BENGALURU: The State government will organise a ‘loan mela’ at various places on September 16. This initiative is expected to help thousands of people who have lost jobs or find it difficult to continue their business after the outbreak of Covid-19.It will be zero per cent interest for loans up to Rs 3 lakh and 3 per cent interest for loans between Rs 3 lakh and Rs 10 lakh. The funds will be released by the State government as well as from the Atmanirbhar Bharat funds. Chief Minister B S Yediyurappa is expected to launch the event.

Ever since the lockdown was announced in March end due to the pandemic and later too, street vendors, labourers, women help groups, agriculture labourers, dairy and silk farmers and many more  have been struggling to make both ends meet due to non-availability of funds as well as market. The loan mela will be organised in four regions -- Bengaluru, Mysuru, Kalaburagi and Belagavi. Various cooperative banks are expected to disburse the loan amount.

Speaking to The New Indian Express, official sources from the Cooperative Department said that this is only a temporary scheme to help uplift those people who are facing difficulties during the Covid situation.
There are many packages — short and long-term loans to help poor class workers and women groups. Atmanirbhar Bharat funds will be purely utilised for agriculture-related works including dairy, sericulture, poultry and other farm-related works.

Cooperative Minister S T Somashekar is said to be behind this initiative.  During the H D Kumaraswamy-led coalition government , a similar scheme was launched for street vendors where loan with zero interest was given. However, in this year’s budget, Yediyurappa did not allot funds. Now, under the new initiative, the street vendors will also be given loans.

0% interest for loans up to D3 lakh 
 3 % interest for loans between D3L-D10L
 Scheme will be funded by State and under Atmanirbhar by Centre