Kerala Finance Corp Has Launched A Loan Program For Entrepreneurs

Kerala finance Corp has launched a loan program for entrepreneurs

Thiruvananthapuram : , Nov 16, 2016 – In an effort to boost the economy, the Kerala Financial Corporation (KFC), a state-owned corporation, has introduced a scheme that offers loans of up to Rs.1 crore with a 5% interest rate under the Entrepreneurship Development Program.
A KFC official said the scheme is being implemented by revamping the existing Chief Minister’s Entrepreneurship Development Programme.KFC officials said that the program is being executed by revamping the Chief Minister’s Entrepreneurship Development Programme.

 Kerala Finance Corp Has Launched A Loan Program For

“At present, up to 50 lakh is available under the scheme at 7 per cent interest.The scheme currently offers up to 50 million at 7 percent interest.

The scheme will be changed to provide up to Rs 1 crore at 5 per cent interest.This scheme will now provide Rs 1 crore with 5% interest.

The Government of Kerala will provide 3 per cent subsidy under the scheme and a further 2 per cent subsidy will be provided by KFC.KFC will also provide a 2 percent subsidy and 3 percent subsidy to Kerala Government.The target is 2,500 enterprises in five years at the rate of 500 enterprises per annum.At 500 businesses per year, the target for 2,500 companies in five years is set.For this KFC will set aside 300 crore every year,” said the official.According to the official, KFC will reserve 300 crore per year for this purpose.”

The units looking for loans must have MSME registration.All units that are looking to borrow money must be registered with MSME.

The age of the chief entrepreneur should be below 50 years.Below 50 years should be the minimum age for a chief entrepreneur.

The age limit for SC/ST entrepreneurs, women entrepreneurs and Non-Resident Keralites is up to 55 years.For SC/ST entrepreneurs, women entrepreneurs, and non-Resident Keralites, the age limit is 55.

Loans are available to start new ventures and modernize the existing ventures.You can borrow money to fund new ventures or modernize existing ones.

The repayment period is up to 10 years.Maximum repayment term is 10 years.

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