Direct Lending Scheme Punjab

Direct Lending Scheme by Punjab Scheduled Castes Land Development & Finance Corporation (PSCLDFC)
Empowering the Marginalized Communities for Economic Upliftment

Through the “Direct Lending Scheme“, the Punjab Scheduled Castes Land Development & Finance Corporation (PSCLDFC) provides direct loans for the economic upliftment of the members of the Scheduled Castes and Handicapped People in the state of Punjab. In order to be eligible, the applicant should be from the Scheduled Caste category, and the age should be between 18 to 55 years. This is a 100% State Sponsored Scheme, and only the permanent residents of the state of Punjab can apply for this scheme.

Direct Lending Scheme Highlights💡

• Loan Amount: Beneficiaries are eligible for a subsidy of 50% of the loan amount or ₹10,000 (whichever is less).
• Sources of Funds: The funds are sourced from Share Capital Funds.
• Repayment Period: The repayment period varies according to the type of project, with options for monthly, bimonthly, quarterly, or half-yearly installments. The maximum repayment period for land purchase cases is up to 15 years.
• Rate of Interest:
  • Loans up to ₹50,000 are provided at an interest rate of 5%.
  • Loans above ₹50,000 are provided at an interest rate of 8%.

  Note: A penal interest of 5% will be charged in case of delayed payments, non-repayment, or violation of the loan’s terms and conditions.

Direct Lending Scheme Eligibility Criteria 🔎

• The applicant must be a citizen of India and a permanent resident of Punjab.
• The applicant should be from the Scheduled Caste category or a Person with Disability (PwD).
• The applicant’s age should be between 18 to 55 years.
• The applicant must belong to the Below Poverty Line (BPL) category.
• The applicant’s annual family income should not exceed ₹1,00,000 (except for unemployed applicants who want to start their own business).
• The applicant should not already be availing the benefits of this scheme.

Direct Lending Scheme Application Process:

The application process is offline and involves the following steps:

1. Download Application Forms: Print Form-I and Form-II from the official PSCLDFC website, or obtain them free of cost from District Offices.
2. Fill Out the Form: Complete the application form with accurate details, affix a passport-sized photograph (signed across), and attach all required self-attested documents.
3. Submit the Form: Submit the completed application along with documents to the District Office.
4. Get Acknowledgment: Ensure to acquire a receipt/acknowledgment of your application from the District Office.

Direct Lending Scheme Post-Application Process 🔄

1. Screening and Scrutiny: The application is reviewed by a screening committee under the chairmanship of ADC (D).
2. Sanction Process: Once approved, the case is forwarded to the Head Office for sanction.
3. Mortgage Deed Execution: After sanction, the case is sent to District Offices for execution of the Mortgage Deed.
4. Payment Processing: Payments are made directly to the applicant’s Bank Account via RTGS, after all formalities are completed.

Documents Required for Direct Lending Scheme 📑

• Duly attested Application Form.
• Residential/Domicile Certificate (Punjab).
• Caste Certificate or Disability Certificate.
• Valuation Certificate of the property to be mortgaged.
• Map of the Property.
• Farad Zama Bandi (Property Record).
• Registry Copy (if property is self-purchased).
• Affidavit regarding the loan.
• 3 Passport-sized Photographs (signed across).
• Employer Certificate (for salaried applicants), Salary Certificate, and Surety Bond (for Service Surety applicants).
• Aadhaar Card.
• Bank Account Details (Bank Name, Branch Name, Address, IFSC).
• Proof of Age.
• Income Certificate.

This scheme offers a significant opportunity for Scheduled Caste and Handicapped individuals to secure financial assistance for various economic projects, ensuring their inclusion and upliftment in the mainstream economy.