Project Report For Pravasi Loan

The purpose of the Pravasi loan (NDPREM) is to assist the returning NRKs in establishing a decent and stable source of income for their basic survival. NORKA ROOTS is the nodal agency in charge of the administration of this programme. NORKA ROOTS engaged up Memorandums of Understanding (MoUs) with major institutions, including the State Bank of India, the South Indian Bank, and the Union Bank, as part of this programme. In association with the initiative, the Kerala State Backward Classes Development Corporation and the Kerala State Pravasi Welfare Development – Co-operative Society [PRAVASIS Ltd.] have formed a memorandum of understanding. Banks will grant loans to NRKs who wish to launch small businesses in areas of interest to them once they have been returned. In the first four years, NORKA ROOTS provides a capital subsidy of 15 percent of the initiative price, up to a maximum of Rs. 20 lakhs, as well as an interest subsidy of 3 percent of the initiative expense for those users who have been on time with their payments. In the event of default, the advantage could only be obtained if the recipients pay off their outstanding debts.