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EDC sanctions record loans in 2018-19

PANAJI: With just few weeks to go for the financial year 2018-19 to end, EDC on Wednesday revealed a significant jump in its term loan portfolio. According to latest information released by the Corporation, the term loan sanctions to MSME’s for 2018-19 is Rs.59.01 crore as on March 5, while disbursement are to the tune of Rs 43.8 crore. 

In addition the financial corporation also sanctioned Rs 81 crore and disbursed Rs 113 crore for infrastructure projects so far during the year. The sanctioning of loans to the MSME sector is the highest since 2000-2001, said an official.

EDC offers long-term loans of various kinds, such as general term loan, mortgage, composite loan for clients with good track record. Besides term loans to industry, loans are also provided for construction together with lending under professional and personal loan scheme.

Increase in the sanctions is mainly due to promoting the Modified Interest Rebate Scheme (MIRS-2012) scheme, which offers upto nine per cent interest rebate to entrepreneurs.

“The aggressive marketing effort taken up by the loan department have also helped to achieve higher sanctions,” added the official.

EDC also operates the Chief Minister’s Rojgar Yojana Scheme (CMRY) since 2001.   During 2018-19, as on March 5 2019, sanctions under CMRY Scheme was around Rs 28 crore to 487 beneficiaries which is the highest achievement since inception of the scheme. This self employment scheme operated through EDC has cumulative sanctions of Rs.196.3 crore and cumulative disbursements of Rs 164.6 crore since inception.   The recovery percentage under the scheme is consistently around 94 per cent.

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