If you are an NRI who has returned to Kerala and want to start or expand your own business, you might be interested in the NDPREM scheme offered by NORKA Roots. NDPREM stands for NORKA Department Project for Returned Emigrants, and it is a scheme that provides financial assistance and subsidy to eligible returnees who want to become entrepreneurs.
In this blog post, we will explain what the NDPREM scheme is, how it works, who can apply, and what are the benefits of availing it.
What is the NDPREM scheme?
The NDPREM scheme is a project initiated by the Kerala government through the NORKA (Non-Resident Keralites Affairs) department to help the NRIs who have returned to Kerala after working abroad for at least two years. The scheme aims to provide them with opportunities for self-employment or starting new business ventures in various sectors such as MSMEs, agriculture, industries, services, etc.
The scheme is implemented by NORKA Roots, which is the field agency of NORKA department that deals with the welfare and rehabilitation of NRIs. NORKA Roots has tied up with various banks and financial institutions to provide loans to the returnees under the NDPREM scheme.
How does the NDPREM scheme work?
The NDPREM scheme works as follows:
- The returnee has to register online on the NORKA Roots website (www.norkaroots.org) under the NDPREM section and submit a project report along with copies of passport, visa, photo, and other relevant documents.
- The returnee has to undergo a screening process at the district office of NORKA Roots or send the documents by post to the Chief Executive Officer, NORKA Roots, Thycaud PO, Thiruvananthapuram – 695014.
- The returnee will receive a recommendation letter from NORKA Roots to apply for a loan from any of the financial institutions that have partnered with NORKA Roots for the NDPREM scheme. The list of partner institutions is given below.
- The returnee can avail a loan of up to Rs. 30 lakhs from the financial institution as per their terms and conditions and interest rates.
- The returnee will also receive a 15% subsidy on the capital amount and a 3% rebate on the interest rate for prompt repayment of the loan for the first four years. In case of default, the benefit can be availed after clearing off the pendency.
- NORKA Roots also conducts mentoring camps and workshops to boost the confidence and skills of the returnees and provide them with guidance and support for their business ventures.
Who can apply for the NDPREM scheme?
The eligibility criteria for applying for the NDPREM scheme are:
- The applicant should be an NRI who has returned to Kerala after working abroad for at least two years.
- The applicant should have a valid passport and visa that prove their overseas employment.
- The applicant should have a viable project report that shows the feasibility and profitability of their proposed business venture.
- The applicant should have a good credit history and repayment capacity.
- Societies, trusts, companies formed by a group of returnees are also eligible to apply.
What are the benefits of availing the NDPREM scheme?
The benefits of availing the NDPREM scheme are:
- The returnee can get financial assistance and subsidy for starting or expanding their own business in Kerala.
- The returnee can get access to various sectors and opportunities for entrepreneurship in Kerala.
- The returnee can get mentoring and guidance from NORKA Roots and other experts for their business development.
- The returnee can contribute to the economic growth and social development of Kerala.
List of partner institutions for NDPREM scheme
The following are the banks and financial institutions that have partnered with NORKA Roots for providing loans under the NDPREM scheme:
- State Bank of India
- Canara Bank
- Kerala Bank
- Bank of Baroda
- Federal Bank
- South Indian Bank
- Indian Overseas Bank
- Union Bank of India
- Bank of India
- UCO Bank
- Dhanlaxmi Bank
- Kerala State Cooperative Agricultural & Rural Development Bank
- Kerala Financial Corporation
- Kerala State Backward Classes Development Corporation
- Kerala State SC/ST Development Corporation
- Kerala State Women Development Corporation
- Kerala State Pravasi Welfare Development Co-operative Society Limited (Pravasis Ltd.)
- Travancore Pravasi Development Co-operative Society
For more details about the NDPREM scheme, you can visit the NORKA Roots website or contact them at 0471 – 2770511 or 18004253939 (toll free).
We hope this blog post has given you an overview of the NDPREM scheme and how it can help you become an entrepreneur in Kerala. If you have any questions or feedback, please feel free to comment below.