The women Self Help Groups (SHGs) across Chhattisgarh will now get loans at three per cent interest rates, officials said on Saturday.The women and child development department has issued instructions to all concerned authorities.
According to officials a self help group availing the benefit for the first time would be given a loan of Rs 50,000. They would be provided a loan of up to two lakh rupees if they are seeking it for second time, they said.
The formal notification was issued over six months after Chief Minister Raman Singh announced in the State assembly that his Government would provide loans at three per cent interest rates to the women self help group. The Chief Minister had announced the decision in the floor of the assembly 23 February this year.
The women self help groups in the State were earlier availing the loans at 6.5 per cent interest rates. The latest rate cuts would be however conditional and applicable only when a self help group pays its loan installments on time.
According to the provision, self help group availing Rs 50,000 will be allowed to repay the loan amount in 24 installments, while those availing more amounts of loans they will have to re-pay the loan in 36 equated installments.