YSR Zero Interest Loan is a scheme launched by the government of Andhra Pradesh that aims to provide interest-free loans to women in the state. Women who associated or affiliated with the Development of Women and Children of Rural Area ( DWCRA ) are also covered under the YSR Zero interest loan scheme launched by Jagan Mohan Reddy, the Chief Minister of Andhra Pradesh. According to a report from the government, a sum of INR 1400 crores was released by the government to reimburse the loan interest of almost 91 lakh women who were associated or affiliated with DWCRA or who were from the SHG ( Self Help Groups ). The scheme has almost benefitted around 8.78 lakh self-help groups in the state.
The scheme came into implementation in April 2020 and the primary objective of this scheme is to empower the eligible and deserving women in the Andhra Pradesh state. The beneficiaries of the YSR Zero interest loan scheme will get 0 percent interest loans as the interest amount of the loan will be taken care of by the state government. In this particular article we have covered each and every important detail of this scheme like the application process of the scheme, Eligibility criteria of the scheme, all the benefits it provides to the women of the state, and much more important information which you can’t afford to miss out, so make sure you must go through the full article to get the maximum benefit of the YSR zero-interest loan scheme.
Latest update – According to a report from thehansIndia news portal, kurasala kannababuthe agriculture minister of Andhra Pradesh stated that around 14.5 lakh farmers across the state will also become the beneficiary of the YSR Zero Interest Loan Scheme for which the state government will release INR. 510.30 crores.
YSR Zero Interest Loan Scheme Application Process
The scheme was initiated recently and unfortunately in the pandemic due to which the whole execution of the scheme got delayed. After researching multiple news portals and exploring the official portals of the state government, we couldn’t find any application procedure for the YSR Zero Interest Loan scheme yet. As soon as any official confirmation comes from any news portal or the Andhra Pradesh Government’s end, we will make sure to cover it on Pmmodischemes. right away so make sure to follow up and keep checking for updates on the article. Although the official application process isn’t announced by the govt there are some basic eligibility criteria through which you can know whether you are an eligible candidate for this scheme or not.
As mentioned above the government added around 14.5 lakh farmers as the beneficiaries of the YSR zero-interest loan scheme. The farmers who took loans in the Kharif season of 2019 and repaid the loan within a year would be benefitted from free interest loans further because when the horticulture crops damaged in the state, almost 1,70,266 farmers had to suffer huge losses for which a separate subsidy of INR 132 crores was released by the government. The government further announced that an interest-free crop loan will be provided to around 14 lakh farmers in Andhra Pradesh.
Eligibility Criteria for the YSR Zero Interest Loan Scheme
- The scheme was focused on the women of the state so the basic criteria are that only women of the state are eligible to become a beneficiary of this scheme.
- Only Permanent Residents of Andhra Pradesh can become a beneficiary of this scheme.
- Women must be from SHG (Self-help Group ) or associated or affiliated with the DWCRA.
- There are no official Eligibility guidelines issued by the state government or the concerned department, these are just the basic criteria that must be fulfilled to be benefitted from this scheme. We will update the guidelines as soon as any official update comes.
Must-Have documents for Scheme Application
The list of some must have documents for scheme application is mentioned below, you can go through the list and keep these document ready with you untill there is any official update on the application proceedure.
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YSR Zero Interest Scheme Implementation in Andhra Pradesh
The govt. of Andhra Pradesh has the required systems to select the beneficiaries of the scheme according to the eligibility criteria set by them. Once the beneficiary selection process is done, the beneficiaries get to avail loans on which they don’t have to pay interest rates as the interest amount reimbursed by the Govt according to the YSR Zero interest scheme. Due to the financial or economic crises which came with the pandemic, there were a lot of issues faced by the women of SHG and DWCRA because of which the Chief Minister of Andhra Prades, Mr. Jagan Mohan Reddy decided to offer financial help to empower the women entrepreneurs of the state.