TIIC reduces rates to a maximum of 15.25 pc from 18-23 pc
Close to 5000 small-scale units (SSIs) in the Tamil Nadu are expected to benefit from the recent downward revision in interest rates by the Tamil Nadu Industrial Investment Corporation (TIIC).
TIIC will take a hit of close to Rs 3 crores on interest income loss during the current fiscal due to the revision in interest rates.
More From This Section
The interest rates have been brought down to a maximum of 15.25 per cent from 18-23 per cent. The new rollover plan announced by TIIC proposes to collect an initial sum of 10 per cent of the outstanding interest charges immediately from the existing borrowers.
Most importantly, TIIC will not levy any interest or penal charge on the deferred outstanding interest payments. Post this, borrowers would have to pay the principle amount and interest on it as per the rescheduled plan.
D Sabitha, the managing director of TIIC, said: