Punjab minister Sadhu Singh Dharamsot today exhorted youths to avail loans under the state government's welfare schemes to be able to find avenues of self-employment.
He said Punjab Backward Classes Land Development and Finance Corporation (BACKFINCO) was running several schemes aimed at providing loans to the youth at low interest rates.
Scheduled Castes and Backward Classes Welfare Minister Dharamsot said these schemes would act as a catalyst for the skilled and enterprising youths to be well-off financially by initiating their own ventures.
He said BACKFINCO also provides loans for pursuing higher education.
In a statement, the minister said as per the direct loan scheme, BACKFINCO provides loan ranging from Rs 50,000 to Rs 1 lakh at an interest rate of 6 per cent. Loans can be availed to start ventures such as dairy farming and poultry.
Apart from this, under the schemes run with assistance from other corporations, students hailing from backward classes and minorities are provided loans at an annual interest rate of 3 per cent and 4.5 per cent respectively, he said.
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