THIRUVANANTHAPURAM: The Chief Minister's Entrepreneurship Development Programme (CMEDP) has announced 2,000 loans for potential entrepreneurs without demanding any security or collateral.
Up to a maximum of Rs 1 lakh will be sanctioned to entrepreneurs. The CMEDP, launched to help those who have lost jobs due to the COVID-19 outbreak, is implemented by the Kerala Financial Corporation (KFC).
"It is quite difficult for the beginners, especially small-scale entrepreneurs, to raise the capital. Hence, we have decided to take a liberal approach in the sanctions for MSMEs," said KFC CMD Tomin J Thachankary.
He said 50 per cent of the loan amount will be sanctioned in advance, within a week of loan approval. Applications by women and physically-challenged persons will be sanctioned on a fast-track mode. The interest rate is 7 per cent with 3 per cent interest subvention and repayment period is three years.
The KFC is offering easy repayment modes like Google Pay. According to Thachankary, this will be the most liberal and fastest loan available in the state. The corporation will also help the applicant to obtain MSME registration and PAN card.