Differential Rate of Interest scheme

DRI

1. Introduction

The nationalized banks provide loan to poor people, including persons with disabilities and the institutions working for PWDs, orphanage, women etc., who desire to engage themselves in productive activities or gainful business, at the very nominal rate of interest. There is provision that all nationalized banks should try their level best to provide at least 1% DRI loan of total credit amount.

2. WHO ARE ELIGIBLE

(a) Age : Preferably between 18-55 years

(b) Qualification : Not essential

(c) Income : Should belong to BPL category. Applicant’s land holding should not exceed beyond one acre irrigated and 2.5 acres non-irrigated. (The institutes are exempted from land hold criteria).

(d) : Should not be defaulter.

3. REQUIRED DOCUMENTS

(a) Attested copy of disability certificate issued by Medical Board.

(b) Attested copies in proof of age, education, caste, residence and BPL card.

(c) Two recent passport size photographs.

(d) No due certificate from banks.

(e) Any other documents prescribed/asked by bank.

4. HOW TO APPLY

This scheme is direct finance scheme of nationalized banks and does not require any recommendation/sponsoring from any authority. So the eligible person should apply in the prescribed form along with required documents as stated above.

5. WHOM TO CONTACT

The Branch Manager/Field Officer of nearest nationalized bank or District Lead Bank Manager.

6. QUANTUM OF LOAN

The normal limit of loan will be Rs. 6,500/- for working capital loan and Rs. 5,500/- for a term loan. In exceptional cases, particularly for institutions higher amount is allowed.

7. RESERVATION & SUBSIDY

No reservation and no subsidy.

8. REPAYMENT PERIOD

Repayment period for each scheme / project is specified in the sanction letter. The loan normally is to be repaid within a maximum period of 5 years including moratorium period.

More Details : http://rbi.org.in/scripts/NotificationUser.aspx?Id=4113&Mode=0

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