In order to encourage investments in various sectors, Government of Goa has decided to promote Industrial development in the State, not only concentrated in the coastal and central areas of the State, but also in the backward talukas. In order to encourage entrepreneurs to set up their units in the industrially backward talukas, the Government of Goa has modified the earlier “ Modified interest Rebate Scheme- 2012” thereby making it more attractive and is now pleased to launch the new scheme called “Mukhyamantri Modified Interest Rebate Scheme”.
Government is hopeful that this interest rebate scheme would give a major boost to industrialization in the State apart from encouraging locals, women entrepreneurs and employment of Goans in industry.
Mukhyamantri Modified Interest Rebate Scheme
SALIENT FEATURES OF THE SCHEME
CATEGORY UNDER THE SCHEME
ENTITLEMENT OF REBATE
GENERAL TERMS AND CONDITIONS
(LIST OF SECTORS/ACTIVITY NOT ELIGIBLE FOR INTEREST REBATE)
EDC’S Mukhyamantri MODIFIED INTEREST REBATE SCHEME (MMIRS)
|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.||5% p.a|
|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.||2% p.a|
|Units employing 20 or more Goan Employees||2% p.a|
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 to EDC. 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 or if regular the same reimbursed to the unit.
What is the validity of this scheme?
The scheme was valid for 5 years (From 01.04.2023 to 31.03.2028)
What is the maximum amount of rebate I can get in monetary terms?
The total interest rebate shall not exceed Rs.25.00 lacs, per annum, per unit or 9% p.a.
Can I claim for multiple units?
Yes, but the maximum interest rebate shall not exceed Rs.25.00 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, CMRY & GTEGP Loans, Personal loans, Housing Loans and Vehicle loans.
- Any other sector/activity as decided by the Government from time to time.
What is the Quantum of Interest Rebate?
The maximum interest rebate under the Scheme is 9%, however interest rebate under Category A+B+C is capped to maximum of 7% p.a and 2% p.a interest rebate is exclusively earmarked for Category D. The total interest rebate shall not exceed Rs 25.00 lakhs per annum per unit.
Can the interest rebate be clubbed under various categories?
Yes, the interest rebate can be clubbed, however the maximum rebate under Category A+B+C is capped to maximum of 7% p.a
What is the Maximum rebate one can get?
9% per annum in Backward Talukas and 6% p.a in other talukas subject to maximum of Rs 25.00 Lakhs.
What is the procedure of applying for interest rebate?
Please refer to the operational guidelines under the MMIRS from our website.
How long does it take for interest rebate to be reimbursed by the Government of Goa?
Normally the interest rebate is reimbursed by Government of Goa within a period of 3 months from the closure of financial year.
Are all term loan schemes eligible for interest rebate?
All term loan schemes are eligible except Scheme of Loan Assistance for Construction of Commercial & Residential Complex, CMRY , GTEGP & Personal Loan Scheme.
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 as on 31st March of the claim year to qualify for the interest rebate.