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HomeEntrepreneurshipBihar Government Approves Interest-Free Loan Scheme for Minority Women

Bihar Government Approves Interest-Free Loan Scheme for Minority Women

The Bihar government approved Mukhyamantri Alpsankhyak Udayami Yojna (Chief Minister Minority Entrepreneur Scheme) to promote entrepreneurship among minority youths of the state.

Md. Sami Ahmad

Patna, 26 Sep: The Bihar government approved Mukhyamantri Alpsankhyak Udayami Yojna (Chief Minister Minority Entrepreneur Scheme) yesterday to promote entrepreneurship among minority youths of the state. There will be 100 core rupees available for this scheme.

One source at the minority welfare department told Radiancenews.com that there would be 50 percent subsidy in this scheme and the remaining 50 percent would be provided as loan with zero percent interest for women entrepreneurs. For male entrepreneurs, the rate of interest will be one percent while the loan has to be repaid in 84 instalments.

Additional chief secretary Dr. S. Siddharth said in a press conference that a maximum amount of Rs. 10 lakhs would be provided to the beneficiary, out of which 5 lakhs will be given as subsidy and the rest 5 lakhs will be provided as loan.

The target of this scheme for each year would be decided by the Minority Welfare Department, which will also provide accumulated amount of the loan.

It may be mentioned here that earlier, the loan scheme for minority section entrepreneurs was closed. There was a huge demand for such loans from the minority community. The government of Bihar has come up with a better scheme as earlier the maximum amount under the scrapped scheme was 5 lakhs only with no subsidy at all.

The government provides loans to entrepreneurs under different categories like SC/ST, Extremely Backward Caste, Youth and women.

Bihar Rabita Committee general secretary Afzal Hussain welcomed this announcement and urged the minority community to take benefit of this scheme. He said the Muslim community organisations should take the initiative to spread awareness about this scheme.

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