Upper loan ceiling for minorities raised to Rs 10 lakh

Mumbai, Dec 15 (UNI) In a significant move, the Maulana Azad Minorities Financial Development Corporation has announced raising of the upper loan ceiling from Rs 2 lakh to 10 lakh.

The decision was taken at the first meeting of the Corporation's newly-elected board, which met here yesterday under new chairman Amin Patel.

Talking to reporters after the board meeting, Mr Patel said besides enhancing the loan amount ceiling, the Board also took a number of steps, which would help minorities to secure loans with much ease.

''In the very first meeting of the board, we have approved loan worth Rs 3 crore to 300 applicants, in a single day, which is a record,'' Mr Patel said.

Of these, while 200 applicants had applied for term loans, another 100 applicants had sought it for pursuing higher studies.

Stating that the Board had also taken the decision to do away with mandatory condition of obtaining a no-dues-certificate from every bank in the locality, where the applicant belongs to, the chairman said the applicant would have to obtain NDC only from the bank, where his/her account is in operation.

The applicants living below poverty line and seeking loan worth Rs 50,000, will not require to submit a proof of their income.

UNI