Vanchit Ikai Samooh aur Vargon ki Aarthik Sahayata Yojana (VISVAS)
The Ministry of Social Justice and Empowerment (MoSJ&E), Government of India will be implementing new Interest Subvention Scheme – Vanchit Ikai Samooh aur Vargon ki Aarthik Sahayata (VISVAS) Yojana. SHGs with at at least 70% members belonging to SC, OBC or Safai Karamcharis (including identified Manual Scavengers, Waste pickers, and their dependents)will be eligible for interest subvention upto 5% p.a. for loans/cash credit limits up to Rs 10.00 lakh. Similarly, individuals belonging to SC, OBC and Safai Karamcharis (including identified Manual Scavengers, Waste pickers, and their dependents) will be eligible for interest subvention upto 5% p.a. for loans up to Rs 5.00 lakh. This model will give a quick interest benefit to the standard accounts of borrowing SHGs/Individual beneficiaries.
The objective of the proposed Scheme is to provide direct benefit of lower rate of interest to the eligible Self-Help Groups (SHGs) and Individual beneficiaries who have availed loans through Public Sector Banks(PSBs), Regional Rural Banks (RRBs), Private Sector Banks, Small Finance Banks, and other similar Financial Institutions (hereinafter referred to as Lending Institutions (LIs)).
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