Jagan Launches Phase 2 Interest-Free Lending Today

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₹ 370 cr. will pay 3.7 varnishes to small traders

YS Chief Minister Jagan Mohan Reddy will launch the Jagananna Thodu program on Tuesday to help traders and traders across the state.

Under this scheme, an interest-free loan of £ 10,000 will be provided to small and small traders in the amount of £ 3.7 million at a cost of £ 370 crore.

The scheme was launched by the Chief Minister on November 25, 2020, and in the first phase, banks paid Rs 535 crores 535 crores to beneficiaries. The government paid out £ 29.42 crore in interest to the Phase 1 beneficiaries.

In Phase 2, the state government decided to expand financial assistance to 3.7 million beneficiaries through the Sthreenidhi Credit Cooperative Federation and APCOB, reaching all eligible beneficiaries by authorizing loans in rural and urban areas. The government will pay Rs 20.35 crore interest on the Rs 370 crore loan. Under this scheme, the government bears a total of Rs 49.77.

The main goal of the scheme is to free sellers from paying high interest rates on loans taken from individuals and incurring debts.

Banks will provide loans to all eligible members, and the government will pay interest to banks on the loan amount, reimbursing it to the accounts of the recipients. Vegetable, fruit sellers, small shopkeepers, trolley sellers and artisans are eligible to apply to participate in the program.

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