Srinagar, Jan 25: Handicrafts and Handloom Department of Kashmir has urged the artisans and weavers to take advantage of the Credit Card Scheme.
As per the official statement, this initiative aims to provide financial assistance to skilled craftsmen, helping them sustain and grow their businesses while preserving their rich cultural heritage.
What is the Credit Card Scheme?
The Credit Card Scheme offers subsidised loans specifically designed for registered artisans and weavers.
Here are the key features:
Loan Amount: Up to `2.00 lakh.
Interest Subvention: 7% interest rate, making it easier for artisans to manage repayments.
Payback Period: The loan can be repaid over five years, providing ample time for artisans to stabilize their finances.
Minimal Contribution: Beneficiaries only need to contribute `20,000 against the loan amount.
No Collateral Required: Artisans can secure the loan without needing to deposit collateral, reducing the financial burden.
Impact on Artisans and Weavers
Since the scheme’s inception, nearly 97,000 artisans and weavers have successfully availed themselves of this loan facility. This financial support has allowed them to meet their credit requirements for both investment and working capital, enabling them to set up independent units and pursue their craft with renewed vigor.
The Handicrafts and Handloom Department has invested `5.62 crore in interest subvention, which is paid directly to banks and financial institutions. This investment underscores the government’s commitment to the welfare of artisans and the promotion of traditional crafts.
Application Process
The application process is streamlined for ease of access:
Selection Committee: A District-level Committee, led by the General Manager of the District Industries Centre, selects beneficiaries. This ensures that the process is transparent and fair.
Photo Card Issuance: Once approved, beneficiaries receive a Photo Card that details the sanctioned loan limit and validity period, providing clarity and assurance.
Support from Financial Institutions
The Handicrafts and Handloom Department is actively seeking cooperation from banks and financial institutions to ensure the smooth implementation of the scheme. They emphasise the importance of real-time sanction and disbursement of loans, enabling artisans to access funds when they need them most.
Additionally, the department monitors the scheme’s progress and addresses any issues, including cases of Non-Performing Assets (NPAs), to ensure that beneficiaries stay on track with their repayments.
The Credit Card Scheme represents a vital opportunity for artisans and weavers in Kashmir, providing them with the financial tools necessary to thrive in a competitive market. By encouraging artisans to apply for these subsidized loans, the government not only supports individual livelihoods but also helps preserve the rich tapestry of Kashmir’s handicrafts and handloom traditions.
Artisans are encouraged to seize this opportunity, ensuring that their skills and crafts continue to flourish for generations to come. If you are an artisan or weaver in Kashmir, don’t miss out on this chance to enhance your craft and secure your financial future!
