Government to grant business loan to foreign employment returnees at 5% interest

The government is all set to initiate a programme that will offer a business loan up to Rs 50 million at the subsidised interest rate of 5 per cent to people who have returned home after overseas employment and schooling among others.

Foreign employment returnees, educated but unemployed youth, and those willing to launch commercial farming can get the loan as per a guideline passed by the Cabinet last week.

The loan, however, will be available for businesses related to agriculture including livestock rearing.

The new guideline has also provisions for loans at lower interest rates for Dalits and 2015 earthquake survivors. Dalits can get loans for higher education and professional capacity development too.

The loans should be repaid within five years.

The government had announced all the programmes in the budget statement for the current fiscal year. They were awaiting other legal documents for the implementation.

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