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.
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.
Norka roots tie to CMD to provide for appropriate guidance and support in the preparation of project reports.
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.
Eligibility for the 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.
The purpose of the Yojana
a. Allowing immigrants to become entrepreneurs at a lower rate by providing appropriate guidance and regular financial support.
b. 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.
c. Creating a sustainable business model, for the livelihood of foreigners.
d. 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 Scheme
- Firstly, NORKA ROOTS ties up with:
- State Bank of India
- South Indian Bank
- Union Bank
- Federal Bank
- Pravasi Loan Yojana of Kerala Government
- Syndicate Bank Now Canara Bank
- Bank of Baroda
- Kerala State Cooperative Agricultural & Rural Development Bank
- 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.
- The applicant must also upload soft copies of
- Project details in PDF format
- Copies of Passports / Visas in PDF format
- Image of the applicant in JPG format
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
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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