Blade Mafia Victims to get Loan from Bank

Published on: 30 May, 2014
Published under: Kerala Business News

State Govt has decided that the banks will be giving upto Rs 50,000 loan to people who have been victims of moneylenders to free them from the clutches of the so-called blade mafia.

Home Minister Ramesh Chennithala told that the banks were expected to launch such a scheme in a week’s time. The scheme would enable the common man to pay up high-interest loans taken from registered moneylenders, stock brokers, and others.

The beneficiary would be required only to produce photocopies of documents and a certificate from a government official regarding their debts and sources of income. The bank would directly pay the moneylender from the proceeds of the loan. The loan would be repayable in five years and would carry only the base rate of interest.

The Minister said he would soon write to the banks to enhance the loan amounts to Rs.1 lakh. Mr. Chennithala said the government was intensifying action against the blade mafia. Strong action was also contemplated against use of drugs which was increasing in the State.


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