Pravasi Loan Yojana of Kerala Government

Pravasi Loan Yojana of Kerala Government

Pravasi Loan Yojana Of Kerala Government ensures to help NRKs rehabilitate their livelihoods, the Government launches a renewal package called Pravasi Loan Yojana NDPREM. Also, under this program NORKA ROOTS enters into MoUs.

The emigrants who spend their life on other land and return to home town after long should be given work opportunities is the concern of Kerala Government. They play an important role in strengthening the Kerala Economy. Thus the government of Kerala has launched a special Financial Security Programme for the welfare of emigrants who have returned to Kerala.

PEARL is an emigrant survival initiative taken by Kudumshree as a part of Pravasi Bhadratha Nano Programme being implemented by Norka Department. Interest free loan opportunities are being provided to the jobless emigrants from the loan amount fixed y the Norka Department for their welfare.

Interest Free loan will be given by Kudumshree for new startups under this scheme. Financial aid is provided to the members of new women groups as a part of Kudumshree. If any one among them is jobless, their enterprises will be formed through this programme.

Government launches the NDPREM renewal package for returned NRKs. Also, under this program NORKA ROOTS joins the MOU’s largest bank, the State Bank of India, South Bank of India & Union Bank. Even, Kerala state backward class Development Corporation and Kerala state Pravasi community partners sign an MOU. Also, it builds to strengthen relations between NRK’s ​​and the Government of Kerala. Moreover, the action in the forum to address the NRK crisis, protect their rights, and rehabilitate returnees.

 In this plan, banks will allow for small business loans as interest in the business. The scheme provides the returnee with a maximum of 15% and an interest rate of 3% for the first 4 years.

In the event of an error, the benefit can only receive if the beneficiaries cancel his or her benefits. Also, NORKA ROOTS conducts pre-screening and training camps for screening. Even selection to improve entrepreneurial management skills. Therefore, NRK returnees who are interested in starting a business under the NDPREM program can register their details.

Objectives of Pravasi Loan Yojana Of Kerala Government

  • To reduce the insecurities of jobless emigrants.
  • To provide loans that do not ask for interest. They are given to emigrants who have returned to their hometown and are looking for job opportunities. They can now start their own business.
  • Skill training to the recently opened entities.
  • Ensuring financial independence to start a steady income for jobless applicants.

Beneficiaries of Pravasi Loan Yojana

The candidates who are emigrants and have lost their livelihood can only avail the financial help under this scheme. They need to be the family members of Kudumshree NHG. They can be family members of Kudumshree having NHG Membership for a period of 6 months in the past or can be the family members of women who are under the Kudumshree groups.

  • You need to be an emigrants for last 2 years at least. The beneficiaries can be both men or women.
  • The family members of emigrants of the ones who lost their lives in Covid-19 Pandemic can also avail loan under this scheme.
  • The jobless emigrant needs to be a patient and his family members can also be a part of this programme by becoming the beneficiary.
  • The ones who have already started their business can become beneficiary of this scheme and can get loan to expand his/her business.

Financial Support Under Pravasi Loan Yojana

The candidates who are liable and eligible for loan under this scheme can get financial assistance of maximum loan amount Rs 2 Lakh or 75% of the total project cost which ever is less. It is an interest free loan. You will have to repay the loan amount in next 2 years in 21 installments after the moratorium period. If the enterprise doesn’t start after availing this interest free loan or the entity stops its functioning in between the repayment period, then the amount is repaid in next 6 months.

Eligibility Criteria for Pravasi Loan Yojana 

  • The applicant should have not less than 2 years of work experience outside the country.
  • Also, the Societies, trusts, companies formed by a group of returnees are suitable to apply
  • Moreover, the 15% subsidy on capital and a 3% rebate offers on the interest of loans.
  • Loans open for MSMEs, agriculture, industries, merchant establishments, services, etc.
  • Trading (shops)
  • Services (repair shop, taxi, restaurant Flour Mills saloons)

All of the above can easily apply to the  Pravasi Loan Yojana of the Kerala Government.

Purpose of Pravasi Loan Yojana

  • Allowing immigrants to become entrepreneurs at a lower rate by providing appropriate guidance and regular financial support.
  • To assess whether it is possible for existing organizations to accept immigrants as special customers and to treat them following Government procedures for starting any new business.
  • Creating a sustainable business model, for the livelihood of foreigners.
  • Also, provide seed money to immigrants who already establish a business. Even intend to expand and expand an existing unit can also apply.

Key features of Pravasi Loan Yojana Of Kerala Government

  • Firstly, NORKA ROOTS ties up with:
  1.  State Bank of India
  2.  South Indian Bank
  3. Union Bank
  4. Federal Bank
  5.  Pravasi Loan Yojana of Kerala Government
  6.  Syndicate Bank Now Canara Bank
  7.  Bank of Baroda
  8. Kerala State Cooperative Agricultural & Rural Development Bank
  9.  Kerala State Pravasi Welfare Development Co-operative Society Ltd(Pravasis Ltd.)
  • Secondly, the Seed capital funding of up to Rs.30 lakhs is available under the scheme.
  • Also, Banks allow loans for average enterprises as per the business interest. Also, the terms and conditions of the bank.
  • Moreover, for prompt repayment a 15% subsidy on capital. And a 3% rebate on the interest of loan offers for the first 4 years.
  • Also, in case of default, the profit receives after clearing off the pendency.
  • NORKA ROOTS also conducts mentoring camps to enhance the confidence of the NRKs.
  • It also conducts an orientation and training camp for screening and selection.
Documents Required Pravasi Loan Yojana
Documents Required For Loan Under Pravasi Loan Yojana
  • The applicant must also upload soft copies of Project Report in PDF format
  • Copies of Passports / Visas in PDF format
  • Image of the applicant in JPG format
How To Apply online for NDPREM
  • Visit the Norka Loan website
  • Now you can see the guidelines to follow in Malayalam. Come to the bottom of the page.
  • Click Register
  • Complete the application for NDPREM assistance. Enter your details, contact details, and project.
Subsidy under Pravasi Loan Yojana 

The subsidy is available after locking for 4 years

  • 15% of the loan amount as the principal funding
  • 3% interest in the first year as interest rate

To qualify for a grant, the important conditions you must meet

  • There must be no difference in paying monthly interest
  • There must be no fraud or misappropriation of funds
Contents of the project report under NDPREM Pravasi Loan Yojana
Contents of the project report for NDPREM

The project report contains details related to the following aspects.

  • Introduction (business description)
  • Market Potential (brief information about the target market, customers, product need or service, etc.
  • Basis and Guess / Guess (Project report introduces specific details such as expected sales, costs, purchases, etc.) In this area consider the assumptions and basic facts used to prepare the project. Example – Hiring is estimated to be 10000 p.m. or costs are expected to increase by 10% per annum.
  • Technical characteristics (Process should be described under this heading. For example, if a business is designed to produce a product, and how the raw materials will be processed, the steps to be taken to turn raw material into finished goods, etc.)
  • Financial aspects are the most valuable topic in a project report. Details such as Total Project Cost, Machinery and Equipment, furniture and supplies, required operating costs, costs, purchases, sales, etc. will be provided under this heading)
  • Details of suppliers

The  Pravasi Loan Yojana of Kerala Government launches as a rehabilitation package called NORKA DEPARTMENT PROJECT FOR RETURN EMIGRANTS. Under which financial assistance grants to emigrants who have entrepreneurial interests in setting up their own business. So, you must apply today!

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