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Home guards to get Rs 50K loans at 50 paise interest

Home guards to get Rs 50K loans at 50 paise interest
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The Cyberabad Police Commissioner V C Sajjanar on Friday has announced a new year gift to home guards.

Hyderabad: The Cyberabad Police Commissioner V C Sajjanar on Friday has announced a new year gift to home guards.

He launched first ever facility to home guards in the Telangana State by inaugurating the "Cyberabad Home Guards Mutually Aided Co-Operative Thrift and Credit Society Limited."

Addressing the gathering, Sajjanar said the society will extend financial assistance to the home guards working within the Cyberabad Police Commissionerate limits.

"Rs 50,000 loan will be sanctioned to home guards at the interest rate of 6 per cent per annum i.e., only 50 paisa," he added.

This initiative by the Cyberabad police will be beneficial for 1,049 home guards, he said, adding that the loan will be recovered in 50 instalments including the interest.

The society will start disbursing loans to the eligible candidates after three months of the society formation. They recover Rs 1,000 every month as thrift amount, Rs 50 as welfare amount and Rs 50 as first month admission fees.

The society would also work towards identifying the problems of the home guards and would ensure that the required help is delivered whenever needed for the home guards.

The loan amount may increase according to the salaries of them.

A meeting will be held every month with the directors at CP Office and the general body meeting will be held once in a year.

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