How To Get a Norka Loan ?

NORKA, a government of kerala enterprise, and minority welfare development corporation of kerala jointly introduced a new loan scheme for return emigrants. Under the scheme NORKA ROOTS entered into MOUS with major banks namely state bank. Presently kerala state backward classes development corporation and kerala pravasi welfare development-co-operative society (PRAVASI LTD) have signed MOV and are associated with the project.

Banks will section loans for starting modest enterprises in area of interest of the returned NRKS. NORKA ROOTS releases capital subsidy of 15% of the project cost, subject to a maximum of 20 lacks and interest subsidy of 3% for the first 4 years, to those beneficiaries who are regular in payment. In case of default, the benefit can be availed only if the beneficiaries clear off his/her dues.

Government has started a several plan for supporting the people who coming back from foreign. Those who come from gulf they can apply the loan. Indicative list of document required for loan processing, which are, passport size photo graph, the format should be jpg. summary of the project, copy of passport and your id card. And the applicant should stay in foreign more than two years. And the amount will be decided after the project study. Applicant should have minimum age 60 years. Steady income source and minimum employment abroad of 2 years with valid job contract/ work permit is required.