The Hindu Business Line : ‘Pavala Vaddi’ scheme extended to ex-Servicemen and widows

Hyderabad, July 28 The Government of Andhra Pradesh has extended the ‘Pavala Vaddi Scheme’ to ex-Servicemen and widows who are in self-employment ventures.

The scheme applies to e ex-Servicemen and widows who obtain fresh term loans from scheduled commercial banks, cooperatives, and regional rural banks in the State for whom repayment of interest subsidy from the Government would commence from April 1, 2010.

As per the scheme, the interest charged by banks over and above 3 per cent per annum shall be reimbursed to the loanee ex-Serviceman and widows.

Only those ex-Servicemen and widows who repay the loan instalments comprising principle and interest as per the repayment schedule are eligible under this scheme. The maximum amount of loan is limited to Rs 5 lakh for each applicant.

Application procedure

Loan applicants should submit a project report to the Zilla Sainik Welfare Officer (ZSWO) mentioning details of the self-employment venture, including its nature, location and approximate cost. A declaration stating that the applicant is willing to repay loan in instalments with 3 per cent interest should also be enclosed.

The ZSWO will verify the feasibility of the self-employment venture and recommend such cases to the District Collector, who is also the chairman of Zilla Sainik Board.

The Director, Sainik Welfare, will supervise the bank-linkage programme besides monitoring the repayment performance of the scheme, according to an order issued by the Government.

More Stories on : Entrepreneurship | Social Welfare | Andhra Pradesh

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