The 'Dilli Swarozgar Yojna', which was announced in the 2012-13 budget speech, was today approved by the cabinet and under this scheme beneficiaries will now be eligible for a loan up to Rs 5 lakh against existing loan of Rs 1 lakh.
Further, eligibility based on annual family income up to Rs 55,000 has been enhanced up to Rs 2 lakh under the new scheme.
After the meeting, Chief Minister Sheila Dikshit said the new scheme would be implemented through Delhi SC, ST, OBC, Minorities and Handicapped Financial and Development Corporation.
"Under the new scheme the term loan shall have to be returned in 60 equated monthly installments with simple/ reducing rate of interest at 6 per cent after a moratorium period of six months," she said.
The scheme will implemented out of the interest accrued on corpus to be provided by the City Government as one time interest free loan of Rs 100 crore in two installments with a moratorium of five years, out of which Rs 50 crore shall be released during the current financial year.
Dikshit described the new initiative as a tool to empower those belonging to these communities.