Over 19,000 Women to Benefit as HP Mahila Vikas Nigam Raises Loan Limits

HP Mahila Vikas Nigam Raises Loan Limits: The Himachal Pradesh Mahila Vikas Nigam (HPMVN) has announced a significant increase in the loan limits for women, aiming to boost education and employment opportunities. The education loan ceiling has been raised from Rs 75,000 to Rs 3,00,000, while the employment loan limit has increased from Rs 1,00,000 to Rs 3,00,000. This step is expected to make financial assistance more accessible to women, particularly those from economically weaker sections.

Dr. (Col) Dhani Ram Shandil, Social Justice and Empowerment Minister, who chaired the board meeting, said that the move would encourage more women to take advantage of these schemes. The hike aims to address the financial needs of backward women, making education and employment loans more realistic and attainable.

Formed on April 10, 1989, the Himachal Pradesh Mahila Vikas Nigam has consistently worked towards the social and financial upliftment of women without discrimination. Since its inception, the organization has provided loans exceeding Rs 69.36 crore, benefiting 13,551 women, and has granted over Rs 2.64 crore in interest subsidies to its beneficiaries.

Increased Loan Limits: Details

1. Education Loan

The education loan ceiling has increased to Rs 3,00,000 from the earlier limit of Rs 75,000. These loans are available at a bare minimum interest rate of 4%, enabling more women to pursue higher education and skill development.

2. Employment Loan

The employment loan limit has been raised from Rs 1,00,000 to Rs 3,00,000. These loans are offered at 6% interest, supporting women in establishing businesses, gaining employment, and becoming financially independent.

3. Eligibility Criteria

Women with a family income of less than Rs 1,00,000 per annum are eligible for these schemes. The increased limits specifically target economically backward women, making it easier for them to access funds for education or employment purposes.

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Ministers Statement and Significance

Dr. Shandil emphasized that the increased loan limits will promote women’s empowerment, financial independence, and entrepreneurship. He also highlighted that these steps are part of the state government’s ongoing efforts to extend financial assistance to women across all districts of Himachal Pradesh.

Achievements of HP Mahila Vikas Nigam

• Established: April 10, 1989
• Beneficiaries till now: 13,551 women
• Total loans disbursed: Rs 69.36 crore+
• Interest subsidies provided: Rs 2.64 crore+
• Minimum interest rates: Education loan – 4%, Employment loan – 6%
• Eligibility: Family income below Rs 1,00,000 per annum

Since its formation, HP Mahila Vikas Nigam has played a pivotal role in enabling women to pursue education, skill development, and employment opportunities, particularly in economically weaker sections of society.

Conclusion

The increase in education and employment loan limits by HP Mahila Vikas Nigam marks a significant milestone in women’s empowerment and financial inclusion in Himachal Pradesh. By raising the ceiling to Rs 3 lakh, more than 19,000 women are expected to benefit from these schemes, promoting higher education, entrepreneurship, and economic independence.

The move is a clear signal that the government is committed to supporting women financially and socially, ensuring that financial barriers do not hinder their ambitions.

Through interest subsidies and low-interest loans, HP Mahila Vikas Nigam continues to provide tangible support to women, enabling them to achieve education and employment goals that contribute to their personal growth and the development of the state.

This initiative is poised to create a positive ripple effect in society, as empowered women contribute to household income, local economies, and community development.

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FAQs of HP Mahila Vikas Nigam Raises Loan Limits

1. What are the new loan limits announced by HP Mahila Vikas Nigam?

The education loan ceiling has been increased from Rs 75,000 to Rs 3,00,000, and the employment loan limit has been raised from Rs 1,00,000 to Rs 3,00,000.

2. What is the interest rate on these loans?

Education loans are available at a minimum interest rate of 4%, while employment loans are offered at 6% interest.

3. Who is eligible to avail these loans?

Women whose family income is less than Rs 1,00,000 per annum are eligible for both education and employment loans under these schemes.

4. How many women have benefited from these schemes so far?

Since its inception, HP Mahila Vikas Nigam has provided loans worth over Rs 69.36 crore, benefitting 13,551 women, along with Rs 2.64 crore in interest subsidies.

5. What is the main objective of HP Mahila Vikas Nigam?

The primary objective of HP Mahila Vikas Nigam is the social and financial upliftment of women without discrimination. The organization focuses on providing financial assistance for education and employment, especially to economically backward women.