What is the concept of shg important for poor people? Give your view point
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HeLo
Answer
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⭕️Self Help Group
SHG’s help in pooling the savings of the members, who are poor people
Members can get timely loans for a variety of purposes
They get loan at a reasonable rate of interest.
It helps borrowers to overcome the problem of lack of collateral and documentation.
It saves them from exploitation of the money lenders.
This interest income becomes an extra source of income of the members
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Self Help Groups are knows as SHGs.
SHGs are the group of people from a village which has 10-15 members and collect 20-25 rupees per week from per person of the group and then deposits it in the banks to earn interest and then give loans from that money to the poor needy peoples the main aim of SHGs is that to give loans to the poor people at a very cheap interest rate.
- If any member need money for domestic work such as renovation of house ,buying fertilizers or agriculture equipments.
- In this all members deposits their monthly savings to the leader .
- These are mainly created by poorer persons or females of rural area because these groups help them.
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