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Norka rolls out loan scheme; expats to get up to Rs 10 lakh

A memorandum of understanding (MoU) in this regard was signed by Norka ROOTS CEO Harikrishnan Namboothiri and UCO Bank chief manager P Vijay Avinash.

Published: 11th January 2020 07:17 AM  |   Last Updated: 11th January 2020 07:17 AM   |  A+A-

By Express News Service

THIRUVANANTHAPURAM: Expatriates, who have returned to the state, will be provided loan of upto Rs 10 lakh without insistence on security under the Norka Department Project for Returned Emigrants (NDPREM) scheme. The project is being implemented by Norka ROOTS in association with UCO Bank. The project will be of immense help to expats who want to set up business ventures on their return but are unable to provide any collateral as security.

A memorandum of understanding (MoU) in this regard was signed by Norka ROOTS CEO Harikrishnan Namboothiri and UCO Bank chief manager P Vijay Avinash. As per the MoU, the benefits of the scheme can be availed from 4,600 branches of 14 financial institutions as well.

The other institutions which have already come on board NDPREM  include SBI, Union Bank of India, Bank of India, South Indian Bank, Bank Of Baroda, Syndicate Bank, Federal Bank, Indian Overseas Bank, Kerala Financial Corporation, Kerala State Backward Class Development Corporation,

Kerala State Cooperative Agricultural and Rural Development Bank, Kerala State SC/ST Development Corporation, Kerala State Pravasi Welfare Cooperative Soceity (Malappuram) and Kozhikode District Cooperative Bank. For schemes of upto Rs 30 lakh, capital subsidy of 15 per cent will be provided. For timely repayments, 3 per cent interest subsidy is also offered. 

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