TSMFC chairman Mohd Imtiyaz Ishaq shares details of state government’s initiative in conversation with Asif Yar Khan
Post Date – 11:30 PM, Saturday – 12/17/22
Hyderabad: The state government, through the Telangana Minorities State Finance Corporation (TSMFC), provides loans to unemployed candidates for self-employment. TSMFC Chairman Mohd Imtiyaz Ishaq with Asif Yar Khan.
Q: How many people will be provided financial assistance?
A sort of: We plan to provide loans to 5,000 applicants. There are two categories, one below Rs 1 lakh and the other between Rs 1 lakh and Rs 2 lakh. The state government has provided a budget of Rs 50 crore for the financial assistance scheme.
Q. Does the program have reservations for women?
A sort of. Female applicants have a 33% retention rate. Women can choose from 38 categories and apply for financial assistance to start any business.
Q. How long does it take to disburse a loan?
A sort of. Applicants should first fill in the online application form. After the deadline, beneficiaries will be selected by drawing lots and the application will be forwarded to the bank for disbursement of the loan. The bank loan portion will be repaid, while the TSMFC grant can be used to further develop their business. All details can be found on the TSMFC website.
Q. What about previously pending applications?
A sort of. The previous application ie 2014-2015 has been closed as seven years have passed and it is now impossible to verify applicants. Anyone who has applied at that time may reapply as a new applicant.
Q. Any advice for loan applicants?
A sort of. We are ensuring transparency throughout the process. One should not approach brokers or middlemen. They should immediately notify TSMFC or the local police if they find anyone offering to obtain loan sanctions through backdoor channels.
