Freedom from Greedy Financiers in Hyderabad: A big boon to small-time traders
Easy installment facility has been structured into the philanthropic idea to make it easy for the beneficiaries to repay loans that are offered up Rs 1 lakh
Many a small trade crumbled due to the huge shock of pandemic and the subsequent lockdown. Though normalcy is returning to public life, hundreds of small vendors, hackers or businessmen are hard-pressed due to lack of capital to restart their activities. Therein enter the usurious money-lenders, trapping the hapless traders and bleeding them dry. Many families are suffering untold hardships, failing to cope up with loss of business and high interests.
In order to protect such small traders from the dragnets of private financiers, Mujtaba Helping Foundation, a city-based NGO, has come up with a philanthropic idea of interest-free loan scheme. It has also been structured with easy installment facility.
"Families are slipping into penury and misery as debt burdens are piling up owing to high interest charged by financiers. These petty businessmen are already ravaged by the horrific pandemic and leaving them simply to the mercy of private financers won't help society regain the strength.
Hence, we came up with the idea of interest-free loans only to save the poor businessmen from the clutches of exorbitant interest loans," informs Shaikh Mohamed Mustafa Ahmed, president, Mujtaba Helping Foundation.
The NGO has initially identified around 28 areas in the city where small traders could be benefited with the interest-free loan scheme. "We provide finance on easy installments from Rs10,000 to Rs 1,00,000 on daily, weekly and monthly basis as per the capacity of the beneficiary, subject to verification.
Small businessmen, having market standing and in need of a loan to run and consolidate their business, can avail of the opportunity," says Mustafa Ahmed.
The area that are covered under the interest-free financing scheme are Madar Sahib Maqtha, BS Maqtha, Khairtabad, Chintabasti, Lakdikaphool, Somajiguda, Zafaar Ali Bagh, Erra Manzil, Panjagutta, Ameerpet, Banjara Hill, PuchammaBasti, Bazargath, Marutinagar, Begumpet, Prakash Nagar, Rasool Pura, Kondanbagh, Lower Tankbond, Ashok Nagar, Basheerbagh, Jagdish Market, First Lancer, Pattigudda, Neckles Road, AC Guard, Minister Road and Nampally.
Small-time merchants, irrespective of religion, can reach out to the foundation with Aadhaar card and five photographs to avail of the opportunity. They can also make enquiries on Mobile: 8886210009 or 8106030350 or can visit their office at Madaar Sahab Maktha at Raj Bhawan Road.