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Kerala Entrepreneur Loan Scheme (KELS)
As part of the One Lakh Enterprises in One Year scheme, with the objective of providing affordable financial assistance to new enterprises, the Industries Department had taken the initiative to roll out a Special Loan Scheme in coordination with the State Level Banker Committee (SLBC). The Industries department offers interest subvention on loans up to ₹ 10 lakh so that entrepreneurs can avail them at 4% interest. Under the scheme, MSME units that are established after 01.04.2022 (evidenced through Udyam Registration) will be provided term loans and working capital loans at an effective interest rate of 4% after interest subvention from the Government. The Kerala Entrepreneur Loan Scheme (KELS) provides loans for the newly started MSMEs and expansion of existing ones. Interest concession will be available for loans up to Rs.10 lakh. Loans are available for startups in manufacturing, service and trading sectors. The application should be submitted through a special portal prepared for this purpose. This facility can also be utilized for various purposes like capital investments and raising working capital. Applicants must have Udyam registration. The interest subvention will be provided for the first five-year loan period or the loan closure whichever is earlier. Any enterprise that is into non-farm income generating activity such as manufacturing, processing, trading, or service sector can apply for the loan through an online portal. All banks have been instructed to process applications expeditiously. Interns are working in all local institutions to provide necessary assistance to entrepreneurs. This scheme will be an opportunity for banks to improve their loan-to-deposit ratio in the state.
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