Project Report For Pravasi Loan

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What Is 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.

Pravasi Loan Details

  • NRKs will be able to get loans from banks to create small businesses in areas of interest to them.
  • Subsidies totaling 15% of the project’s total cost, up to Rs. 20 lakhs, are made available to those recipients that repay their loans on time.
  • Interest subsidies of 3% for the first four years are also made available.
  • Beneficiaries who fail on their payments are not eligible for the benefits.

Pravasi Loan Eligibility

  • You must be a PRAVSI residing or working in another country with a valid passport and visa for at least 6 months.
    Age range: 18-60 years.

  • The overage does not cover any pre-existing illnesses or conditions.

  • Confirmation of sickness by a certified Medical Practitioner, as well as appropriate testimonials, must be presented to the Company as evidence of having suffered a serious illness.

  • Critical illness benefits for a specific sickness listed in the policy would be payable only once throughout the Insured person’s lifetime.

  • Critical illness diagnosed within the first 30 days of the policy’s commencement will not be covered.

Documents Needed For Pravasi Loan

  • Sharda Associates may assist with the financial plan by providing project report in PDF format.

  • Passport and visa copies in PDF format.

  • JPG file containing a photograph of the applicant.