[Form] Muttathe Mulla Loan Scheme in Kerala 2019 [Interest Rate]

Muttathe Mulla Loan Scheme(kudumbasree)  in Kerala (Malayalam) 2019-20 [Interest Rate, Apply Website, Eligibility Criteria, Documents List, Form PDF Download, Last Date]

One cannot predict how and when monetary crisis would hit, and when it hits people struggle to arrange fund to deal with the issue. At the time of crisis helpless people often fall prey to the private money lender. It was seem that people in Kerala are getting exploited by the private loan that comes with high interest rate. The government of Kerala came up with Kerala Muttathe Mulla Loan Scheme, to provide monetary assistance to the needy people. Under the scheme, rural women will receive loan in low interest from cooperative bank. The lunch detail is given in the tabular form below.

Muttathe Mulla Loan Scheme in Kerala

Name of the scheme Muttathe Mulla Loan Scheme
Date of launch June, 2018
Launched in Kerala
Launched by Co-operation Minister Kadakampally Surendran
Target beneficiary Rural women
Interest Rate 7 %
Website NA
Contact Number Toll free Helpline NA

Specific features of Muttathe Mulla Loan 

  • Assisting the people

People take loan when they are going through a financial crisis. At this time people end up taking loans from unregistered organization or random money lender against high rate of interest. To save the people from the trap government has taken up the initiative to offer monetary assistance.

  • Offering easy and simple access

Offering loan at low interest rate is not only the solution; the process also needs to be simple and easy so that people can get the credit. The cooperative bank will provide easy loan to the people in short time.

  • Low interest rate

Kerala Muttathe Mulla Loan Scheme offers loan to the impoverished people at a very low interest rate. When the private money lender offers loan at 35% to 72% interest rate, whereas, the cooperative bank will provide monetary assistance at 24% to 30% interest rate.

  • Monetary assistance to the women

The scheme has named the rural women as Kudumbashree in order to pay special attention to their financial issue. Women who are recognized as Kudumbashree will be getting monetary assistance at 7%; whereas earlier women had received loan at 12% rate of interest.

  • The amount of money (loan)

Under the scheme the women will get a specific of money as loan. The amount can vary between 1000 rupees to 25,000 rupees.

  • Assistance to repay other loan

An applicant can get credit to close another credit if the candidate applies for it. The matter can be settled on a one time basis.

  • Distribution of the interest rate

Under the scheme the Kudumbashree candidates will be receiving money at 12% rate of interest. Among the 12%, 9% goes to the primary cooperative societies, the rest 3% goes to the development of Kudumbashree women.

  • Time frame

The scheme gives 10 weeks time to the borrower to repay the money with interest.  The representative of the cooperative bank will visit every borrower’s house every working day to collect the amount.

  • Phases of the loan

The scheme was implemented in multiple phases and the first phase started from Palakkad district.

Objectives of the scheme

  • The scheme is to work for the betterment of the poor people who live in the villages of Kerala.
  • The aim of the scheme to uplift the rural people financially by providing monetary assistance at a low interest rate.
  • The scheme will promote the cooperative banks in the state.
  • The scheme also safeguard the women who are fighting against poverty.

Eligibility criteria [Who can apply for Muttathe Mulla Loan]

  • In order to access the loan, the candidate needs to be a residence of rural area of Kerala.
  • Under the scheme the rural, financially underprivileged women are given special attention.
  • The candidates need to have bank account, as the money will be debited into personal account.
  • The Kudumbahashree will be chosen on the basis of the credibility and working ability.

How can apply for Muttathe Mulla Loan Scheme ?

  • In order to come under the Kerala Muttathe Mulla Loan Scheme, you need to contact with the nearest cooperative bank.
  • You need to produce your identification proof like, voter ID card, ration card, passport picture, etc. You will get information related to documents from the nearest cooperative bank.
  • The applicant needs to provide account number, and other personal details in order to get the credit.
  • The women who fall under the Kudumbashree unit needs to show proof to get the loan amount.

Lastly, it can be sad that it has been one year that the scheme was implement for the public good. The women of the state who lives in the poverty line or below poverty line are receiving micro-credits from the nearest cooperative bank. The state government of Kerala has allotted 10 lakh rupees for the Kudumbashree unit. Now the scheme is applicable in all the rural areas throughout the state.

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