Time-Bound Sanction Of Loans For Haryana Entrepreneurs

The Haryana Financial Corporation (HFC) has instructed its field functionaries to ensure time-bound sanction and disbursement of loans to entrepreneurs, state industry minister Shashi Pal Mehta said.

Mehta said a system of monthly review of individual branches and individual cases of the entrepreneurs at the level of the managing director of the corporation has also been introduced.

As per the new system, one corporation branch is called on a particular day every month to look into the problems of entrepreneurs.

HFC is organising an open-house meet at the Haryana Bhawan in Delhi on June 24 to invite businessman and entrepreneurs to set up industrial units in Haryana by meeting their credit requirements expeditiously.

 

The corporation has also announced a special scheme to look into the problems of the borrowers who could not run their units and had to close down their activities for various reasons. Under the scheme, penal interest up to 90 per cent has been waived in case of entrepreneurs whose total outstanding amount was up to Rs 50 lakh.

Meanwhile, HFC has increased the maximum loan limit from Rs 150 lakh to Rs 240 lakh.

Units with larger credit requirements will now be able to avail of loans up to Rs 5 crore by way of joint financing by the HFC and the Haryana State Industrial Development Corporation.

The minister said that with the reduction of interest rates to 16.5 per cent for the small sector, and 18 per cent for the medium sector, rates offered by the corporation are the lowest as compared with that of other financial institutions in the country.