Goa is a favorite destination not just for tourists but for investment purposes as well. Many entrepreneurs are choosing Goa to commence their business. They feel Goa brings them closer to nature, while at the same time bringing opportunities to increase their wealth.
Goa is continuing to attract all types of businesspersons, whether they are NRI, a celebrity, a newbie entrepreneur or a seasoned businessperson.
To buttress the development of this state, the Government of Goa in collaboration with EDC Limited is providing loans on attractive terms.
EDC Limited is a premier financial institution in Goa. During the last 47 years of its existence, this institution has been a key vehicle for the economic and industrial growth in Goa.
It has been providing business loans for entrepreneurs and personal loans for Government employees.
If you are looking for an attractive MSME Term Loan Scheme, EDC Ltd has a suitable plan for you. You can get financial assistance to set up projects for eligible industrial activities. The loans will help you in acquiring fixed assets like land, building, plant and machinery and other related assets.
EDC Limited is offering quick loan under General Loan Scheme for entrepreneurs and businesspersons.
The eligibility criteria for the loan scheme include, but not limited to:
All units must be set up under micro, small, medium and large enterprises and services sector.
Existing concerns/ industrial and service sector units are eligible for expansion/ modernization/ diversification or renovation.
Loans under this scheme are also available for tourism related activities, health care units, renewable energy, energy saving systems, and several other specified / eligible commercial and industrial activities.
The loan amount must essentially be utilized for the creation of fixed assets, repayment of certain outstanding dues from other banks against fixed assets acquired during the last 18 months.
The property that will be mortgaged must not be under lease or rent.
The applicant must submit all documents for approval and must be agreeable to mortgage its immovable property as prime security.
The area of operation is limited to the State of Goa only.
Here are some features of the loan
Maximum debt-equity for loans up to Rs 50 lakhs is 3:1, and for loans above Rs 50 lakhs is 2:1.
The minimum margin on primary security shall be 25%. However, the lender may stipulate higher margin based on project viability and security provided.
The processing fees is 1% of the loan amount subject to a maximum of Rs 2 lakhs.
The interest rate on the loan ( effective from 01 July 2021) is
9.5% per annum up to Rs 50 lakh
Above Rs 50 lakh up to Rs 100 lakh, 9.5% - 11.5 % per annum.
Above Rs 100 lakh, 9.5% - 12.5% per annum.
The interest rate is decided based on the Credit Rating of the applicant and as per the EDC Ltd guidelines.
The loan repayment is to be paid within 8 years including a moratorium period up to 2 years.
For quick loan in Goa, this is a very suitable scheme. The appraisal process of EDC Ltd is expeditious and efficient. The preliminary appraisal takes just 1 week and the final appraisal 3-4 weeks.
If you are looking for an MSME Term loan scheme, approaching EDC makes good sense. This institution has always strived to assist in the industrial development of the state.
Comments
Post a Comment