In a significant announcement, Coimbatore District Collector reveals a special loan resolution scheme allowing borrowers from cooperative banks and societies to repay long-standing dues at a concessional interest rate of 9%.
Coimbatore, February 15: Coimbatore District Collector released a statement yesterday detailing a new initiative for loan borrowers under the cooperative sector in Coimbatore District. This includes the District Central Cooperative Banks, Urban Cooperative Banks, Urban Cooperative Credit Societies, and the Primary Agricultural Cooperative Credit Societies and Development Banks. Borrowers can now repay their long-term loan dues at a concessional interest rate of 9%.
This move comes as a relief to borrowers who can avail of the government-announced special loan resolution scheme to waive off additional and penalty interests. The scheme is applicable for loans related to small businesses, transportation, handloom, power loom, industries, commerce, house construction, home mortgage, and loans from women's self-help groups, men's self-help groups, and joint liability groups that were not discounted in 2021.
Similarly, loans facilitated through THADCO, TAHDCO, TABCEDCO, and agricultural producer cooperative sales societies for the purchase and sale of agricultural products are eligible under this scheme. The deadline for repaying the loans was set to conclude on December 31, 2022, and the scheme is limited to farm-related loans in arrears as of the government order issued date.
Specifically, for the scheme to apply, cooperative banks or societies where the loan was taken must receive 25% of the dues within three months from December 13, 2023, and the remaining 75% must be repaid within six months in a maximum of six installments from the date of the agreement.
The district administration has dispatched information via post to 15,153 eligible individuals under this scheme. The Collector emphasized that any queries regarding this initiative could be clarified by contacting the respective cooperative societies.
This move comes as a relief to borrowers who can avail of the government-announced special loan resolution scheme to waive off additional and penalty interests. The scheme is applicable for loans related to small businesses, transportation, handloom, power loom, industries, commerce, house construction, home mortgage, and loans from women's self-help groups, men's self-help groups, and joint liability groups that were not discounted in 2021.
Similarly, loans facilitated through THADCO, TAHDCO, TABCEDCO, and agricultural producer cooperative sales societies for the purchase and sale of agricultural products are eligible under this scheme. The deadline for repaying the loans was set to conclude on December 31, 2022, and the scheme is limited to farm-related loans in arrears as of the government order issued date.
Specifically, for the scheme to apply, cooperative banks or societies where the loan was taken must receive 25% of the dues within three months from December 13, 2023, and the remaining 75% must be repaid within six months in a maximum of six installments from the date of the agreement.
The district administration has dispatched information via post to 15,153 eligible individuals under this scheme. The Collector emphasized that any queries regarding this initiative could be clarified by contacting the respective cooperative societies.