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Delhi

Govt loan process eased; get up to Rs 3 lakh within 15 days

New Delhi: The Delhi government through its Delhi SC, ST, OBC, Minorities/Handicapped Financial, and Development Corporation (DSFDC) that gives loan up to Rs 3 lakh to people who fall in the ambit of this scheme, few changes have been made in the guidelines. According to the new guidelines in the Composite Loan Scheme (CLS), which came into existence from November 1, enables beneficiaries to acquire loan in 15 working days as compared to the previous time frame of 45 days which was required to process the paperwork.

A source at DSFDC said, "The loans are given at an interest rate of 6 per cent per annum at reducing under the CLS scheme, as compared to banks which give out loans at an interest rate of 12.5 percent per annum."

Reports from DSFDC show that under the CLS there has been a rise in number of applicants and loans disbursed from 2015 to 2019.

During 2015-16 the number of applicants under CLS in the Scheduled Caste category were 40 with a loan disbursement of Rs 39.70 lakh. The following year (2016-17), the figure stood at 130 applicants with Rs 204.92 lakh being disbursed through the DSFDC. In 2017-18 it was at 178 with the total loan amounting to Rs 433.60 lakh and in 2018-19 the number of applicants was at 203 with the total loan amount of Rs 452.30 lakh.

A tailor from East Moti Bagh, Shiv Shanker, applied for a CLS loan of Rs 40,000 in May 2018, said, " I took the loan to purchase raw materials and set up my tailor shop. The scheme is very nice with less interest as compared to other places and they give us a long time to repay as well. I had taken a loan earlier too of 1 lakh and I have already paid them back. This is my second time."

In the Other Backward Classes category in2015-16 there were two applicants with a loan amount of 1.90 lakh, in 2016-17 the number of applicants increased to 15 with a total loan amounting to 10.47 lakh. In the year 2017-18 there were 14 applicants with a total of 9.98 lakh loan amount. In 2018-19 there were 18 applicants and the total loan amount was 10.94 lakh.

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