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New Loan Scheme for Start-ups for OBC members in Kerala

New Loan Scheme for Start-ups for OBC members in Kerala – Start-ups Mission (KSUM), Kerala Accelerator Program

Mr. A.C. Moideen – Industry Minister Kerala State has introduced a fresh startup scheme for entrepreneurs who ant to get established. According to the new scheme the entrepreneurs who need financial assistance can directly approach the state government claiming for startup loan assistance. The new initiative has been taken by the state government. The government will also begin with the program for registration for entrepreneurs soon.

Implementation Details

The government has already made it clear that it shall get started with the process of implementation of the new scheme by January 16th 2018. The government has also made it clear that under the new scheme OBC category will be eligible.

Key Features

  • The state government has already stated that the assistance that will be offered to the OBC category will be made to the new entrepreneurs in the form of loan amount.
  • Under the new scheme the state government will also offer loan amount equivalent to around Rs 10 lakh in value to the new entrepreneurs each. The government has already stated that the loan assistance will be offered to entrepreneurs who are having an overall income of Rs 98000 yearly that is consistent.
  • In case the entrepreneur who wants to take the benefit under the scheme resides in urban area then he shall be eligible for a loan assistance of Rs 5 lakh. Under the scheme the entrepreneur should in fact have at least an annual income equivalent to Rs 120000.
  • The government has also recommended that it shall offer beneficiaries with 6 percent and 7 percent interest rates that shall be offered on an overall loan grant amount of Rs 5 and Rs 10 lakh. This statement was made by the government according to their latest updates.
  • The government has also mentioned that it shall be offering a moratorium period for the repayment of the loan amount that is equivalent to 84 months.

Eligibility Factor

  • The scheme will only offer benefit to the candidates who are local residents of Kerala state. So if you want to take the benefit under this scheme then you should be a citizen of the state.
  • To get the benefit under this scheme you should be an entrepreneur. You should have also completed a professional degree or certification course in some faculty.
  • To take the benefit under this scheme the applicant should have completed education in professional course including MBBS, BDS, M.Tech or B.Tech etc.
  • The eligible candidate should also not exceed the age limit of more than 40 years. The government will offer benefit to new and young entrepreneurs.

Important dates and website details

  • The government has offered with convenience where candidates can get registered by 25 January 2018 under this scheme via their official website ksbcdc.com.
  • The government will be offering applicants with 20 percent subsidy under the scheme or Rs 2 lakh in loan amount.

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