NEWS & ADVICE : CAR LOANS
Central Govt: No minimum educational qualification required to avail loans
By Vaibhav Aggarwal
Feb 23, 2009
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The Prime Minister's Employment Generation Programme (PMEGP) has been started by the central government. Under this scheme, loans up to Rs 5 lakh will be disbursed without demanding any minimum educational qualification.

The Joint Director of District Industries Centre, M V Hemant Kumar announced this scheme at the awareness programme held at the NGO auditorium in Mangalore.

The scheme is launched with the aim to make the credit facility available to the unemployed. Mr Hemant confirmed that educational qualification is not fundamental to avail loans under this scheme. But an applicant needs to qualify eighth standard in case he wants to avail loans up to Rs 10 lakh. In all Rs 25 lakh can be extended as a loan.

Kumar however specified that a borrower needs to be minimum 18 years of age for availing the loan.

Also the families that have availed loans under government schemes will not get the scheme. Further the borrowers from general category need to contribute 10% of the capital while 5% have to be given by the other categories.

Inaugurating the programme, President of the taluk panchayat, Vajrakshi P Shetty directed that the launch of the scheme must be distributed in the entire village through the gram panchayats.

The event where the scheme was declared was organized jointly by Khadi and Village Industries Board, Khadi and Village Industries Commission and District Industries Centre.

The gathering was greeted by G Bhaskar Prabhu, the officer in district Khadi Village Board.

Others members that attended the meeting are R Kantaraj, executive officer, taluk panchayat, Uday Kumar Holla, manager, Lead Bank, M G Mohan Kini and K Praveenraj Udupa, assistant manager, NABARD.

 


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