encouraged economically backward, most backward, and traditional community individuals and groups to apply for loans for small businesses and entrepreneurial activities. These loans are facilitated through the Tamil Nadu Backward Classes Economic Development Corporation (TAMCO) aimed at aiding their economic development.
Loans are provided under specific eligibility criteria which state that applicants must belong to the targeted community groups, their family's annual income must not exceed Rs.30,000, applicants should be between the ages of 18 and 60, and within a family, only one member is eligible for a loan.
Under the individual loan project, funds up to Rs. 15 lakhs are provided for small business or trading activities, agriculture, handicrafts, and traditional industries. The interest rates vary, with a maximum of 7% for loans up to Rs. 1.25 lakhs and 8% for loans ranging from Rs. 1.25 lakhs to Rs. 15.00 lakhs.
For group loans, TAMCO also supports Self Help Groups to engage in similar small scale businesses. Here, per individual, the loan amount can reach up to Rs. 1.25 lakhs, and for a group, up to Rs. 15 lakhs with an annual interest rate of 6%. These groups must have been operational for at least six months and undergone a grading assessment by the Women's Development Corporation Project Officer. These loans authorize up to 20 members in a Mixed Self Help Group (both genders).
Further, cooperative dairy producers can avail loans up to Rs. 60,000 for purchasing up to two dairy cows, with the loan carrying a 7% interest rate per annum.
Loan applications can be made at the District Backward Classes and Minorities Welfare Office and the central cooperative bank branches. Documents required include caste certificate, income proof, nativity certificate, family card, driving license, Aadhaar card, and other required bank documents.
Therefore, Collector Pati has urged eligible individuals and groups in the Coimbatore district to take advantage of this opportunity by submitting their applications with all necessary documents for economic benefit.
Loans are provided under specific eligibility criteria which state that applicants must belong to the targeted community groups, their family's annual income must not exceed Rs.30,000, applicants should be between the ages of 18 and 60, and within a family, only one member is eligible for a loan.
Under the individual loan project, funds up to Rs. 15 lakhs are provided for small business or trading activities, agriculture, handicrafts, and traditional industries. The interest rates vary, with a maximum of 7% for loans up to Rs. 1.25 lakhs and 8% for loans ranging from Rs. 1.25 lakhs to Rs. 15.00 lakhs.
For group loans, TAMCO also supports Self Help Groups to engage in similar small scale businesses. Here, per individual, the loan amount can reach up to Rs. 1.25 lakhs, and for a group, up to Rs. 15 lakhs with an annual interest rate of 6%. These groups must have been operational for at least six months and undergone a grading assessment by the Women's Development Corporation Project Officer. These loans authorize up to 20 members in a Mixed Self Help Group (both genders).
Further, cooperative dairy producers can avail loans up to Rs. 60,000 for purchasing up to two dairy cows, with the loan carrying a 7% interest rate per annum.
Loan applications can be made at the District Backward Classes and Minorities Welfare Office and the central cooperative bank branches. Documents required include caste certificate, income proof, nativity certificate, family card, driving license, Aadhaar card, and other required bank documents.
Therefore, Collector Pati has urged eligible individuals and groups in the Coimbatore district to take advantage of this opportunity by submitting their applications with all necessary documents for economic benefit.