The TMC-MGP alliance in Goa on Sunday said youngsters will be provided with a credit facility up to ₹20 lakh without any collateral if the two parties are voted to power in the Assembly elections, due next month.
Under the 'Yuva Shakti Card' scheme, youths can avail of a credit facility up to ₹20 lakh with 4% annual interest. Those who will avail of this card will not be required to provide any collateral to the bank as the government will stand as guarantor for them, said Trinamool Congress Party (TMC) leader Yatish Naik.
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According to Mr. Naik, this scheme will put an annual burden of ₹350 crore to ₹1,100 crore on the State exchequer, which he said is achievable.
"This scheme will be implemented if the TMC-MGP alliance is voted to power. This scheme will help youngsters to either be gainfully employed or to start a new business,” Mr. Naik said.
He said the new government will tie up with financial institutions, and the difference between the actual interest rate and the 4% rate would be borne by the government.
“This credit facility will help youth for skill-oriented learning, launching a start-up or upgrading business,” he said.
Mr. Naik said that the people in the 18-45 age group can apply, irrespective of their annual income, for the 'Yuva Shakti Card'.