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EDC gives chance to settle unpaid loans below Rs 15L

EDC gives chance to settle unpaid loans below Rs 15L

11 Oct 2017 No comment 25 hits

Panaji: To bring an end to litigation and recover dues, the economic development corporation (EDC) has announced a one-time settlement scheme for industrial units that took terms loans of less than Rs 15 lakh prior to 1992 and up to 2002. The move is likely to offer relief to around 175 industrialists and entrepreneurs who have failed to repay Rs 3-4 crore to EDC.

Depending on the date when the loan was disbursed, the borrowers will have to pay 50%-100% of the principal amount.

"The scheme is for old term loan accounts, other than the chief minister's Rozgar Yojana (CMRY), which are below Rs 15 lakh and which have been pending and in litigation for more than 15 years," an EDC official said.

Industrial units which took term loans of upto Rs 15 lakh which were disbursed between April 1997 and March 2002 have to pay the entire principal amount after excluding the amount already paid towards principal, interest, sale proceeds and OTS down payment.

If the loan was taken between April 1992 and March 1997, the borrower has to pay 75% of the entire principal amount which has not been repaid. Similarly, if the loan was disbursed prior to 1992, then 50% of the principal has to be repaid.

The settlement scheme is open to borrowers till December 2017.

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Source: EDC gives chance to settle unpaid loans below Rs 15L

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