Kerala, which plans to open its domestic tourism sector starting September, in time for the Onam celebrations, has announced special loan schemes to enable stakeholders to restart their business. Although many Indian states have allowed tourism activities to restart in the post pandemic unlock phase, the travel and hospitality sector is still in deep water owing to no business and no income since the lockdown was declared in end March this year.
&ldquoSLBC and KSCB have come forward to issue two loan schemes for those in the tourism sector and the Department would extend support with interest subvention,&rdquo said Rani George, Secretary, Kerala Tourism, recently.
She also said that a few more proposals are under the consideration of the state government and it is expected that those will be approved soon.
The loans are for existing tourism ventures and the total loan scheme is worth Rs 455 crore.
Loans up to Rs 25 lakh will be given under various heads subject to terms and conditions laid down by the lending banks and the tourism department. The loan has to be repaid in 42 months, including an initial repayment holiday of six months.
Kerala Tourism department will support the borrower with a subsidy of 50 per cent of the interest for the first one year.
Kerala plans to open its tourism sector in a phased manner, starting with domestic tourism.
