Punjab government has taken a major step towards making unemployed youths belonging to minorities and backward class self reliant and enhanced the credit limit for setting up self employment units.
Punjab Backward Classes Land Development and Finance Corporation (Backfinco) would finance these unemployed youths for agriculture and allied occupations, for setting up small scale industries, technical trades, for perusing professional and technical education and higher education, a government spokesperson said.
Financial aid for students of minority community has been increased from Rs 2.50 lakh to Rs 10 lakh for pursuing higher education, he said, adding that credit limit for technically educated unemployed youths of backward classes between the age of 18 to 35 years have been increased from Rs 5 lakh to Rs 10 lakh for setting up self employment units.
Financial assistance for students of minorities perusing professional and technical education has also been increased from Rs 5 lakh to Rs 10 lakh, he said.
Candidates having family income of less than Rs 81,000 per annum and residing in rural areas and candidates with family income of Rs 1,03,000 per annum and residing in urban areas would be eligible for availing credit at the rate of 4 per cent interest, the spokesperson said.
Women belonging to Backward Classes and minorities can now avail loan up to Rs 1 lakh at 4 per cent interest rate under 'Mahila Samridhi Yojna Scheme' for setting up ventures, he said, adding that under the Hereditary or Non-technical Nature scheme for dairy farming, the loan limit has been enhanced from Rs 50,000 to Rs 3 lakh.
