Meghalaya avails over Rs 523 cr loans in 3 yrs from various financial institutions

March 24, 2023 by MT Bureau

Staff Reporter

Shillong, March 22: The state government has taken over 523 crore loans from various financial institutions in the last three years.

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This was informed by Chief Minister Conrad K Sangma in his reply to a starred question tabled in the Assembly today.

In 2021-22, the government has availed Rs 170 loan from NABARD and Rs 173.29 crore in 2020-21 and Rs 136.24 crore in 2019-20 while Rs 44.34 crore was taken as a loan from NCDC in 2020-21.

On the process adopted to repay the loans, the chief minister in the reply stated that NABARD loans have a timeframe of 7 years with 2 years moratorium on the principal amount. The loan amount is paid in 5 equal instalments. Interest is on a quarterly basis and is calculated as per the date of issue of loan.

With regards to NCDC, the total period of the loan is 8 years with a 1-year moratorium for the principal only. Principal and interest are paid annually.