Two days after Prime Minister Narendra Modi announced an economic package for the country, his home state Gujarat on Thursday announced a package for small traders, workers and autorickshaw drivers.
Chief Minister Vijay Rupani said that under the scheme called “Self-reliant Gujarat Assistance Scheme”, small traders, autorickshaw drivers and workers will be given loan up to Rs 1 lakh by district cooperative banks and credit societies.
Rupani said that the move is in a bid to ensure that they stand up again on their feet post lockdown. They will have to pay an annual interest of only 2 per cent while six per cent annual interest will be paid by the state government. Normally, such loans are available at 12 per cent annual interest rate, Rupani remarked.
There will be a moratorium period of six months.
The assistance is expected to be to the total tune of Rs 5000 crore, he said.
The loan has to be repaid in three years and the banks will give them the loans only on the basis of their applications.
The state government, however, has not mentioned about any other eligibility criteria.
