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Forms for Guj govt loan scheme to be distributed from Thursday

Business Finance

Press Trust of India  |  Ahmedabad 

The Gujarat government will

start distribution of application forms from Thursday for those who want to avail the guarantee-free loan of Rs 1 lakh under the state's the Atmanirbhar Gujarat Sahay Yojna (AGSY), an official said.

The forms will be distributed through more than 9,000 outlets across the state, the official said.

Under this scheme, people running small businesses and those from the lower middle income group can avail guarantee- free loan of up to Rs 1 lakh from banks at 2 per cent annual interest as it seeks to help them get back to normal life disrupted by the COVID-19 lockdown.

"From Thursday, cooperative banks will begin distribution of forms for Rs 1 lakh loan under the Atmanirbhar Gujarat Sahay Yojana. People can get the forms from over 9,000 outlets across the state," Ashwani Kumar, secretary to Gujarat chief minister, said.

The government had launched the scheme last week, under which the state government will be paying the remaining six per cent interest on loan to the banks.

The tenure of such loans will be three years and re- payment of principal and interest will start after six months of sanction, the official said.

Loans will be provided on the basis of application where no guarantee will be required, he said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, May 20 2020. 17:58 IST