Bank of Baroda launches Atmanirbhar Gold Loan scheme

The Atmanirbhar Women Scheme has been launched by the Bank of Baroda (BoB) as part of their Baroda Gold Loan Scheme. The bank offers a women’s loan of 0.5%. Agricultural gold loans of 0.25 percent permit and commercial loan loans of 0.5 percent permit are also conducted under the gold loan scheme itself. The program was first launched at the BOB branch in Ramamurthy Nagar in Bangalore and similarly in the 18 under-18 branches in the country by Sjiv Chadha, MD, and CEO of Bank Of Baroda. The program aims to identify a self-reliant and empowered woman in India.

M Ravindra Rai, head of gold loans said the Atmanirbhar program was only aimed at supporting women to become self-reliant. The rural women’s support program has been launched earlier. Non-Farm Area Development was introduced mainly to fund economic activities in the non-Farm sector through a group of rural women. The scheme consists of two parts with (i) Part of the credit (ii) Part of the promotion.

In the case of a debt component, a voluntary agent with a 3-year proven record in assisting women’s communities, a women’s development company under the central or State government, KVIC / KVIB or other institutions under the KVIC / KVIB fold, or any other registered institution including cooperatives, trusts and companies that are also part of the required central or State government. For this may be a fund scheme to organize rural women’s groups by performing any productive activity in the non-agricultural sector.

All sectors of production, service, and processing other than those that are not socially desirable such as liquor outlets producing alcohol, etc are eligible for loan assistance. In the interest and information from job creation, smaller and lower-level units with a total value of Rs will be preferred. 15 lakh as satellite units and the concept of the mother unit, to create larger job opportunities.

The loan support for the work of a group of rural women is ₹ 10 lakhs and per person should not exceed ₹ 50000 / -. However, the actual amount is determined by the sponsoring agency, depending on the type of work. From time to time, the promotion grant is limited to ₹ 5000 / – per female entrepreneur who must be covered by the agency or sell up to 25% for a profit of 10 lakhs earned in 3 years or less. Promotional grant assistance can be estimated at ₹ 2.50 lakh if the agency can cover the amount.

In today’s time where so many lenders have come up with their exciting deals with the offering of Gold Loans, it has become difficult for the borrowers to decide and select one single lender that suits their needs and situations the best.

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