| The loan scheme is to provide need based credit facilities to the Non-resident Keralites (Pravasis) identified by NORKA ROOTS for setting up Micro and small scale industries. Loans can also be provided for improving any existing business. |
| Quantum of Finance |
- Maximum of Rs. 5 lakh only.
- Term Loan - 80% of the project cost or Rs. 5 lakh (whichever is less)
- Working Capital – A maximum of 20% of the expected annual turnover or Rs. 5 lakh (whichever is less).
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| Subsidy (Capital and Interest) |
Capital subsidy:
- NORKA shall deposit 25% of the loan component subject to a maximum of Rs.1 lakh with the Bank as back end subsidy.
- The subsidy shall be kept as interest free deposit for a minimum period of 3 years.
- Bank will charge interest in the loan account only for the liability over and above the subsidy amount received.
- The subsidy will be released /appropriated to the borrowers loan account , provided the borrowers business remained in operation for a period of three years from the date of sanctioning the subsidy.
- Under any circumstance the loan should not be closed prematurely before completing a minimum period of 3 years for availing the subsidy.
- However, the subsidy amount can be adjusted in the loan amount as and when outstanding liability equals the subsidy amount after a minimum period of 3 years.
Interest subsidy: NORKA ROOTS shall provide interest subsidy of 3% (quarterly) for the first 4 years on prompt repayment of loans. |
| Repayment period |
- Term Loan: Maximum 60 months
- Working Capital: On Demand (Subject to renewal of the limit every year)
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| Age |
Minimum age of 18 years and under any circumstances the repayment period should not exceed the day on which the applicant attains age of 60 years |
| Nature of Facility |
Term Loan/Working capital or composite |
