Mangalore Catholic Cooperative Bank launches scheme for the self-employed

Bellevision Media Network

Mangalore, 09 May 2011: A scheme for taking loan for owning a vehicle was launched by Ronald Colaco, NRI entrepreneur and philanthropist, at the inaugural ceremony of the Centenary Jubilee celebrations of The Mangalore Catholic Co-operative Bank Ltd in the city on Sunday.

 

 

Mr.Colaco said “Swant”— the self-employment empowerment scheme was for those who wished to own a tourist vehicle.

 

Beneficiaries could buy any tourist vehicle and use it for commercial purpose, said Stephen Quadros, director, The Mangalore Catholic Co-operative Bank Ltd.

 

The scheme was aimed at semi-literates and those who were below the poverty level (BPL). The bank gets 10 per cent subsidy, which it would pass on to the beneficiaries.

 

Low interest rate

 

“The interest rate is 2 per cent and borrowers can return the loan amount (up to Rs.4 lakh) in 60 instalments over five years,” Mr. Colaco said.

 

The bank had launched a fixed deposit (FD) scheme— “Suraksha” offering 10 per cent rate of interest. It would be on offer for three months, he said.

 

Oscar Fernandes, general secretary, All India Congress Committee (AICC), inaugurating the centenary year. Mr. Fernandes said he would extend any assistance needed if the bank’s shareholders wished to transform it into a scheduled bank.