Norka Roots is a government agency that provides various services and assistance to Non-Resident Keralites (NRKs). One of the services that Norka Roots offers is the facilitation of loans for NRKs who want to start or expand their own businesses in Kerala. In this blog post, we will explain the different types of loans that are available through Norka Roots and how to apply for them.
The loans that Norka Roots facilitates are provided by various banks and financial institutions in Kerala, such as State Bank of India, Federal Bank, South Indian Bank, Kerala Financial Corporation, etc. The loans are categorized into three types: Pravasi Loan, Pravasi Returnee Loan, and Pravasi Women Loan.
Pravasi Loan is a loan scheme for NRKs who are currently working abroad and want to invest in a business or industry in Kerala. The loan amount can range from Rs. 10 lakhs to Rs. 20 crores, depending on the nature and scale of the project. The interest rate is concessional and the repayment period is up to 15 years. The loan can be used for setting up new ventures or expanding existing ones in sectors such as agriculture, tourism, health care, education, IT, etc.
Pravasi Returnee Loan is a loan scheme for NRKs who have returned to Kerala after working abroad for at least two years and want to start a self-employment activity or a micro enterprise. The loan amount can range from Rs. 1 lakh to Rs. 25 lakhs, depending on the type and size of the activity or enterprise. The interest rate is subsidized and the repayment period is up to 7 years. The loan can be used for setting up or developing activities or enterprises in sectors such as manufacturing, trading, service, etc.
Pravasi Women Loan is a loan scheme for women NRKs who have returned to Kerala after working abroad for at least two years and want to start a self-employment activity or a micro enterprise. The loan amount can range from Rs. 1 lakh to Rs. 10 lakhs, depending on the type and size of the activity or enterprise. The interest rate is subsidized and the repayment period is up to 7 years. The loan can be used for setting up or developing activities or enterprises in sectors such as beauty parlour, tailoring, catering, etc.
To apply for any of these loans, NRKs need to register with Norka Roots through its website or mobile app and submit their project proposals along with the required documents. Norka Roots will then verify the eligibility and feasibility of the proposals and forward them to the respective banks or financial institutions for sanctioning. Norka Roots will also provide guidance and support to the applicants throughout the process.
Norka Roots loans are a great opportunity for NRKs who want to contribute to the development of Kerala and achieve their entrepreneurial dreams. For more information, visit www.norkaroots.org or call 1800-425-3939.