The Meghalaya Industrial Development Corporation Limited ( MIDC Ltd. ) being a financial Corporation, deals with promoting business establishments, industries, MSME’s, other business undertakings and activities within the state through financial assistance by way of providing loans. However, loans financed by the Corporation, needs to fulfill certain Legal requirements such as:
- Deed of Agreement which need to be executed in between the Lender and the Borrower.
- The above Agreement need to be registered in the court of law within the state where stamp duty of 25 % on the amount of loan sanctioned to be levied from the borrower.
- A Collateral Security has to be provided by the borrower duly obtained from Autonomous District Council or District Court and such documents include:-
- Land Holding Certificate
- No Objection Certificate
- Non Encumbrance Certificate
- Valuation Certificate
- On Sanctioned, all the above documents in original needs to be kept at the disposal of the Corporation. The same to be handed over to the borrower when the loan has been cleared.
- Loan sanctioned will have to be repaid in monthly / quarterly instalments for a period of 4 – 7 years
- A Penalty interest of 3 % will be charged if the loan is not repaid regularly.