EDC’S MODIFIED INTEREST REBATE SCHEME – 2012
|Salient Features of the scheme:
|Category under the scheme
||Quantum of rebate
|For Units located in the talukas of Pernem, Sattari, Sanguem, Quepem, Canacona, Bicholim and Dharbandora.
|Units promoted by Goan entrepreneurs:
Ø Native Goans
Ø Resident of Goa for not less than last 15 years
Ø Persons of Goan origin (PGO’s), Non Resident Goans (NRG’s), etc.
|Units promoted by the Women Entrepreneurs.
Frequently asked questions (FAQs)
Whose scheme is this?
This scheme has been designed and is operated by EDC on behalf of the Government of Goa which provides the interest rebate on an annual basis. This rebate is then allocated to the eligible borrowers.
How does this scheme work?
You will have to pay the interest rate regularly on your term loan. If your account is standard at the year end, our Recovery Department will get in touch with you. You will be asked to submit the claim form and some documents. The quantum of interest rebate is then decided based on your eligibility. The claim is then filed with the State Government which will then be released to EDC. This amount of interest rebate is subsequently credited to the borrowers account and will get reflected in your account statement.
What is the validity of this scheme?
The scheme was valid for 5 years (From 01.04.2012 to 31.03.2017) and is now extended till 31.03.2023.
What is the maximum amount of rebate I can get in monetary terms?
The total interest rebate shall not exceed Rs.40.00 lacs, per annum, per unit.
Can I claim for multiple units?
Yes, but the maximum interest rebate shall not exceed Rs.40.00 lacs per annum per unit.
Is this rebate only for new businesses?
No. This rebate is for new as well as existing businesses provided the loan account is standard and the business activity is not categorized under the negative list.
What is the negative list?
All the following business activities are under the negative list which do not get any interest rebate under the scheme:
- Alcohol & Liquor of all types.
- Barge Sector
- Construction of Commercial & Residential Complexes.
- Transport Sector
- Sponge Iron, Steel Ingots/ Rolling mills.
- Tobacco products
- Mining Equipment & Machinery.
- All Rescheduled/restructured loans.
- Loans extended to Government Corporations, Personal loans, Housing Loans and Vehicle loans.
- Any other sector/activity as decided by the Government from time to time.
Are all term loan schemes eligible for interest rebate?
All term loan schemes except ‘Scheme Of Loan Assistance For Construction Projects’ are eligible.
What is the shareholding percentage to be eligible for rebate under Women or Goan origin?
The effective shareholding of the Women entrepreneurs or Goan origin in the partnership/ limited company should not be less than 74% of the total paid up capital to qualify for the interest rebate.