The Hindu Business Line : APIDC slashes interest rates on loans

THE Andhra Pradesh Industrial Development Corporation (APIDC) has decided to reduce the interest rates on term loans to new industrial units by 50 basis points at 12.5 per cent.

Announcing this at a press conference here on Saturday, the APIDC Chairman, Mr S. Indrasain Reddy, said the decision to slash the interest rates was taken by the board in a bid to encourage the entrepreneurs set up industries in the State.

Stating that the Corporation is currently charging an interest rate of 13 per cent, he said the board has also decided to offer an additional incentive of 100 basis points to the entrepreneurs interested in setting up of their units in the State.

Mr Reddy said the Government has recently earmarked funds to the tune of Rs 100 crore to the Corporation to offer loans to the new industrial units.

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