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The women Self Help Groups (SHGs) in Andhra Pradesh will now get loans at zero per cent interest.
Chief Minister YS Jagan Mohan Reddy formally launched the scheme in Amaravati on Friday by releasing ₹1,400 crore to benefit 8.78 lakh SHGs.
Under the scheme, interest component will be borne by the government to the tune of ₹20,000 to ₹40,000.
The scheme was one of pre-poll promises made by the YSR Congress party in 2019.
Banks are now providing loans to SHGs with interest rate of 7 to 13 per cent.
The State government will also distribute house sites to about 27 lakh women on July 8, according to a release,.
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