Thursday, August 5, 2021

Micro Finance Loan Waive: Who will get this benefit?

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Minister Ashok Singhal addressed a press conference on microfinance loan waiver on Friday. Microfinance loans will be forsaking by the government as promised in election rallies. But not everyone will get this advantage.

Who will get this benefit?

The borrowers who had taken loans before March 31, 2020 to get the benefit.
Income earning above Rs 1 lakh per annum will not fall into this scheme.
Families with four wheelers will also not be included in the scheme

It may be recalled that the Chief Minister had constituted a committee in the first Cabinet on microfinance loan waiver. The chief minister met at least three times after the formation of the committee at the video conference. 24 lakh customers of 40 lending companies have taken the loans. About 24 lakh customers took 12,500 crore loan through 45 lakh bank accounts.

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