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CM's announcement: 1 lakh loan at 2% interest, find out how much you have to pay every month?


CM's announcement: 1 lakh loan at 2% interest, find out how much you have to pay every month?

 In self-reliant Gujarat, a trader or a small businessman who has taken a loan from a co-operative bank has been given a direct calculation of when he will have to pay.  State Chief Minister Vijay Rupani has announced a Rs 1 lakh loan scheme for small traders to survive the Koro transition disaster and said that 10,00,000 people in the state would benefit from it.

 These loans will be available only through co-operative banks, co-operative credit societies and district co-operative banks.  The loan has no guarantee and the borrower has to pay the principal and interest installment after six months.  If the government can provide loans to 10 lakh people, the co-operatives will need Rs 10,000 crore in loans.

 Common Sense for Borrower Small Business -

 Monthly installment after six months --- 2773 (principal) - 166 (interest) - 2939 (total)

 The borrower will pay one year interest --- 2000

 Among the borrowers, the government will pay interest annually --- 6000

 Interest to be paid to the borrower in three years --- 6000

 Interest to be paid to the government in three years --- 18000

 Total interest received by banks at the end of three years --- 54000

 How many people is the government willing to give loans to -

 How many people will get a loan --- one million

 How much will be the total loan - 10,000 crore

 Total interest of banks at the end of three years - 5400 crore

 In Gujarat, the deposits of co-operative banks still fall in the banks.  Personal loans are available at 11 to 14 per cent but no one can pay such a high interest rate.  If these banks forget Rs 10,000 crore for three years, they will get Rs 5,400 crore in interest at the end of three years.

 The Gujarat Government has announced a self-reliant Gujarat Sahay Yojana for small traders, artisans, rakidwala and business people to move forward, which will benefit more than 10 lakh people.  The scheme will provide a loan of Rs one lakh per person.  In a public message, Chief Minister Vijay Rupani said that many states have announced Rs 5,000 but nothing will happen.  The government has decided that a loan of Rs 1 lakh will be given at a rate of only two per cent.  The scheme has been formulated in collaboration with cooperative societies and co-operative banks as well as credit societies.

 The chief minister has said that the borrower will have to pay 2 per cent interest while the state government will pay 6 per cent interest.  The person will have only six per cent interest for three years while 18 per cent interest will be borne by the government.  A person will feel that he has got money without interest.  Rupani said the borrower would not be paid installments or interest for six months.  There is no guarantee or guarantee of taking a loan.  We have discussed with the banks.  These loans will be available for cooperative banks and credit societies.  The state has 220 co-operative banks and 1000 branches.

Read in Gujarati: Click here

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