Low income people to get loan without any security

Staff Correspondent, Barta24.com
photo: Collected

photo: Collected

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Dhaka: The government has taken a loan program of Taka 3,000 crore for low-income professionals, farmers and marginal and small traders without any mortgage.

This information was given in a press release sent from the Governance Innovation Unit of the Prime Minister's Office on Sunday (May 3). The amount of this fund will be increased if necessary.

According to the press release, the economic activities of Bangladesh like other countries of the world are being hampered due to the outbreak of coronavirus. As a result, the country's low-income professionals, farmers and marginal / small traders are not able to manage their income generating activities. A refinancing scheme has been formulated by Bangladesh Bank to keep the economic activities of the marginalized people affected and ensure inclusive development through financial inclusion activities. The amount of funds in this scheme is Taka 3 thousand crore. However, Bangladesh Bank will be able to increase the amount of funds as per the need.

The main theme of the Taka 3,000 crore programs is that no mortgage or security will be required.

The notification further said that marginal farmers, small investors, entrepreneurs, institutions without mortgage will get loan facility under this policy. Beneficiaries will be able to avail loans easily through this policy. Women will get special benefits in this loan. NGOs will give loans to farmers and small investors. As a result this investment will be extremely safe. In this case the NGO taking the loan will be directly responsible to the financing bank. Under this scheme, there is no scope for arbitrary use of loans, as in the case of disbursement of these loans, the loan recipient NGOs will be provided loan facility on the basis of assessment of the efficiency of their past economic activities.

In case of any problem of the borrower during the term of the loan, insurance provision is provided in this policy. However, those who are loan defaulter will not get the loan, it was informed in the notification.