The Punjab Backward Classes (Grants of Loans) Act, 1957
The Punjab Backward Classes (Grants of Loans) Act, 1957
The Punjab Backward Classes (Grant of Loans) Act, 1957 provides a legal framework for granting interest-free financial assistance to individuals belonging to Scheduled Castes and notified Backward Classes in Chandigarh. Under this law, eligible borrowers can obtain interest-free loans of up to two thousand rupees for approved purposes. It sets out application procedures, surety requirements, inspection powers, and a repayment plan of twenty half-yearly installments starting four years after receiving funds. If funds are misused, the government can demand immediate repayment. By offering accessible credit, the Act supports the economic upliftment and self-reliance of disadvantaged groups.
- 1. Short title, extent and commencement
- 2. Definitions
- 3. Limit of loan
- 4. Procedure for sanctioning loans
- 5. Security for repayment of loans
- 6. Agreement to be executed by applicant
- 7. Loan how repayable
- 8. Inspection and supply of information
- 9. Consequences of failure by borrower to comply with an order made or to furnish information required under section 8
- 10. Appeal
- 11. Mode of recovery
- 12. Finality of decision of Government
- 13. Legal proceedings
- 14. Power to make rules
PDF: pending for this language.