Loan Scheme Kerala

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

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

The state Industry Minister Mr. A.C. Moideen for Kerala state had announced the launch of the new Start up scheme for the new Entrepreneurs in the state. Minister had stated that under the initiative taken by the state government, a program for registration of the new entrepreneurs will soon begin in the state for financial assistance.

Loan Scheme Kerala

Implementation Details

According to the statements officially made by the Industry Minister, the government plans to implement the new scheme latest by 16th Jan 2018 state wide. The new scheme will be implemented functional for OBC categories for new entrepreneurs.

Key Features

  • According to the state government and Ministry, the government will be offering financial assistance for new entrepreneurs in OBC category in the form of loan amount.
  • The government has also stated that it shall be offering with a maximum of Rs 10 lakhs as loan amount to each entrepreneur. The grant will be offered to each entrepreneur who belongs to the OBC category and has an annual income of Rs 98,000.
  • Apart from this the minister had also made it very clear that the grant of Rs 5 lakhs will be offered to new entrepreneurs who belong to the Urban areas and having an annual income of Rs 120000.
  • According to latest update the government shall be offered with an interest rate equivalent to 6 percent on the grant amount of Rs 5 lakhs while an interest rate of 7 percent would be applicable on the grant amount of Rs 10 lakh.
  • Under the new subsidy scheme the government would also offer the applicants with a repayment period that is equivalent to over 7 years or 84 months.

Eligibility Criteria

  • According to the updates made the eligible candidate should be a resident of the state of Kerala. He should be the citizen of the state by birth.
  • The government has also made it clear that the benefit will only be offered to eligible entrepreneurs. So to get the benefit under the scheme the applicant should have a valid professional course study certifications.
  • The benefit will be offered to the candidate who has completed professional education in fields including B.Tech., MBBS, BHMS, BDS etc. the candidate will have to provide with their certification at the time of registration under the scheme.
  • The state government has also made it very clear that the scheme is only for young entrepreneurs so to get the benefit under the scheme the candidate should be maximum of 40 years of age at the time of application.

Website and other details – Registration

  • To get the benefit under the scheme and to get registered the candidate will have to log on to the official website ksbcdc.com.
  • The government has also stated that the applicants are expected to get registered under the scheme on or before 25th January 2018. Each applicant will also be eligible to claim for Rs 2 lakhs or 20 percent of loan amount as subsidy under the scheme.

Other Schemes –

 

 

 

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