Shimla: Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu launched a collateral-free loan scheme for women, on Thursday.
The scheme, 'Sashakt Mahila Rin Yojna', is an initiative of Himachal Pradesh State Cooperative Bank (HPSCB), which will provide loans to women for pursuing their entrepreneurial dreams, engage in livelihood activities, fulfill their day-to-day needs, and uplift their families, a statement issued here said.
Under the scheme, the bank offers a credit of Rs 21,000, Rs 51,000, and Rs 1,01,000 at a relatively low-interest rate of 8.51 percent.
CM Sukhu said that the scheme aims to empower women so that the applicants need not provide any assets or collateral as security against the loan amount.
“The absence of collateral removes a significant barrier for women, especially those who may not have valuable assets to offer as security for taking loans,” he added.
By providing financial assistance to women for self-employment and livelihood activities, the scheme will contribute to the economic empowerment of women, make them financially independent and improve their socio-economic status, the chief minister said.
With inputs from PTI