To encourage and help the women from the economically weaker section (EWS) of the society, the Chandigarh Child and Women Development Corporation has increased the upper limit of the loan amount from Rs 10,000 to Rs 40,000.The nominal interest on the loan ranges from 4 per cent to 6 per cent per annum.
According to the UT Home Secretary, Krishna Mohan the decision taken by the Corporation would not only encourage more number of women to take loans but it will also help those women who in the past wanted loans to start their own business but found the amount of Rs 10,000 to be insufficient.
He further added that another reason which initiated the decision was the fact that in a year the banks sanctioned only 50% of the total loan cases sponsored by the Chandigarh Child and Women Development Corporation. Due to this reason women who applied for the loans had to face many hurdles in starting their own business.
The corporation has also introduced a One Time Settlement Scheme. Under this scheme if the borrower decides to finally settle her amount then the corporation would completely waive of the penal interest.