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Entrepreneurs to get loans worth Rs 650 crore

The Kerala State Backward Castes Development Corporation will launch loan schemes worth Rs 650 crore in the wake of Covid-19.

Published: 02nd June 2020 06:48 AM  |   Last Updated: 02nd June 2020 06:48 AM   |  A+A-

By Express News Service

THIRUVANANTHAPURAM: The Kerala State Backward Castes Development Corporation will launch loan schemes worth Rs 650 crore in the wake of Covid-19. Entrepreneurs, who lost income during the lockdown, will get loans up to Rs 5 lakh at 6 per cent annual interest rate. Women entrepreneurs in the other backward classes (OBC) category will get loans up to Rs 2 lakh for agriculture, fish farming, poultry farm, cow and goat rearing. The annual interest rate is fixed at 5 per cent. 

The loans issued to Community Development Societies under the micro-credit scheme and the Mahila Samriddhi Yojana will be increased from Rs 2 crore to Rs 3 crore. The annual interest rate is 3 per cent to 4 per cent. The Corporation already has announced a rehabilitation programme for expatriates who lose job and had to return to the state. They will get up to Rs 20 lakh at 6 to 8 per cent interest rate. Those who make prompt repayment need to return only Rs 18.5 lakh.

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