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Universal Debt Relief Scheme

Written By Gautham Krishna | Published on April 23, 2019

Government of India is planning to come up with a universal debt relief scheme for small borrowers. The scheme is intended to provide loan waiver to millions in the very small-ticket loan category.

The scheme, which is being developed by the Ministry of Corporate Affairs (MCA), will make amendments to the existing Insolvency and Bankruptcy Code (IBC). The cost of the scheme will not exceed Rs 20,000 crore.

Beneficiaries

Universal Debt Relief scheme intends to help small farmers, artisans and micro enterprises.

Eligibility Criteria

Following are the eligibility criteria to avail the loan.

Annual Income of INR 60,000 or less
Outstanding loan of INR 35,000 or less
Assets worth INR 20,000 or less

Apply Online

As per the information available, there would be an online portal to accept the application. Insolvency and Bankruptcy Board of India (IBBI) will examine the application and provide debt relief to the suitable applicants.

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