Press Release / Announcement Press Release / Announcement

Youth must avail Loan Welfare Schemes to be self employed: Sadhu Singh Dharamsot


The Scheduled Castes & Backward Classes Welfare Minister, Punjab, Mr. Sadhu Singh Dharamsot has exhorted the youth of the state to avail loan welfare schemes being run by the State Government to be able to find avenues of self employment which would ensure their economic progress.

Disclosing this here today, the minister said that the Punjab Backward Classes Land Development and Finance Corporation (BACKFINCO) is running several schemes aimed at providing loans to the youth at low interest rates which can act as a catalyst for the skilled and enterprising youth to be well off financially by initiating their own ventures. He also said that BACKFINCO also provides loans for pursuing higher education.

He further said that as per the direct loan scheme, the BACKFINCO provides loan ranging from Rs. 50,000 to Rs. 1 Lakh at an interest rate of 6 percent. Disclosing more, he said that this loan can be availed to start ventures for e.g. Dairy Farming (3-5 Animals), Poultry Farming, Growing Vegetables, Honey Bee Keeping, Carpentry/Furniture/Blacksmith ventures,  Flour Mill, Auto-Rickshaw (Passenger/Freight Carrying),  General Store (Karyana/Cattle/Poultry Feed), Hardware Store (Sanitary and Building Material, Steel etc.), Textile/Readymade Garment Shop, Books/Stationery Shop, Photostat Machine, Tailoring, Agricultural Implements (Fabrication), Automobile repair/Spare parts shop, Electronics/Electrical Sale and Repair, Fabrication Unit, Photography and Videograhy, Hosiery Units, Small Scale Industrial Unit (Manufacturing any goods/material), Sweet Shop/Dhaba, Beauty Parlour and Pandal or Shamiana Service. Apart from this, under the schemes run with assistance from other corporations, the students hailing from backward classes and minorities are provided loans at an annual interest rate of 3 percent & 4.5 percent respectively.

The minister also divulged that it is necessary to fulfill main criteria of BACKFINCO to avail the loans. The candidate must be a permanent resident of Punjab with age between 18-55 and must belong to the backward class category as declared by the Punjab Government or minority category as declared by the Union Government. The annual family income of people hailing from rural areas must be less than Rs. 81000 and those living in urban areas must have an annual family income less than Rs. 1,03,000 In case anybody wants to avail the loan in the technical category then he/she should be at least matriculate. The minister also revealed that the youth having professional qualification would be preferred.