Tamil Nadu Chief Minister J.Jayalalitha has launched a scheme to to distribute Rs 5,000 interest-free loan to small traders who lost their belongings in the recent rain and floods in Tamil Nadu.
Small road side vendors and traders who used to sell vegetables, fruits, flowers and other commodities using push carts will be given a sum of Rs.5000 as loan through Cooperative banks. Vendors were asked to repay Rs.200 every week for 25 weeks. The interest 11% will be paid by the Government.
A press statement from Tamil Nadu Government reads as, "The vendors who are prompt in repaying the loan will be eligible for getting same amount as loan at a special interest of just 4%. New camps will be set up by Cooperative banks to choose the vendors. This camp will take place for ten days."
Vendors from Chennai, Kancheepuram, Cuddalore, Tiruvallur and Tuticorin districts are eligible to receive loan under this new scheme. The camp will take place between January 22nd and February 2nd.
