Women queue up for Mudra loan at Ramnad Collectorate

Hundreds of women thronged the Collectorate here on Monday to present applications and petitions seeking loans under ‘Pradhan Mantri Mudra Yojana’ (PMMY) after rumours spread that women were given a loan of Rs. 50,000 and it would be waived if Prime Minister Narendra Modi returned to power in the coming Lok Sabha elections.

Hundreds of women from almost all parts of the district made a beeline for the Collectorate and presented applications and petitions. As the hall in which the Collector was receiving petitions from the public on ‘public grievance day’ became jam-packed, officials received the applications and petitions for Mudra loans at the entrance itself.

Petition writers at the Collectorate did brisk business, charging Rs. 10 per Mudra loan form in the prescribed format and Rs. 30 for writing petitions after the forms were sold out. More than 2,000 women presented applications and petitions after they rumours that Rs. 50,000 would be credited to their bank accounts in the next couple of months.

K. Umadevi from a village near Mudukulathur said almost all women in her village had applied for the loan after they were told that the loan would be waived if Mr. Modi returned to power or they would get a subsidy of Rs. 20,000 if he failed to come back to power.

She had spent her day’s earning of Rs. 250 to visit the Collectorate, Ms. Umadevi added.

As they were told that the Mudra loans — the micro-credit funding — were offered only for self-employment, the applicants claimed that they were doing some business or the other. Though an applicant was eligible for loan up to Rs. 10 lakh, banks offered from Rs. 25,000 to Rs. 50,000 as the loan had no collateral security, they said.

Collector S. Natarajan said the applications would be sent to bank branches in the respective areas and loans would be given only to eligible applicants. About 67,300 women benefited under PMMY during 2017-18 and they were given a total loan amount of Rs. 260 crore.

This financial year, about 15,000 beneficiaries were given Mudra loans to the tune of Rs. 57 crore, the Collector added.

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