South Malabar Gramin Bank (SMGB), a leading provider of credit for weaker sections in rural and semi-ruban areas, has launched a new product offering loans for a variety of domestic needs, mainly for the Below Povery Line (BPL) sections.
The scheme,"Sneha Gramam", offers to provide loans upto Rs 25,000 for beneficiaries on 13.5 per cent interest for a variety of purposes like education expenses of children and emergency healthcare.
It was launched under the Pathanamthitta area of SMGB by Assistant General Manager of NABARD, G Gopakumaran Nair, recently.
" The main purpose of the scheme is to offer easy access loans to the poor people who are often forced to go for high interest credit from private money lenders", P P Rajan, SMGB Manager in Pathanamthitta, said.
The scheme had been linked with civic bodies and grass-root level voluntary organisations like farmers' clubs, he said.
SMGB has a total of 250 branches in eight districts in Kerala.