LOAN FOR PEOPLE WILLING TO BUY AUTORICKSHAW & E-RICKSHAW AT 7% RATE OF INTEREST

Ludhiana, December 30:

District Planning Board Chairman Mr Jagbir Singh Sokhi today said that people willing to buy auto rickshaws and e-rickshaws would get it at just 7 percent rate of interest. He said that there is a government scheme in which such people would just have to pay a down payment of Rs 25,000 in case any person wants to buy an auto rickshaw and 5% as margin money in case of an e-rickshaw.

Mr Sokhi said this while holding a meeting at his office adjoining Bachat Bhawan in Mini Secretariat, here today.

While addressing the meeting, Mr Sokhi stated that for people willing to buy auto rickshaws would have to pay a down payment of just Rs 25,000 and no guarantee or collateral security would be required. He said that the rate of interest on the loan amount would be 7 % per annum and in case of physically challenged, it would be 5 %. Similarly, for purchasing an e-rickshaw, one would have to pay 5 % of the margin money (on total cost of e-rickshaw) and the remaining terms and conditions are the same.

He said that some private finance companies have allegedly formed a nexus in which they charge up to 20% rate of interest due to which the person gets trapped and it becomes very difficult for him to repay the loan. He said that he gets several complaints in this regard. Mr Sokhi said that in some cases, the loan is taken from the banks by finance companies, but the person does not know anything about it. Even though the loan is from a bank, but the person, who is totally unaware of this fact, is made to pay the installment with the private finance company. He urged the residents to contact the District Planning Board office adjoining Bachat Bhawan in Mini Secretariat complex, in case any person is willing to take loan for the purchase of auto rickshaw or e-rickshaw.

The District Planning Board chairman said that for the benefit of common man, a series of camps would be organised in different parts of the district shortly.