Low CIBIL Score? TN Govt Says Banks Must Still Consider Loans

CIBIL score: The government is implementing self-employment schemes to boost the rural economy. However, Minister T.M. Anbarasan has instructed banks not to reject applications for reasons like a low CIBIL score.

Tamil Nadu Government's Micro and Small Business Schemes

The TN government is implementing business investment and loan schemes for entrepreneurs. It has urged banks to prioritize rural self-employment projects to boost the local economy.

Self-employment for youth

Minister T.M. Anbarasan highlighted the PMFME scheme, which helps create value-added food products. It aims to boost the rural economy and create jobs for the youth.

Subsidy and Loan Assistance Schemes

TN leads in this scheme's implementation. The Kalaignar Handicrafts scheme has also provided loans to 4,950 artisans. But loan disbursal has slowed down in the last 6 months.

CIBIL Score - Tamil Nadu Government's Instruction

Banks must promptly issue loans alongside government subsidies. First-time borrowers don't need a CIBIL score, as per Union Govt rules. Even with a low score, consider it.

Don't follow the rules so strictly

Consult with the District Industries Centre before rejecting applications. Banks should be flexible with rules to help women and boost the rural economy with quick loans.