Hyderabad: It is almost eight months since the state government announced the 100 per cent subsidy scheme for loans for minorities, but no guidelines have been issued for the disbursal of the amount. As a result, thousands of applicants are waiting for the financial assistance after submitting the applications.
The government, in October last year announced the subsidised loans for unemployed youth from the minority communities. The scheme was announced after Chief Minister K. Chandrasekhar Rao was informed about the delay in executing the bank-linked schemes as it involved official procedures.
Earlier, the Telangana State Minorities Finance Corporation along with banks offered loans to applicants from below poverty line families. While the TSMFC paid a percentage of the amount as subsidy, the remaining component was given as loan by the banks which was to be repaid in a stipulated time.
The TSMFC has not invited fresh applications for the subsidised loans but selected the candidates based on the applications received in 2015-16. A total of 1.54 lakh applications were received by the corporation for the subsidised bank loan schemes at that time.
“About 8,400 candidates were selected for receiving loans under the scheme. However, the banks were not coming forward to provide the loan component. Hence, the loans were put on hold,” said a senior official of the corporation.
The government, after studying the difficulties in extending the loans decided to provide 100 per cent subsidy loans. Then again, a decision on the numbers and category of the loan applicants is yet to be taken.
Social activist S.Q. Masood said people spent between '1,000 and '2000 to submit the applications at the minority welfare offices across the state three years ago. "All of them hoped to get some financial assistance. In fact, the date of submission of the applications was extended twice for the benefit of the applicants taking the total to 1.54 lakh. Three years have passed and there is no word about the financial assistance,” he said.
“As of now we are prioritising about 8,400 candidates who were selected earlier. The guidelines from the government are awaited and as soon as we get them we will take up the case with the finance department and the beneficiaries will be provided financial assistance,” said Mr M.A. Waheed, vice-chairman and managing director of the Minorities Finance Corporation.
