Project Report For NORKA Loan

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What is NORKA Loan?

To assist returning NRKs in finding a fair regular income for their life, the government has launched the NDPREM rehabilitation package (Norka Department Project for Returned Emigrants). Under this initiative, NORKA ROOTS signed Memorandums of Understanding (MoUs) with three major banks: State Bank of India, South Indian Bank, and Union Bank. 

Currently, Kerala State Backward Classes Development Corporation and Kerala State Pravasi Welfare Development – Co-operative Society [PRAVASIS Ltd.] have signed a Memorandum of Understanding (MOU) and are collaborating on the project. 

NORKA Loan Details

  • The programme offers up to Rs. 30 lakhs in seed capital assistance.
  • The terms & conditions of the financial institution would determine whether or not a small business may get a financing from a bank.
  • For the first four years, borrowers who return their loans on time will get a 15% capital subsidy as well as a 3% interest refund.
  • In the event of failure, the benefit may be claimed once the outstanding matter has been resolved.

NORKA Loan Eligibility

  • The candidate must have worked overseas for at least two years.

  • A group of returnees might organise a society, trust, or business and then seek for the funding.

  • A 15% capital subsidy and a 3% interest refund on debt are available.

  • Loans are offered to Micro small and medium enterprise (MSMEs), including agricultural, manufacturing, and retail businesses.

Documents Needed For Term Loan

  • PDF version of the project report.

  • Passport and visa page copies in PDF.

  • Photographs in JPG/PNG format.