The Direct Lending Scheme, implemented by the Punjab Scheduled Castes Land Development & Finance Corporation (PSCLDFC), aims to uplift the economic conditions of Scheduled Caste and Handicapped individuals in Punjab. This 100% state-sponsored scheme provides direct loans with a special subsidy component to eligible applicants, assisting them in financing various income-generating projects, including land purchase cases.
Benefits
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Loan Subsidy:
Eligible loanees receive a subsidy of special Central Assistance equal to 50% of the loan amount or ₹10,000/- (whichever is less). -
Sources of Funds:
The funds are sourced from the Share Capital Funds of the corporation. -
Repayment Period:
Repayment terms vary based on the project type, with options for monthly, bimonthly, quarterly, or half-yearly installments. For land purchase cases, the maximum repayment period is 15 years. -
Interest Rate:
- For loans up to ₹50,000/-: Interest rate is 5% per annum.
- For loans above ₹50,000/-: Interest rate is 8% per annum.
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Penal Interest:
A penal interest rate of 5% is charged for delayed payment, non-repayment, or any violation of the loan terms and conditions.
Eligibility
Applicants must meet the following criteria:
- Citizenship & Residency:
- Must be a citizen of India and a permanent resident (domicile) of Punjab.
- Economic Status:
- The applicant must belong to a Below Poverty Line (BPL) family.
- Category:
- The applicant should be from the Scheduled Caste category OR be a Person with Disability (PwD).
- Age:
- Must be between 18 and 55 years at the time of application.
- Income Limit:
- The annual family income (from all sources) should be ≤ ₹1,00,000/-.
- In cases where the applicant is unemployed and intends to start a business, the family income may not be considered.
- Exclusivity:
- The applicant should not already be availing benefits under this scheme.
Application Process
Offline Process
- Obtain the Application Form:
- Download or take a print of the prescribed application format (Form-I, Form-II) from the official PSCLDFC website or get it free of cost at District Offices.
- Complete the Form:
- Fill in all mandatory fields.
- Paste a passport-sized photograph (signed across, if required).
- Attach all required self-attested documents.
- Submit the Application:
- Submit the completed and signed application form along with the documents at the respective District Office.
- Acknowledgment:
- Acquire a receipt or acknowledgment from the District Office confirming the submission.
Post-Application Processes
- Screening:
- Applications are referred to a screening committee under the chairmanship of ADC (D) for initial scrutiny.
- Sanction:
- Approved cases are forwarded to the Head Office for sanction. Once sanctioned, cases are sent back to the District Offices for the execution of the Mortgage Deed.
- Disbursement:
- The approved loan amount is transferred directly to the loanee’s bank account via RTGS after completion of all formalities.
Documents Required
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Application Form:
Duly attested by a competent authority. -
Residential/Domicile Certificate:
Proof of residency in Punjab. -
Caste Certificate or Disability Certificate:
As applicable. -
Property Valuation Certificate:
For the property to be mortgaged. -
Map of the Property
-
Farad Zama Bandi
-
Registry Copy:
If the property is self-purchased. -
Affidavit Regarding the Loan
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Photographs:
Three passport-sized photographs (signed across). -
Employer/Salary Certificate & Surety Bond:
In cases where service surety is applicable. -
Aadhaar Card
-
Bank Account Details:
Including bank name, branch name, address, IFSC, etc. -
Proof of Age
-
Income Certificate
Frequently Asked Questions
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Are there any age-related criteria for this scheme?
Yes, applicants must be between 18 and 55 years of age. -
In what cases will the family income of the applicant not be taken into consideration?
If the applicant is unemployed and intends to start a business, family income may not be considered. -
Is it mandatory for the applicant to be a Person with Disability (PwD) to be eligible?
No, the applicant can be either from the Scheduled Caste category or a Person with Disability. -
What is the loan amount subsidy?
A subsidy of 50% of the loan amount or ₹10,000/-, whichever is less, is provided. -
What are the sources of funds?
The funds come from the Share Capital Funds of the PSCLDFC. -
Will the repayment period vary with the kind of project?
Yes, repayment schedules vary (monthly, bimonthly, quarterly, or half-yearly) with a maximum of 15 years for land purchase cases. -
What is the rate of interest on the loan?
- Up to ₹50,000/-: 5% per annum
- Above ₹50,000/-: 8% per annum
-
Will there be penal interest for delayed payments?
Yes, penal interest at 5% will be charged for delayed or non-repayment and for violations of the loan conditions. -
Where can I find the link to the scheme guidelines and application forms?
The guidelines and application forms are available on the official PSCLDFC website and at the District Offices. -
Is there any application fee?
(Refer to the official guidelines; typically, such schemes do not impose an application fee as they are fully state-funded.) -
Are applicants from neighboring states eligible?
No, only permanent residents of Punjab can apply. -
Does this scheme accept online applications?
Currently, the application process is conducted offline. -
Is this a “one family, one benefit” scheme?
Yes, the applicant should not already be availing the benefits of this scheme. -
Is there a percentage of slots reserved for female applicants?
(Refer to the official guidelines for any gender-specific provisions.)