Kerala Government has started a several plan for supporting the people who coming back from foreign.NORKA Department Project for Returned Emigrants … Banks will sanction loans for modest enterprises as per the business interest and the terms and conditions
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norka loan of Rs 20 lakhs has already begun for the expatriate Malayalees returning home. In this connection, was signed with NORKA ROOTS Bank. The Bank, South Indian Bank , Union Bank Cnara Bank .
The loan will be up to Rs 20 lakh. Loan for various types of businesses, agriculture and productive ventures. 15% of the loan amount will be allocated as subsidy.
The application form is available from this link as the minimum qualification for loan must be returning to work abroad for at least 2 years. NORKA Loan Application Form
15% subsidy has already been issued to 1072 beneficiaries of this loan. People who are lending now have to pay 15% of the amount and charge for the rest. 3% interest rate will be paid to the repayment of the loan. Banks do not have any loss. The Government of Kerala will pay 15% of the loan amount and 3% interest free loan to the banks. The beneficiaries will have to pay the interest subsidy amount to the beneficiaries if they do not have any loan dues or dues. Monthly repayment will be made available to the monthly repayments of the new loanee and existing recipients. The MoU has signed up with banks and Norgan Roots. The loan will also be available to the residents who have returned from abroad for various reasons including Nitaqat.
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Norka’s recommendation letter will be sent by banks from December 10 to Norka Roots for those who choose to opt for screening from the application form. The new applications will be accepted online from 1st January 2016. In the implementation of the project, the implementation of the project has been modified to avoid the difficulties faced by the previous year. The beneficiaries of the loan have not been given the benefit. Benefits will be paid from the date they are loaned. Subsidy and interest subsidy will be provided.