Kolkata, Aug. 31 -- The Suvendu Adhikari government has fixed the interest rate at 7.32 per cent per annum for loans and advances sanctioned by the state government.
This rate applies primarily to local bodies, including municipal corporations, municipalities, panchayats, public sector undertakings and cooperative societies.
For general loans, the repayment tenure would be 10 years. The tenure for settling working capital loans would be 2-3 years. Under no circumstances would the tenure exceed five years. State has kept a provision for imposing fines in case of negligence in repaying loans on time.
An additional interest of 2.5 per cent would be added to 7.32 per cent if someone fails to repay loans with interest within the stipulated time.
For the state student loan scheme, the interest rate would be 4 per cent simple interest per annum. It would be reduced to 3 per cent if interest is paid regularly during the study period.
Published by HT Digital Content Services with permission from Millennium Post.