APSFC inks pact with NSTFDC

Vijayawada: A Memorandum of Understanding (MoU) has been entered between Andhra Pradesh State Financial Corporation (APSFC) and National Scheduled Tribes Finance Development Corporation (NSTFDC), New Delhi, under which the former avails term loan of Rs 25 crore. 

The MoU facilitates APSFC to extend term loans/working capital term loans at lower interest rates ranging from 6 per cent to 10 per cent per annum depending upon the quantum of loan. The MoU was exchanged by Siddarth Jain, MD, APSFC and G Ramesh Kumar, CMD, NSTFDC here on Thursday.

According to Siddarth Jain, APSFC is considering financial assistance to the entrepreneurs setting up industries. 

It will extend term loans at lower/concessional interest rates and also on liberal terms to the Scheduled Tribes applicants in the State. 

It plays vital role in the development of industries in Andhra Pradesh by extending term loans and promoting the MSME sector for achieving balanced regional growth, catalysing higher investment, engendering greater employment, according to Jain.