Hyderabad News

MFC to provide Swift Dzire to 342 Muslim minority youth

MFC to provide Swift Dzire to 342 Muslim minority youth

Hyderabad: Minority Finance Corporation will provide Swift Dzire cars to 342 Muslim minority youth under own your car scheme under the banner of the minorities’ empowerment programme of the Telangana State Minorities Finance Corporation (TSMFC). The programme is being taken up in collaboration with Department of Tribal Welfare, Maruti Suzuki and Uber cabs. Maruti Suzuki would provide Swift Dzire cars while Uber will train the drivers.

Managing Director Minority Finance Corporation M A Waheed IFS told that Finance Department has agreed to release the subsidy amount. The finance department has issued orders for the release of 15.39 Cr subsidy amount. Separate order in connection with Minority Welfare Department budget will be issued soon.

Mr Waheed said, last year 500 candidates had applied under own your car scheme of which 342 were declared eligible. He informed that Minority Finance Corporation is paying 60 pc of the car’s cost as the subsidy to each beneficiary. The total cost of the car is around Rs 7.5 lakh. Of this Rs 4.5 lakh, is being given as subsidy while the remaining including Rs 2.5 lakh loan from the bank is to be borne by the driver. The TSMFC had tied up with the SBI for loans. The beneficiaries have already deposited their share of Rs 50,000.