On Sunday, brand new scooters will be delivered to 1,000 women under a ‘mass bank loan’ scheme of the Calicut City Service Cooperative Bank. The initiative, titled ‘Lady Freedom,’ is part of a ‘women empowerment’ programme conceived in connection with the Independence Day celebrations,

The loan scheme with a reduced interest rate (11 per cent) was introduced by the bank in collaboration with the authorised dealer of a major two-wheeler company in the city, said bank chairman C.N. Vijayakrishnan at a press meet here on Thursday. “A sum of up to Rs.50,000 is being given as credit by the bank which will be repaid by the borrowers in 30 monthly instalments,” said Mr. Vijayakrishnan.

The borrowers had made a down payment of Rs.2,225 and produced one person as guarantor. The vehicles will be distributed at a public function at the Zamorin School grounds at Chalappuram in the city at 10 a.m. on August 17. Mayor A.K. Premajam will inaugurate the programme.

District panchayat president K. Jameela will inaugurate the distribution of free helmets to all the women. Cooperative Society registrar S. Lalithambika will hand over the first key. Mr. Vijayakrishnan said around 15,000 women had registered for the loan scheme. “The scheme will be made available to the rest of the applicants as well in the coming weeks,” he said.

Following the “overwhelming” response to the scheme, the bank had decided to launch a car loan scheme for women in the coming days, said the bank chairman. “Up to Rs.5 lakh will be given in loan as per the scheme,” he said.

source: http://www.thehindu.com / The Hindu / Home> News> Cities> Kozhikode  / Staff Reporter / Kozhikode  – August 15th, 2014