Goa Short Term Loan Scheme

Scheme Introduction: A Brief Overview

Meeting immediate expenses related to education, medical treatment or business can be difficult when adequate funds are not readily available. To provide affordable credit support to the Scheduled Tribe (ST) community of Goa, the Government of Goa implements the Short Term Loan Scheme through the Goa State Scheduled Tribes Finance and Development Corporation Ltd. (GSSTFDCL).

Under the scheme, eligible individuals belonging to the ST community can avail of a short-term loan of up to ₹1 lakh. The loan can be used for education, medical and business purposes, helping beneficiaries manage urgent expenses through an affordable loan facility.

The loan is provided at an interest rate of 2% per annum. For education, the loan is repayable within 20 months in a maximum of 20 instalments, while loans taken for business and medical purposes are repayable within 10 months in a maximum of 10 instalments. A 3-month moratorium period is provided for repayment. In case of an overdue instalment, 1% penal interest is charged on the overdue instalment.

If you want to start or expand your business on a larger scale and need more funds, you can apply under the Goa Government Self Employment Scheme. Under this scheme, an individual ST beneficiary can get a loan of up to ₹10 lakh. If you apply as an eligible ST-exclusive Association, Society, Partnership, Self Help Group (SHG) or Company, you can get a loan of up to ₹15 lakh, subject to the prescribed conditions.

Both schemes address different financial needs of the ST community. The Short Term Loan Scheme focuses on immediate requirements such as education, medical and business expenses, while the Self Employment Schemeprovides higher financial assistance for eligible self-employment activities and income-generating opportunities.

The main objective of the Short Term Loan Scheme is to provide accessible and affordable financial assistance to ST beneficiaries for their immediate educational, medical and business needs.

Benefits of the Scheme

• Eligible ST beneficiaries can receive a short-term loan up to ₹1 lakh.
• The loan is available at an interest rate of 2% per annum.
• The assistance can be used for Education, Medical and Business purposes.
• Education loans can be repaid within 20 months in a maximum of 20 instalments.
• Business and Medical loans can be repaid within 10 months in a maximum of 10 instalments.
• A 3-month moratorium period is provided for repayment.
• The loanee may also repay the loan along with interest in one instalment.
• An applicant can reapply for the scheme after clearing the earlier loan availed under the scheme.

Financial Assistance

• The repayment period includes a 3-month moratorium period.
• Education loans are payable in a maximum of 20 instalments.
• Business and Medical loans are payable in a maximum of 10 instalments.
• If the loan becomes overdue, 1% penal interest is charged on the amount of the overdue instalment.
• The loanee may repay the loan along with interest in one instalment.

Eligibility Criteria

• The applicant must belong to the Scheduled Tribe (ST) community of Goa.
• The scheme is applicable to an individual belonging to the ST community of the State of Goa.
• The applicant must use the loan for one of the permitted purposes, namely Business, Education or Medical needs.
• An applicant may reapply under the scheme after clearing the earlier loan availed under the scheme.

Eligible Purposes

The Short Term Loan Scheme provides financial assistance for the following purposes:

• Business Purpose
• Education Purpose
• Medical Purpose

Required Documents

Applicants must submit the prescribed application form along with the required documents to the Goa State Scheduled Tribes Finance and Development Corporation Ltd.

• Scheduled Tribe (ST) Certificate issued by the competent authority of the State of Goa
• Copy of Bank Passbook with photograph of the applicant
• Salary Certificate / Pay Slip of one surety
• Surety affidavit on ₹100 stamp paper
• One photograph and identity proof of the surety
• Copy of the applicant's Aadhaar Card
• Applicant's affidavit on ₹100 stamp paper stating the amount of loan required and its purpose
• Any other documentary evidence requested by the Corporation

Surety Requirements

• The applicant is required to provide one surety.
• The surety must provide a Salary Certificate / Pay Slip.
• The surety must submit an affidavit along with a photograph and identity proof.
• The surety should not be a defaulter with the Corporation.

Steps to Apply

The application process under the Goa Short Term Loan Scheme is offline.

1. Visit the Goa State Scheduled Tribes Finance and Development Corporation Ltd. (GSSTFDCL) office and collect the prescribed application form for the Short Term Loan Scheme.
2. Select the purpose for which you need the loan, such as Business, Education or Medical.
3. Fill in the application form carefully and attach all the required documents, including the ST Certificate, Bank Passbook, Aadhaar Card, applicant affidavit and surety documents.
4. Make sure that the application form, affidavits and all supporting documents are properly completed before submitting them.
5. If you have any questions or confusion about the application form, required documents or application process, you can ask the concerned GSSTFDCL official for clarification.
6. Submit the completed application form along with all the required documents to the Goa State Scheduled Tribes Finance and Development Corporation Ltd.
7. After submission, the Board of Directors forms a three-member subcommittee under the Chairmanship of the Chairman of GSSTFDCL to scrutinise the application.
8. The subcommittee examines the application and sanctions the loan as per the prescribed conditions.
9. Once the loan is sanctioned, the Managing Director of GSSTFDCL executes the formal agreement with the applicant.
10. After the agreement is executed, the Managing Director releases the sanctioned loan immediately to the applicant.

Repayment and Default Conditions

• Education loans are repayable within 20 months in a maximum of 20 instalments.
• Business and Medical loans are repayable within 10 months in a maximum of 10 instalments.
• A 3-month moratorium period applies to repayment.
• The interest rate is 2% per annum.
• If an instalment becomes overdue, 1% penal interest is charged on the amount of the overdue instalment.
• The entire loan along with interest will be recovered according to the rules in force.
• The loanee may also repay the loan along with interest in one instalment.

Important Links

• Goa State Scheduled Tribes Finance and Development Corporation Ltd. (GSSTFDCL) – Official Portal
• Government of Goa – Schemes Portal
• Short Term Loan Scheme Guidelines
• Goa Short Term Loan Scheme Latest Update
• Goa Short Term Loan Scheme Application Form And Affidavit

Contact Details

Goa State Scheduled Tribes Finance and Development Corporation Ltd.

• Office Address: 2nd Floor, Dayanand Smriti Building, Swami Vivekanand Road, Panaji, Goa – 403001
• Telephone: 0832-2426949 / 2426268
• Email: [email protected]