Punjab Social Justice, Empowerment and Minorities Minister Sadhu Singh Dharmsot on Tuesday emphasised the easing of loan advancing process for

 enabling the youth belonging to the backward classes, minorities and scheduled caste categories to start their own ventures.

Dharamsot, during a meeting with the higher officers of the SC and BC Corporations, said that now, the committee formed at the district level under the District Welfare Officer would be empowered to sanction various loans up to Rs one lakh and departmental orders would be issued soon.

The Minister also directed the officers to frame proposal regarding waiving off the loans of those who are deceased.

At the same time, he also appealed to the youth of the State to derive maximum advantage from the welfare schemes of the State Government with regard to the loans in order to start their own self employment ventures.

Notably, as per the direct loan scheme, the BACKFINCO and SC Corporation provides loan ranging from Rs 50,000 to Rs one lakh at an interest rate of six percent.

The loan can be availed to start ventures for like dairy farming (three-five animals), poultry farming, growing vegetables, honeybee keeping, carpentry or furniture or blacksmith ventures,  flour mill, auto-rickshaw (passenger or freight carrying),  general store (karyana, cattle or poultry feed), hardware store (sanitary and building

material, steel etc), textile or readymade garment shop, books or stationery shop, photostat machine, tailoring, agricultural implements (fabrication), automobile repair or spare parts shop, among others.

It is necessary to fulfill main criteria of BACKFINCO and SC Corporation to avail the loans, added the Minister.