No entry for loan sharks in interest-free village

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Follow us:WhatsappFacebookTwitterTelegram.cls-1{fill:#4d4d4d;}.cls-2{fill:#fff;}Google NewsPeople in a coastal village of the district have achieved what even the government has not been able to accomplish to redress the grievance of the poor.All the villagers at Ammapattinam get loans without interest and there is no place for usurers. Ammapattinam has a population of more than 10,000. For the last five years no usurer could enter this village, thanks to a local welfare unit which gives loans to the needy locals without interest.N Mansoor, secretary of the unit, speaking to Express said “Five years ago, we learnt that the villagers are in the stranglehold of usurers and unable to pay their debts and many of them are making suicide bids. At this juncture, some of the youths decided not to let the poor suffer at the hands of usurers. They then discussed the issue with the people and usurers and settled their dues to the tune of `1,60,000. After that they asked the usurers not to enter the village intending to offer loans to the locals. From then on, the local unit began to offer interest-free loans through the Interest-free Economical Development Centre” with the condition that the loans should be repaid in six months. The unit is collecting the money from affluent people who are supporting the scheme.Some people take care of the salary of the centre’s staff. Speaking of their achievement they said, for the last five years they had extended around `15 lakh to more than 350 people. As a majority of residents in the village are engaged in fishing, they have work only for three days in a week.They repay the loan whenever they have surplus funds. The villagers attribute the success of the scheme to their prompt settlement. On coming to know about this, many neighbouring villagers had enquired about the scheme.Muhamed Idhiris, president of the centre said, “We plan to provide self-employment training to the women in candle-making and making of floor mats and marketing them.” first published:September 17, 2012, 11:48 ISTlast updated:September 17, 2012, 11:48 IST
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People in a coastal village of the district have achieved what even the government has not been able to accomplish to redress the grievance of the poor.

All the villagers at Ammapattinam get loans without interest and there is no place for usurers. Ammapattinam has a population of more than 10,000. For the last five years no usurer could enter this village, thanks to a local welfare unit which gives loans to the needy locals without interest.

N Mansoor, secretary of the unit, speaking to Express said “Five years ago, we learnt that the villagers are in the stranglehold of usurers and unable to pay their debts and many of them are making suicide bids. At this juncture, some of the youths decided not to let the poor suffer at the hands of usurers. They then discussed the issue with the people and usurers and settled their dues to the tune of `1,60,000. After that they asked the usurers not to enter the village intending to offer loans to the locals. From then on, the local unit began to offer interest-free loans through the Interest-free Economical Development Centre” with the condition that the loans should be repaid in six months. The unit is collecting the money from affluent people who are supporting the scheme.

Some people take care of the salary of the centre’s staff. Speaking of their achievement they said, for the last five years they had extended around `15 lakh to more than 350 people. As a majority of residents in the village are engaged in fishing, they have work only for three days in a week.

They repay the loan whenever they have surplus funds. The villagers attribute the success of the scheme to their prompt settlement. On coming to know about this, many neighbouring villagers had enquired about the scheme.

Muhamed Idhiris, president of the centre said, “We plan to provide self-employment training to the women in candle-making and making of floor mats and marketing them.”