Goa, a small state located on the southwestern coast of India is becoming increasingly popular for its tourist attractions.
To further buttress the image of Goa, the state Government feels inclusive development of the people of the state is essential.
EDC Limited, formerly known as Economic Development Corporation of Goa, Daman and Diu, during its last 47 years of existence has been in the forefront in the economic development in Goa.
The corporation has made its mark as a professionally managed organization by acting as an excellent delivery channel for conversion of Government policies and delivering them to the citizens of Goa.
This premier financial institution has several notable achievements in its kitty. A key one among them is the financial assistance of over Rs 3000 crores by way of term loans. The loans have helped the entrepreneurs in Goa ease their financial problems in various manners.
One of the loans schemes announced by EDC Limited is to provide financial assistance to the permanent government employees of Goa to meet their genuine personal expenses including social and financial commitments. Under this loans scheme, loans are also granted for purchase of new 4-wheeler vehicle for personal use only.
The loan carries an interest rate of 9.5% with attractive repayment terms.
The Government employees of Goa will find personal loan Goa beneficial if they avail it for the right reasons. It will help them fill a gap in their finances including social and financial commitments.
Some of the key features of this loan are:
To provide financial assistance to Government employees of Goa for legitimate personal expenses such as acquiring new four wheelers for personal use only
Applicants must be residents of Goa State.
The loan proposal shall be evaluated on its own merit and not just based on eligibility.
The actual amount of loan sanctioned will be decided by EDC Limited and will be governed by the norms of the Corporation.
Security for loan shall be pledged by personal guarantee of the applicant or a guarantor, who must be a government employee.
The loan is repayable in a maximum of 5 years (59 EMI) from the date of disbursement and one month moratorium is provided.
Eligibility
All permanent employees of the state of Goa/ Central government/ Public sector undertakings, regular teaching staff / employees of schools, colleges and educational institutions aided by the Government of Goa and other government bodies and undertakings.
The loan is allowed to be combined with that of Government employee spouse
The age limit of the applicant is not more than 55 years of age. However, a relaxation up to 58 years is applicable with reduced repayment schedule.
The applicant’s or the guarantor’s CIBIL report must be satisfactory. CIBIL stands for the Credit Information Bureau ( India ) Limited. A CIBIL credit score, a 3-digit number represents a summary of individual’s credit history and credit rating.
Some of the terms of the loan repayment include:
Total deductions including deductions towards the personal loan should not exceed 65% of the take home salary.
It is the responsibility of the parent Government organization to remit the deductions every month until the loan is paid in full.
This personal loan Goa is popular because it has total transparency with regard to rate of interest and fees. EDC Limited is offering personal loan at very competitive rates of interest with no collateral security.
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