Goemkarponn desk
PANAJI: EDC Board of Directors under the chairmanship of Sadanand Shet Tanavade has reduced the interest rates for New MSME Term Loan borrowers from 10.5% per annum to 9.5% per annum – Reduction in interest rate by 1% w.e.f. 01/07/2021.
With this reduction in interest rate EDC term loans are presently the cheapest in the market.
With the State Government MIRS (Interest rebate) scheme, the net interest paid by the Goan borrowers actually work out to less than the existing bank rate. Under the interest rebate scheme borrower gets a rebate of 9% comprising of 2% for a Goan borrower, 2% for women borrower and 5% for units located in backward talukas.
Loan processing time has been reduced by simplifying the loan application form and reducing some of the formalities needed for disbursal of loans.
42 borrowers have been benefited with interest rebate amounting to Rs.4 crore approximately during the financial year 2020-21.
