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Bank gives 2nd round of loan to SHGs

Started by sajiv, Nov 20, 2008, 05:02 AM

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ONGOLE: Canara Bank here on Wednesday celebrated its Founder`s Day by sanctioning loans of Rs. 1.25 crores to 75 self-help groups in the town.

The women beneficiaries living in slum areas like Balaram colony, Papa colony and Islampet were happy that the soft loan would help them change their lives.

Alivelamma, one of the beneficiaries, was overwhelmed as she explained how she got herself freed from the clutches of money lenders, thanks to the bank. She said she had purchased two milch animals borrowing money from a private person at 36 per cent interest.

Though she slogged day in and day out, it became difficult even to pay interest on time.

Even as she was struggling to wriggle herself out, she met bank manager K Anjaneyulu, who sanctioned her a loan of Rs. 5,000 at 4 per cent differential rate of interest (DRI). She repaid the private loan and continued with her dairy activity. She could clear the bank loan in no time.

Picture of confidence: She later joined a self-help group with 10 members for whom the bank sanctioned a loan of Rs. 50,000 at pavala vaddi. The group members repaid the loan within one year. The bank on Wednesday sanctioned a second dose of Rs. 2.25 lakhs to the group to increase their earnings four-fold.

Alivelamma is today personification of confidence. Saying that her son got a rank in EAMCET, she feels confident of getting him admitted to an engineering college. Mr Anjaneyulu promised to sanction educational loan to her son.

Another beneficiary, Sirisha, a tailor, said she had been able to augment her income with the help of bank loan.

Ongole MLA Balineni Srinivasa Reddy gave away loans to the women and exhorted them to make good use of them. Municipal Commissioner Ravindra Babu thanked Canara Bank for sanctioning Rs. 1.25 crores at one go giving a boost to self-help groups in the town. Bank regional officer K Ganesh Ram spoke.