More non-resident Keralites can benefit from visa loans

Kozhikode: The Kerala State Minorities Development and Finance Corporation will help the  Gulf returnees, said chairman Prof. A.P. Abdul Wahab, who took charge on Wednesday. He said the corporation would provide loans to more non-resident Keralites. “Those who are seeking jobs abroad are also eligible for  visa loans, similar to  education loans,” he said.   Though the corporation had started the loan schemes  three years ago, only a few people had  availed of it, may be due to lack of publicity.

The Nitaqat loan scheme was started in July 2013, when thousands of Indians, especially Keralites had to leave Saudi Arabia. However, till date only 70 people have applied for it and 42 availed of the loans. “The lack of publicity for  the loan schemes is  preventing the needy people from getting  it. There is a belief that the commission is meant only for  Muslims. This is wrong. All the minority communities, including Christians and Buddhists,  can apply. Those planning to go abroad can get a loan of Rs 3 lakh  with just a five per cent interest. They are supposed to pay back once employed,” said Mr Wahab.

The applicant for  Nitaqat loan will get up to '10 lakh at an interest rate of three per cent, said corporation managing director Mohammed Haneefa Perincheeri. However, only 94 people had applied for the visa loan out of whom 47 were provided it.  “More people are buying cars to operate taxi services. Some others are starting poultry farms.  The people  seek loans that are immediately available, and they approach the Shylocks, who charge huge interest rates without any documents. Our method  is transparent, but  security documents are  a must,” said Mr Haneefa.

More than 90 per cent of the funds for the loans are being provided through the National Minorities Development and Finance Corporation and Kerala Minority Welfare Department. NRIs who have stayed abroad for a minimum period of six months are eligible to apply.  The corporation, based at Chakorathukulam, Kozhikode, has  regional offices in Thiruvananthapuram, Malappuram, Kasargod and Ernakulam.