In order to bring financial stability among the petty businessman in the city, the Mujtaba Helping Foundation, a city-based NGO, has introduced an “interest-free loan scheme” with an easy installment facility.
“To begin with we have identified around 28 areas in the city where we would provide finance on easy installments from Rs.10,000/- to Rs.1,00,000/- on a daily, weekly and monthly basis as per the capacity of the beneficiary subjected to verification. Small businessmen, having market standing and in need of a loan to run and consolidate their business without much pain can avail the interest-free loan opportunity,” informed Shaikh Mohamed Mustafa Ahmed, President Mujtaba Helping Foundation.
The area that was initially covered under the interest-free financing scheme is Madar Sahib Maqtha, BS Maqtha, Khairtabad, Chintalbasti, Lakdikaphool, Somajiguda, Zafar Ali Bagh, Erra Manzil, Panjagutta, Ameerpet, Banjara Hill, PuchammaBasti, Bazargath, Marutinagar, Begumpet, Prakash Nagar, Rasool Pura, Kondanbagh, Lower Tankbond, Ashok Nagar, Basheer Bagh, Jagdish Market, First Lancer, Pattigudda, Neckles Road, AC Guard, Minister Road, and Nampally.
Explaining that the micro-financing program squarely dedicated to small traders and businessmen he said, “Small-time merchants, irrespective of religion can reach us with aadhaar card and five photographs to avail the opportunity. They can reach us on Cell No. 888 6210 009 & 810 6030 350 or can visit our office at Madaar Sahab Maqtha, opposite Raj Bhawan Road, Pin Code 500 082.
“Small businessmen, he said, often entangled into debt burden and give up to their lives due to exorbitant rate of interest demanded by the financers. That’s actually what the financers do, they get you to be in their debt and then squeeze you dry. We often come across this sort of incident. “We have come up with the idea of interest-free loan only to safeguard the poor businessmen from the clutches of the loan with exorbitant interest,” he explained.