Nijer Paye Dara Scheme – Borrow Rs 1 Lakh, But Return Only Rs 70,000
Sadhan Pande, West Bengal Self-Help Group and Self-Employment Minister introduced a unique loan scheme named ‘Nijer Paye Dara Scheme‘ for micro, small and medium enterprises (MSME).
What is Nijer Paye Dara Scheme
Under this scheme, an MSME entrepreneur will need to pay back only Rs 70,000 if he or she takes a loan of Rs 1 lakh to start a business!
According to local reports, this scheme will be introduced in the financial year 2017-18. The scheme is aimed primarily at youngsters in rural areas, many of whom have been flocking to the cities to earn a living.
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The main motto of the scheme is to increase self-employment which will automatically reduce unemployment and also reduce the stress on urban centers people from villages flock to for livelihood opportunities. It also encourages rural art and handicraft, besides promoting businesses whose products and services cater predominantly to village folk or local residents.
Details of the Nijer Paye Dara Scheme
Pande informed about this scheme by saying that for a person to benefit from the scheme, the loan has to be availed from the bank through only the Self Help Group and Self-Employment Ministry. In that case, the person availing the loan will need to pay back only Rs 70,000 for every Rs 1 lakh borrowed, with the remaining Rs 30,000 coming from the West Bengal government in the form of a grant.