Several schemes have been launched in the last couple of months to support SHGs and farmers all across the nation. And while state and central governments do their best to aid the farmers and those on the poorer end of the financial spectrum, the Tamil Nadu government intends to go a step further and help its residents all the more.
In a long list of innovative schemes already implemented by the state, the Tamil Nadu government has launched the Tamil Nadu gold loan waiver scheme for 2021. The scheme was launched on the 26th of February 2021 and has essentially been started by the government for the overall welfare of the farmers and poor women of SHGs of the state.
About the scheme
Under the Tamil Nadu Gold loan waiver scheme, the State government will waive off jewellery mortgage on loans issued to farmers and poor women of the state and those women who are members of Self Help Groups in the state.
With this scheme in effect, people in Tamil Nadu can now get the loans out of their lockers and use them to their benefit without having to worry about interest rates and extra charges on their loans.
Objectives of the scheme
The main motive of the scheme is to help poor women in SHGs in Tamil Nadu and farmers so that they can live without having to worry about paying their loans off. This waiver by the State government of Tamil Nadu will cut down their total amount to be paid back significantly, and it will help them financially as well.
With the pandemic striking in full force, the women and farmers in Tamil Nadu have found it increasingly difficult to make ends meet and afford a dignified livelihood for themselves.
Taking that into consideration, the Tamil Nadu government has waived off interests on loans that people got issued by pledging their gold and jewels. Such loans were taken during dire times and under desperate circumstances.
And even if the spread of the coronavirus has declined sharply over the last couple of months, things are far from returning to the normalcy we all once were accustomed to.
Summing it up
People have faced some really difficult times over the last couple of months. The state government has taken a brilliant initiative by waiving off the excess on the loans so that people can pay off their loans in the limited capacities they find themselves to be in.
The income is low, and prices of goods are soaring high all over the country. With this scheme, at least those who have pledged their gold can now breathe relief, as their loans have a chance of being paid off sooner than expected. The farmers and women working with SHGs now have a chance to rework their finances from the ground up.
Over the next couple of months, the success of farmers and SHGs will prove to be crucial to the repairment of the national economy.