Kerala Tourism Sector Employees To Get Interest Free Loans Up To Rs 10,000
The Kerala Travel Mart (KTM) Society on Tuesday signed a memorandum of understanding with the Kerala Tourism Department regarding the disbursement of interest-free loans up to Rs 10,000 without collateral from the revolving fund set up by the Government of State to help employees in the tourism sector affected by the pandemic. Earlier this month, the state government established the Revolving Fund with an initial corpus of Rs 10 crore as part of efforts to revive the tourism sector which provides jobs for thousands of people across the ‘State.
Kerala Tourism Director VR Krishna Teja and KTM Company Chairman Baby Mathew signed the MoU at a reception held at the Tourism Directorate here. KTM Society secretary Jose Pradeep was also present on the occasion. Mathew said: âIn this industry ravaged by the pandemic, a large number of people are struggling hard to resume their activities. We are pleased that thanks to this generous program, loans of up to Rs 10,000 are being given to 10,000. people without any guarantees. “
According to the rules of the fund, beneficiaries must work in an entity that has the approval of the state tourism department / tourism ministry or membership in KTM or any other recognized organization related to tourism. The recognized organization to which the business entity is affiliated will ensure that loans taken out by employees are repaid promptly. The beneficiary will have to repay the loan within two years of the one-year moratorium period. Jose Pradeep said the MoU would be of great benefit to employees working in the tourism sector.
“We had requested a maximum of Rs 1 lakh as a loan, but for the moment Rs 10,000 have been sanctioned. However, we hope that in the future more funds will be provided by the government. We thank the Ministry of Tourism to come out with such an initiative to help workers in the sector, who are still grappling with the adverse effects of the pandemic, âadded Pradeep. (ANI)
(This story was not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)