<p>The Gujarat government on Thursday announced a scheme under which people in the lower-middle-income group can avail guarantee-free loan of Rs 1 lakh from banks at 2 per cent annual interest as it seeks to help them get back to normal life disrupted by the COVID-19 lockdown.</p>.<p>The government will pay another 6 per cent interest to banks giving loan under the scheme, Atmanirbhar Gujarat Sahay Yojna (AGSY), targetted at small businessmen and a cross-section of people falling under the lower-middle-income group.</p>.<p>According to scheme norms, while the tenure of the loan will be three years, payment of instalments will begin only after six months of disbursal.</p>.<p>The central government has given a package of Rs 20 lakh crore to make India 'atmanirbhar' (self-reliant). The state government has also decided to launch Atmanirbhar Gujarat Sahay Yojna (AGSY) for small businessmen, skilled workers, autorickshaw owners, electricians and barbers, among others," Chief Minister Vijay Rupani said.</p>.<p>Other states have declared assistance of Rs 5,000 or so to such people. However, we are of the opinion that such a small amount will not bring their life back to normal, he said.</p>.<p>"Around 10 lakh such people will be given the loan of Rs 1 lakh each from banks at just 2 per cent annual interest to start their lives afresh, Rupani said.</p>.<p>Loans will be provided on the basis of application where no guarantee will be required, he said.</p>.<p>The state government will pay the remaining 6 per cent interest on the loan to banks. The tenure of such loans will be three years. Re-payment of principal and interest will start after six months of sanction, he said.</p>.<p>The government has come up with this scheme after discussion with the district, scheduled and cooperative banks, the chief minister said.</p>.<p>The state government will come out with detailed information on AGSY in a few days and loan will be made available to all those who are in need of it, he said. </p>
<p>The Gujarat government on Thursday announced a scheme under which people in the lower-middle-income group can avail guarantee-free loan of Rs 1 lakh from banks at 2 per cent annual interest as it seeks to help them get back to normal life disrupted by the COVID-19 lockdown.</p>.<p>The government will pay another 6 per cent interest to banks giving loan under the scheme, Atmanirbhar Gujarat Sahay Yojna (AGSY), targetted at small businessmen and a cross-section of people falling under the lower-middle-income group.</p>.<p>According to scheme norms, while the tenure of the loan will be three years, payment of instalments will begin only after six months of disbursal.</p>.<p>The central government has given a package of Rs 20 lakh crore to make India 'atmanirbhar' (self-reliant). The state government has also decided to launch Atmanirbhar Gujarat Sahay Yojna (AGSY) for small businessmen, skilled workers, autorickshaw owners, electricians and barbers, among others," Chief Minister Vijay Rupani said.</p>.<p>Other states have declared assistance of Rs 5,000 or so to such people. However, we are of the opinion that such a small amount will not bring their life back to normal, he said.</p>.<p>"Around 10 lakh such people will be given the loan of Rs 1 lakh each from banks at just 2 per cent annual interest to start their lives afresh, Rupani said.</p>.<p>Loans will be provided on the basis of application where no guarantee will be required, he said.</p>.<p>The state government will pay the remaining 6 per cent interest on the loan to banks. The tenure of such loans will be three years. Re-payment of principal and interest will start after six months of sanction, he said.</p>.<p>The government has come up with this scheme after discussion with the district, scheduled and cooperative banks, the chief minister said.</p>.<p>The state government will come out with detailed information on AGSY in a few days and loan will be made available to all those who are in need of it, he said. </p>