TAHDCO plans to lend directly to SC beneficiaries, says Kandasamy
VELLORE: TN Adi Dravidar Housing and Development Corporation (TAHDCO) is working on a project to provide financial assistance directly to SC recipients as commercial banks do not disburse loans on time, delaying their efforts to develop in life , said the company’s MD KS Kandasamy.
Kandasamy, who attended a review meeting of various SC/ST and TAHDCO programs for Krishnagiri, Vellore, Tirupattur, Tiruvannamalai and Ranipet districts chaired by Minister of Social Affairs AD Kayalvizhi Selvaraj, said: “within five districts alone, 2,174 loan applications were pending with banks for more than a year, while 685 applications were pending for more than six months.
“Time is what drove TAHDCO into the banking business because all we need is the necessary banking software. Based on the 4% interest we charge for the granted amount, TAHDCO will get 2.5% while the central and state governments will get 1% and 0.5% respectively,” he added.
Pointing out that such a model already existed in Kerala, Kandasamy said, “However, the conditions there are so strict. We are now planning to take a team of 7 members to Telangana by the end of this month to study a similar project there.
Similarly, efforts were underway to introduce land purchase programs, which would include the cost of land development. Until now it was separate and was the only reason many did not use it. Also, the need to show 4.50 acres for the loan of tractors would soon be removed.
Similarly, efforts are underway to introduce land purchase schemes, which would include the cost of land development, TAHDCO MD said.