What Is BC Corporation Loan?

While talking to our house help the other day, I learned that she had opted for a BC corporation loan. I didn’t know what is BC Corporation loan? So, I started searching for information about it. I learned that it is a loan for the backward class and aims to provide financial assistance of Rs.1 lakh to the backward class and the other backward classes. 

Eligibility Criteria of BC Corporation Loan:

Here are a few criteria that you must fulfil to be eligible for this loan. 

1. You should be a resident of Telangana and must come under the BC 1 category.

2. Your age should be between 18-55 years.

3. The annual income must be below Rs.1.5 lakhs if you are staying in villages or Rs.2 lakhs if you are staying in towns.

4. People who have received Rs. 50,000 from the Government welfare schemes in the last five years are not eligible. 

5. Only one person in a family can avail of this loan. 

And that’s about it. This is all I have learned about the BC corporation loan. Hope this helps. 

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How to Apply BC Corporation Loans in AP?

The state governments of Telangana and Andhra Pradesh jointly finance a sister scheme known as Backward Classes Corporation Loans or BC Corporation Loans. The main objective of this work is to provide basic financial help to individuals who are less fortunate.

The financial component of it is intended to support talented and ambitious researchers and students so they can achieve their objectives, regardless of their specialty. Sometimes, acquiring a loan seems challenging when there is little support and financial stability.

After understanding what is BC corporation loan, let us focus on the eligibility criteria;

In order to successfully complete your registrations and qualify for the initiative, you must meet a few eligibility requirements. The following are those:

• The candidate should be from Andhra Pradesh's Backward Classes.

• No family should make more than INR 6 lakhs each year.

• The applicant's age must fall between 20 and 35 years old in order to qualify for the examination.

• Age 42 is the maximum allowed for applicants with disabilities.

• The candidate must not have used any other government programme.

You must first visit the BC Corporations Loans Office to apply for the loan. The form must be requested at the information desk. After reading the form carefully, fill it out.

Additional verification paperwork must also be provided. To finish the process, you can use these to log in to the servers. You would need the following papers which are as follows:

• Proof of Identity (Aadhaar, Voter ID, PAN, Passport, etc)

• Proof of Address (Electricity Bill, LPG Bill, Landline Bill, etc)

• Proof of Birth (Birth Certificate)

• Caste and Nativity Certificate 

• Passport size photographs, etc

Completely fill out the form, then hand it in at the designated counter. In order to use the Acknowledgement Number later, make a note of it.

I would like to conclude here about the BC Corporation Loans. I hope this helps:)

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