Bob Launches Schemes For Gujarat Violence-Affected

Bank of Baroda (BoB) on Saturday announced the launch of two special schemes of financial assistance for rehabilitating victims of the recent communal riots in Gujarat.

BoB chairman and managing director P S Shenoy said the first scheme is for rehabilitating small businessmen, retail traders, self-employed persons, professionals, cottage, village and tiny units as well as small-scale industries. The other one is for persons whose residential houses/ flats were damaged in arson and violence.

Under the special scheme for the business community, loans up to Rs 1 lakh would be sanctioned to small enterprises and those engaged in activities allied to agriculture, with nil margin.

 

Small-scale units affected in the riots would be sanctioned loans up to Rs 5 lakh. For loans up to Rs 1 lakh, the margin would be 10 per cent. For loans above Rs 1 lakh, the normal margin of 15 to 25 per cent would be applicable.

The rate of interest for loans up to Rs 2 lakh would be 1.5 per cent below the bank