Muttathe Mulla Loan Scheme in Kerala 2018 [Interest Rate, Apply, Eligibility Criteria, Documents List, Form Download, Last Date]
It is impossible for one to assume when he or she will fall in a crisis and will need immediate cash to get out of the messy situation. Most people find it difficult to arrange a huge sum within a short span. In that case, they need to take assistance from private loan sharks. The same situation is prevalent in Kerala. In recent days, loan sharks are exploiting borrowers by charging very high interest rates. To put an end to this, the current Kerala state authority has officially declared the state of Muttathe Mulla Loan Scheme. This particular scheme will assist in checking the exploitation of needy people at the hands of private money lenders. Under this project, people will receive easy microcredits from all cooperative banks. For the benefit of these people, only a minimal interest rate will be charged from the borrowers.
Launch details of the scheme
|Name of the scheme||Muttathe Mulla Scheme|
|Launched in the state||Kerala|
|Launch date of the scheme||2018|
|Official date of implementation||June 2018|
|Announced by||Mr. Kadakampally Surendran|
|Responsibility of supervision||Kerala Co-Operation and Tourism Department|
|Implementation procedure||In phases|
|Implementation will start from||Palakkad District|
Key features of the scheme
- Assistance of needy people – People only take credits when they are in dire need of money. Private and unregistered loan sharks take advantage of their situation and take high interests on the loan amount. With this new state scheme, needy people will get necessary financial assistance from the state cooperative banks.
- Easy access to credits – The implementation of this scheme will offer common people with an alternative method to attain credit. The cooperative banks will offer easy loans to needy individuals within a short span of time.
- Current interest rates – The main aim of this scheme is to offer financial assistance to poor and needy people, without them worrying about the heavy burden of interest. Generally, private loan sharks take as much as 35% to 72% interest from people who ask them for loans.
- Interest rate under new scheme – All cooperative banks will offer financial loans directly to the Kudumbashree groups. These groups will have to pay only 7% interest on this amount. In turn, the Kudumbashree will offer this money as a loan to all those in need. The groups will take an interest of 12% from individual borrowers.
- Assistance of Kudumbashree groups – Kudumbashree or female neighborhood networks will join hands with the cooperative banks to distribute the information and money among needy people.
Eligibility for the scheme
All details, related to the scheme have not been published as of now. As this scheme has been developed and will be funded by the state government, it is evident that only people who are residents of Kerala and have proper documents will be able to apply for this project. Only those people will be able to get the low rate benefit, which apply for credit from state run cooperative banks. Other details will be published in due time.
How to apply for the scheme?
The scheme has just been launched. Thus, the state authority has not yet offered all details regarding the application. It is estimated that the state will keep provision for online and offline application process as well.
The scheme has been announced recently. The state government will offer scheme related details on the official site as and when things progress. With the implementation of this credit scheme, common people of the state will no longer have to take money from loan sharks. Thus, they will be saved from paying very high interest rates.