Thiruvananthapuram: With the coronavirus pandemic severely hit in Kerala State Finance Minister K.N. Balagopal on Friday announced a Rs 5,650 crore financial package which will come in the form of interest subsidy on loans. Rent for buildings owned by the government would also be waived. The minister told the media that this will be of help to traders, farmers besides Micro, Small and Medium Enterprises.
Finance Minister said, that the Kerala Financial Corporation will extend loans up to Rs 1 crore without any security for start-ups and Rs 50 crore has been set aside for that. He also said this is going to benefit around one lakh people and it will cost Rs 2000 crores.
The Kerala government will bear the interest of 4 percent for six months for all loans up to Rs 2 lakh that will be availed from August. Moreover, rents for six months will also be waived. Interest subsidy will also be provided to state-run financial organizations besides penal interest will also be waived," said Balagopal. He added that "Today the commercial banks for some reason are not that friendly towards small customers. All they now look is to extend loans to giants rather than giving the same amount to thousands of small traders. Just look into the credit-deposit ratio in Kerala it's only 60 percent."
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