Breaking |

Breaking |

Backfinco sets the target to provide Rs 1127.75 lakh loan to youth: Dharmsot
Published : Sep 18, 2020, 4:32 pm IST
Updated : Sep 18, 2020, 4:32 pm IST
SHARE ARTICLE
Sadhu Singh Dharmsot
Sadhu Singh Dharmsot

The Punjab Government has set a target to provide a loan of Rs 1127.75 lakh during the year 2020-2021 to uplift the economic standard

Chandigarh: The Punjab Government has set a target to provide a loan of Rs 1127.75 lakh during the year 2020-2021 to uplift the economic standard of the backward class youth of the state.

Punjab Minister for Social Justice, Empowerment and Minorities Sadhu Singh Dharmsot said that Punjab Backward Classes Land Development and Finance Corporation (Backfinco) has set the target to disburse the loan of Rs 1127.75 lac to 751 beneficiaries during the year of 2020-21.

Advertisement

Sadhu Singh DharamsotSadhu Singh Dharamsot

Under this, loans amounting to Rs 109.60 lakh have been already disbursed to 65 beneficiaries till July 31, 2020. Besides, loans of Rs 5.50 lakh have been disbursed to 3 beneficiaries under direct loan scheme.

He said that the corporation has been disbursed loan of Rs 2433.86 lac to total 1459 beneficiaries in time span of 2016-17 to 2019-2020 under Direct Loan Scheme.

Advertisement

Sadhu Singh DharamsotSadhu Singh DharamsotThe Minister further said that the government was providing loans at cheaper rates to the backward class youth of the state. He said that the trained youth could avail the benefits of this scheme and improve their economy by starting their own business.

He said that the Backfinco has also provided loans to the backward class youth for higher education. Under this scheme students can take loan for studying at 4% interest rate. The interest rate for girls is 3.5 per cent per annum.

Punjab governmentPunjab government Dharmsot further said that the loan is repaid in monthly installments after 6 months of the completion of the course in 5 years. He said that provision has also been made to provide loan up to Rs 20 lakh for study abroad.

Advertisement

He said that in order to get loan from Backfinco, it is necessary to meet the basic qualifications. He said that priority would be given to the vocational trained youth in providing loans.

SHARE ARTICLE

ROZANA SPOKESMAN

Advertisement
Advertisement

Nihang Singh Clash With Old Man: Nihang Singh used a stick against a person selling cannabis

16 Sep 2025 3:43 PM

Mankirt Aulakh donated tractors controversy: What is the controversy of tractors donated by Aulakh?

16 Sep 2025 3:38 PM

Mohinder KP\'s Son Richi KP Antim Sanskar: Father gives shoulder to son\'s body

16 Sep 2025 3:34 PM

Dera Baba Nanak Flood In Punjab: 40 feet deep and 1000 feet wide ravine had formed | Khalsa Aid

14 Sep 2025 6:45 PM

This IAS officer investigated MLA Manjinder Lalpura for misbehaving with a girl

14 Sep 2025 6:42 PM

Manjinder Lalpura USMA Case: See what MLA Lalpura did with this girl! matter revealed on camera

12 Sep 2025 6:50 PM
Advertisement