Procedure for sanctioning loans

(1) Any person belonging to the Backward Classes may submit to the Controlling Authority an application in the prescribed form, supported by an affidavit, stating the amount of loan desired by him, the purpose for which it is desired and the manner in which the repayment of the loan, if granted to him is proposed. (2) The Controlling Authority, if satisfied that the applicant is a person belonging to the Backward Classes, may sanction the loan to the extent of the amount stated in the application or any lesser amount, subject to a maximum of [ten thousand rupees] in each case.