Telangana: Over 2 lakh people apply for TSMFC’s bank linked subsidy scheme 

State government had released a budget of Rs. 50 crore for extending financial assistance for small entrepreneurs

Hyderabad A whopping 2 lakh people have applied for bank linked subsidy scheme announced by the Telangana State Minorities Finance Corporation (TSMFC).

The State government had released a budget of Rs. 50 crore for extending financial assistance for small entrepreneurs. Following requests from several quarters, the government released another Rs. 70 crore taking the total amount to be disbursed to Rs. 120 crores.

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“So far we have received 2 lakh applications from all over Telangana. We expect a few more thousand applications on Monday before the closing day,” Telangana State Minorities Finance Corporation (TSMFC) Chairman Imtiyaz Ishaq told ‘Telangana Today‘.

The scheme has two categories, Category 1 – Rs 1 lakh loan and Category 2 – Rs. 2 lakh loan, with the subsidy component in first category being 80 per cent and for second category, it is 70 per cent.

After January 15, the district minority welfare officer will scrutiny the applications followed by ground verification to check the authenticity of the applicant.

“Once the verification work is completed, the District Minority Welfare Officer will place the applications before a committee and it will be forwarded to banks. We have set a target to complete the entire process by March first week. The applicants will get the amount in their bank accounts directly,” said Imtiyaz Ishaq.

Sources said another Rs 25 crore will be released soon taking the total budget of the financial assistance scheme to Rs. 145 crores.

Meanwhile the TSMFC cautioned the applicants against approaching brokers who promise to get the loans cleared through backdoor methods. “If anyone is claiming or collecting money on pretext of getting the application processed and cleared, the same should be informed to us. We will have a criminal case booked against him,” said an official.

The warning comes following reports of some persons making claims to get the loan sanctioned in various quotas, and collecting money from the applicants.