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EDC: Making Every Venture Possible

- Anzil Fernandes

EDC Ltd., originally named as Economic Development Corporation of Goa, Daman and Diu Limited was established in 1975. Over the last 36 years of its existence, EDC has served as a catalyst for Economic Development and Industrial Growth in Goa. EDC has extended financial assistance of over Rs. 800 Crores by way of term loans to more than 5000 industrial as well as service sector project prowess.

It currently enjoys a twin status as State Finance Corporation (SFC) as well as Industrial Development Institution. Over the years EDC has grown not only as a Development bank but also as a friend and guide to Industrialists who wanted to establish themselves in the State.

Anil D Tendulkar Manager of EDC (with the experience of 27 years in EDC) in chit chat with advised the youngsters to make a start, start small and take calculated risk and avoid following the crowd.

Of all the schemes; ECD has successfully implemented the Government of Goa sponsored self-employment scheme titled as Chief Minister’s Rozgar Yojana (CMRY). Mr Tendulkar informed that it has already crossed over 4000 mark of direct job creation. The Statistics of 2010 suggests that of the 11 Talukas, Ponda Taluka took the maximum benefits with as many as 451 beneficiaries followed by Pernem with 439 and Tiswadi with 400 beneficiaries whereas, Sanguem Taluka reaped the least benefits with only 52 beneficiaries, closely followed by Sattari Taluka with 54 and Canacona Taluka with 55 beneficiaries.

In the year 2010, the total beneficiaries of CMRY scheme were 3304; of which 2732 were Males and the rest 572 were Females.

EDC provides schemes and loan assistance to prospective Individuals or entrepreneurs who wish to start or enhance their own business. Some of the schemes are as follows:

1.) General Term Loan Scheme (GTLS)

Loan assistance is provided for acquiring fixed assets like land, building, Plant and Machinery and other miscellaneous assets.

Quantum of Loan in case of Proprietary concerns is Rs. 120 Lakh, in case of Partnership firms Rs. 240 Lakh and in case of Corporate bodies Rs. 500 lakh.

GTLS is Eligible only for New micro, small, medium or large enterprises and Service sector or Existing industrial concerns and service sectors unit for expansion/modernization/diversification. The Interest for the Term Loan upto Rs. 25 Lakh is 10.5% and Term Loan above Rs. 25 Lakh is 10.5% to 14%. (This is the present rate structure but is subjected to revision from time to time).

The loans are normally repayable in 5 to 7 years with a Moratorium of 1 to 2 years depending on repayment capacity of the Project.

2.) Term Loan Assistance to Qualified Professional

It is to finance acquisition of premises, machinery and furniture and fixtures required for setting up new or acquiring additional fixed assets for professional/practice/consultancy venture.

This scheme is Eligible only to Registered Medical Practitioners, and Chartered Accountants, Company Secretaries, Consulting Engineers, Chartered Engineers/ Registered Valuers, Architects, Cost Accountants etc. in the individual capacity or as a partnership concern. The promoter should have a minimum of three years experience in the line and the age limit shall be up to 50 years. Total quantum of Assistance provided is up to Rs. 25 Lakhs at the Interest rate of 11% p.a. and 1% rebate for prompt repayment. The Loan along with the interest will be repayable in Equated Monthly Installments (EMI’s) within a period of 7 years.

3.) Scheme of Financial Assistance Against Mortgage of Immovable Properties

In this scheme, loan will be granted for acquisition of additional assets for expansion, modernization, diversification, renovation, etc or repayment/takeover of outstanding liabilities of other banks/financial institutions etc.The Quantum of loan assistance under the scheme shall be need based and shall be restricted to the following limits: Based on the constitution of the borrower: (i) Limited companies Rs 500 lakh (ii) Partnership Rs 250 lakh (iii) Rs 120 lakh

4.) Scheme of loan assistance for construction of Commercial Complexes

Assistance under this scheme will be provided for acquisition of land and construction of building thereon: interior decoration, air conditioning, communication facilities, for commercial complexes and shopping malls etc. Maximum loan assistance under the scheme will be as under: i) Limited companies Rs 500 lakh (ii) Partnership Rs 250 lakh (iii) Rs 120 lakh.

5.) Scheme of loan assistance for construction of residential/residential cum commercial complexes

Loan assistance will be considered for the outright purchase of land or on long lease from the Govt., Govt. Departments or Corporations, Land development, internal landscaping, cost of construction of buildings, swimming pool, club house etc thereon purchase of plant and machinery including lifts, air conditioned plant, firefighting equipments, water pumps, electrification etc.

6.) Term Loan Scheme for Non Residential Goans (NRG’s)

This loan provides assistance for acquiring fixed assets like land, building, Plants and machinery and other miscellaneous assets for New or existing micro, small, medium and large enterprises and service sectors.

7.) EDC’s Housing loan scheme for Government/Corporation Employees

Only permanent employees of Government of Goa, including corporations, societies and other entities are eligible for this scheme. Person above the age of 55 years will be eligible but will be subjected to conditions. This scheme grants maximum loan of 25 lakh.

8.) EDC’s Vehicle Loan Scheme

The finance under this scheme will be provided only for the purchase of new vehicle for personal use. Only the permanent employees of Government of Goa including its corporations and other undertakings are eligible to avail this scheme.

9.) EDC’s Personal Loan Scheme

All permanent employees of the Government of Goa, including its Corporations, other Undertakings, regular teachers /employees of Schools, Colleges and other educational institutions aided by the Government of Goa and employees of Mormugao Port Trust (MPT) and Goa Shipyard Ltd (GSL) can avail this scheme.

The maximum loan amount shall be 12 times the take-home salary, subjected to a maximum amount of Rs. 2 lakh. The minimum loan amount to be sanctioned is Rs 50,000 and in multiples of Rs 10,000.

10.) Chief Minister’s Rozgar Yojana (CMRY)

This is a self employment scheme for all educated but unemployed between the age of 18-40 years in General category. In case of widow, disabled person, SC, ST and OBC person the age limit will be relaxed by 5 years.

This scheme provides loan assistance up to 4 lakh and 6 lakh for individual with professional degree/diploma/ ITI and also those who have undergone special training programs conducted by authorized Govt. Dept. and Corporations. Mr. Tendulkar informed that so far more than 4000 individuals have availed this scheme.

11.) Composite Loan Scheme for EDC Clients with Good Track Record

Loan assistance under this scheme shall be composite assistance by way of term loan against fixed assets and working capital term loan against fixed assets and working capital term loan against current assets. The loan assistance under this scheme shall be granted to past/existing EDC clients who have/had a good track record of repayment of EDC loans.

The Quantum of composite term loan shall be need-based and shall be restricted by the following parameter: Based on the constitution and credit ranking of the borrower. (i) Limited companies Rs 1200 lakh, (ii) Partership Rs 500 lakh and Proprietary Rs 300 lakh.

12.) Interest Rebate Schemes

This scheme is divided into three segments

Interest Rebate Schemes for Units Located in Backward Talukas of Goa

This is to encourage the entrepreneurs to set up their ventures in backwards areas. The Talukas of Goa identified as backward are as follows: Pernem, Sattari, Sanguem, Quepem, and Canacona. Units in these Talukas will be entitled for interest rebate of 3% per annum on the interest charged.

Interest Rebate Schemes for Residents/ Non Resident Goans (NRG) Entrepreneurs

Many Goans do like to venture in entrepreneurship; hence this scheme is designed to encourage entrepreneurship among the native Goans. Person of Goan origin (PGOs) and NRGs are also eligible for interest rebate of 1% per annum. In case of partnership and limited companies the shareholding of the Resident/NRG Entrepreneurs shall not be less than 74% of the total paid up capital.

Interest Rebate Schemes for Women Entrepreneurs

This scheme was introduced after requests from women entrepreneurs in various forums for encouragement of entrepreneurship among women.

NOTE: For details of each scheme and its terms and condition, the applicant will have to personally visit the EDC office in Panjim and meet Anil D Tendulkar. Mr. Tendulkar is currently the Manager at EDC has a vast experience of over 27 years. His main role is to advise and guide the applicants and facilitate the process of application for loan.


Panjim Head Office

EDC Limited,

“EDC House”, P. B. No. 275

Dr. Atmaram Borkar Road,

Panaji, Goa. 403 001.

Phone: 0832-2224542

Fax: 0832-2224938



Posted on: 21-10-2011

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