PANJIM: The Board of Directors of the Economic Development Corporation (EDC) reduced the interest rates for new Micro, Small and Medium Enterprises (MSME) term loan borrowers from 10.5% per annum to 9.5% per annum – reduction in interest rate by 1%. The decision came into effect from July 1, 2021.
In a statement to the media, EDC claimed that with this reduction in interest rate, their term loans are presently the cheapest in the market.
They further added that with the State Government MIRS (interest rebate) scheme, the net interest paid by the Goan borrowers actually works out to less than the existing bank rate. Under the interest rebate scheme, the 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. It was further announced that a total of 42 borrowers have been benefited with interest rebate amounting to Rs 4 crore approximately during the financial year.
