New Loan Waiver Scheme, Tamil Nadu

To provide financial assistance to the farmers and SHG members in the state

Tamil Nadu government came up with a new gold loan waiver scheme for relieving the farmers and self-help group members across the state. This scheme was announced by CMO Tamil Nadu  Mr. Edappadi Palaniswami on February 26, 2021. Under this scheme gold/ jewel loans taken up to six sovereigns by the farmers as well as Self Help Group members will be waived off by the state government. Loans have to be availed from the cooperative banks in the state. This scheme was announced to relieve the farmers and SHG members from the pandemic situation as well as natural adversities.

Scheme Overview:

Scheme:Gold loan waiver scheme
Scheme by:Tamil Nadu Government
Announced by:CMO Tamil Nadu  Mr. Edappadi Palaniswami
Announcement Date:February 26, 2021
Beneficiaries:Farmers and SHG members across the state who availed gold loans up to six sovereigns
Benefit:Financial assistance through waiving off the gold/ jewel loan
Major Objective:To provide financial assistance to the farmers and SHG members in the state

List of scheme lunched by Tamil Nadu Government

Scheme Objectives and Benefits:

  • The main objective of the scheme is empowering the farmers and financially weakened sector
  • This scheme aims to provide a financial assistance by waiving off the gold/ jewel loan amount for the farmers to avoid the constant burden of repayment of loans and the linked vicious circle of debts
  • It aims to encourage the financial stability across the state amidst the pandemic and cyclone adversities
  • It will better the way of living of these farmers and their families.
  • It will boost the rural economy of the state in the long run.

Key Points:

  • Tamil Nadu government announced a new gold loan waiver scheme on February 26, 2021
  • This scheme was announced in the assembly, by CM Edappadi Palaniswami
  • Under this scheme, gold/ jewel loans availed by the farmers will be waived off by the state government
  • These loans are to be availed from the cooperative banks in the state
  • Loans availed by the SHG members will also be waived off under this scheme
  • CM state thereby that this scheme was approved for assisting the farmers and SHG members in the state and thereby lessening their burden of loan repayment amidst the pandemic and natural adversities
  • It is an online scheme whereby all the processing will be done online itself
  • Basic requirement under this scheme is bank account linkage with Aadhaar card
  • One person per household will be allowed to avail the benefit under this scheme
  • This scheme will relieve the farmers and poor from the vicious circle of high interest debt and constant burden of repayment thereby enabling their welfare

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