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| Lowered interest rates, orders auction of defaulters’ properties | | MD SFC takes major decisions | | Early Times Report
JAMMU, Nov 25: In order to streamline the functioning of the organization and to improve its fiscal position, the Managing Director of the State Financial Corporation (SFC) has initiated slew of measures to keep it afloat in the market.
As per the details available with Early Times, in a landmark decision, Rajesh Kumar Shavan, Managing Director has ordered for lowering down the interest rate of all categories of the schemes to compete with the other financial institutions in the market and get more clientage and revenue in terms of investment and loaning.
As per the official sources, the orders have been issued to slash down the interest rate from 3-4 percent in certain schemes and 2-3 percent in other wherein the investments are higher.
It is pertinent to mention that under Small Scale Industries (SSI) and Micro Small and Medium Enterprises (MSME) Sector, the Corporation earlier charged 12.75 % on the Commercial Transport, JCBs, etc, 11.58% and the same has been slashed down to 9.85% and 9% respectively.
Similarly on the Personal Consumption Government Employees Loans the interest rate has been substantially reduced from 12.15% to 10.75%. The Corporation has further decided to advance a loan on cheap rates for construction of Houses and the interest rates now will be charged at the rate of 7.10% instead of 8.50%.
It is worthwhile to mention that the Corporation charges fixed rate of interest even if the rates fluctuate in the market. The beneficiaries get fixed rate of interest. However on the recovery side, the Coronation has accelerated the work of recovery and monitoring teams have been constituted to recover the dues of the Corporation from its borrowing constituents on daily basis.
So far the Corporation has recovered Rs. 1.60 crore and further issued notices to two defaulters, namely M/s Satguru Agro Food Products Village Kotli Rayian, R.S. Pura Jammu against whom Rs.1.80 crore is pending and for Rs.180.87 lakhs. M/s A. K Sons, Beverages, IGC, Samba.
The revised rate of interest to be made effective is for PCL (Government employee) has been lowered from 12.15% to 10.75%. Vehicle /Auto Loan (Govt. employees) from 9.35% to 8.90%, Housing Loan (Govt. employees)from 8.50% to 7.10%, SSI/MSME/OTSSI/Hotel from 12.75% to 9.85% and for
Commercial Transport /JCBs/Hydraulic Excavators the interest rates has been reduced from 11.50% to 9 %.
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