Norka-Union Bank tie up for Pravasi loan mela

Thiruvananthapuram: Norka Roots and Union Bank has jointly conducted a two-day loan fair for non-resident entrepreneurs.

483 entrepreneurs participated in the fair organized for non-resident entrepreneurs in Kozhikode, Wayanad, Kannur and Kasaragod districts. Out of this, 182 got initial loan approval from Union Bank of India. Norka Roots recommended 53 entrepreneurs to other banks that are part of the NORKA Department Project for Returned Emigration (NDPREM) scheme. Instructions have been issued that loans will be available as soon as the procedures are completed.

73 people of the 110 people who participated in the Kozhikode Mela, 19 people out of 148 in Wayanad, 55 people out of 147 in Kannur, and 35 people in Kasaragod received loans.

The loan fair was organized under the NDPREM scheme implemented by the state government through NORCA ROOTS for the rehabilitation of returning expatriates.

Entrepreneurs will get 15 percent capital subsidy (up to a maximum of Rs. 3 lakh) and 3 percent interest subsidy (for the first four years) for regular loan repayment through the NDPREM scheme.