Andhra Pradesh Chief Minister Chandrababu Naidu has announced the methodology for the country’s biggest Loan Waiver Program. Chandrababu has announced that the beneficiaries list of the scheme will be released online on 6th of this month. Government will be taking this exercise in two phases. In first phase, all the loans below 50000 loans will be waived off in a single transaction.
And in the second phase, loans above 50000 will be given 20% as first instalment and remaining amount in four instalments in the next four years. Bonds will be given to the remaining amounts with 10% interest. The money will be disbursed to banks on 10th of this month.
Chandrababu also clarified that accounts who have not submitted the required documents will be given a chance to submit them and become eligible for the scheme. This exercise will go on from December 8th to January 9th and the amounts will be disbursed to the remaining eligible accounts from January 14th to 22nd. Government has decided to extend the loan waiver to horticulture farmers even though it is not the promise of Chandrababu. 10000 per acre with a limit of 1.5 Lakh per family will be implemented to farmers.
