United Sahaj Rin Yojana (For North Eastern States Only)
Objective
The objective of the "United Sahaj
Rin Yojana" is to provide overdraft facility for pursuing any income generating
activities in the farm and non-farm sector (any eligible activities). The scheme is meant
for weaker section of the society under priority sector for bringing the small traders
like Pan Bidi vendors, vegetable / fish vendors, fruit vendors, newspaper hawkers, fast
food stalls, phoochka stalls, etc. The scheme is aimed to avoid borrowing by these very
small traders from private money-lenders at very high rate of interest.
Eligibility
Any individual in the age group of 18-50
yrs. belonging to BPL list and undertaking the above-mentioned activities, and residing in
the vicinity of the branch preferably within 1 to 1.5 km. from the Branch for proper
monitoring. All existing defaulter loanees will be kept outside the purview of the
scheme.
Implememtation
To start with the implementation of the
scheme will be restricted to all branches under North Eastern States only.
Limit
For Rural & Semi Urban Branches |
For Urban & Metropolitan Branches |
a) |
Initial
overdraft will be for Rs.500/-. |
a) |
Initial
overdraft will be for Rs.1000/-. |
b) |
Subsequently the
limit may be enhanced to Rs.3000/- in 3 years subject to satisfactory operation /
transactions in the account. |
b) |
Subsequently the
limit may be enhanced to Rs.5000/- in 3 years subject to satisfactory operation /
transactions in the account. |
Security
Primary
: |
Hypo.
Of goods /assets. |
Addl.
: |
Nil |
Margin : Nil
Interest : Rate of Interest is liable
to be changed from time to time as per H.O. guidelines.
Documents
a) Pronote
b) Letter of continuity
c) Hypothecation of goods.
Insurance
The risks of personal accident to be
covered by policy of Bajaj Allianz Ltd. and premium to be paid by the Bank.
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