Kochi

New loan scheme for start-ups by OBC members: Minister

A plastic recycling machine on display at the Machinery Expo Kerala 2018 at the Jawaharlal Nehru International Stadium ground on Friday.

A plastic recycling machine on display at the Machinery Expo Kerala 2018 at the Jawaharlal Nehru International Stadium ground on Friday.  

Moideen opens machinery expo at Kaloor stadium ground

A unit for extraction of the banana stem fibre, developed by the Kerala Agricultural University, and a plastic recycling unit from a Coimbatore-based company are among the attractions at the industrial machinery exhibition that got under way at the Jawaharlal Nehru Stadium, Kaloor, on Friday.

The areas of focus at the exhibition include food processing and packaging; electricals and electronics; wood-based industries, and Ayurveda. Institutions such as the Plywood Research Institute are part of the exhibition, which was inaugurated by Industries Minister A. C. Moideen.

In his inaugural address, Mr. Moideen said that a new loan scheme for entrepreneurs and start-ups from among OBCs was being launched. Registration for the programme would start on January 16.

Under the programme, a maximum loan of ₹10 lakh would be granted. Those from the community with an annual income of up to ₹98,000 per year in the rural areas and up to ₹1,20,000 in the urban areas would be extended loans to the tune of ₹5 lakh at an interest rate of six per cent and up to ₹10 lakh at an interest rate of seven per cent, said a press release here. The repayment period would be 84 months. The applicants must belong to the OBC category and must have successfully completed professional courses such as MBBS, B.Tech., BDS, BHMS. The age limit is 40 years.

Subsidy

Twenty per cent of the loan amount, up to ₹2 lakh would be provided as a subsidy. The repayment will be for the amount excluding the subsidy provided by the department. Those interested availing the loan should register themselves on the website www.ksbcdc.com before January 25, the press release said.

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Printable version | Apr 7, 2020 2:05:46 PM | https://www.thehindu.com/news/cities/Kochi/new-loan-scheme-for-start-ups-by-obc-members-minister/article22432936.ece

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