Short Term Loan Scheme — Up to ₹1L at 2% for Goa ST Community — Frequently Asked Questions

An eligible borrower can receive a short-term loan of up to ₹1,00,000. The sanctioned sum arrives as a cash advance and is repaid in instalments afterwards.

The loan carries a subsidised rate of 2% per annum. If an instalment goes overdue, a penal interest of 1% applies on that overdue amount, so it is sensible to repay on schedule.

The scheme is open to individuals who belong to the Scheduled Tribe (ST) community of the State of Goa. Applications come from individual borrowers rather than companies or firms. If you have already borrowed under this scheme, you are free to apply again once every earlier loan has been cleared.

The funds are intended for three broad purposes — business requirements, education expenses, and medical treatment. In each case the loan serves as a short-term advance that covers the immediate cost.

Every loan comes with a three-month moratorium before the first instalment is due. Education loans then run for up to 20 months, spread across a maximum of 20 instalments. Business and medical loans run for up to 10 months, spread across a maximum of 10 instalments.

No. The scheme operates on a rolling basis and stays open throughout the year, so there is no closing date or submission window to beat. You can apply whenever a genuine need arises.

No. This is a debt product, not an equity investment. The Corporation does not acquire a stake, ownership share or profit participation in your venture — you repay the borrowed amount with the applicable interest and nothing more.

The scheme does not list DPIIT recognition or MSME registration among its eligibility conditions. What it asks for is Scheduled Tribe community status in Goa, documents that substantiate it, and a clean repayment record on any earlier loan taken under the scheme.

The process is handled offline. Visit the Goa State Scheduled Tribes Finance and Development Corporation Ltd at Shram Shakti Bhavan, 5th Floor, Patto, Panaji, Goa 403 001. The application proforma is available online to print, or you can collect a hard copy from the concerned authority at the office. Fill in all mandatory fields, paste a recent passport-sized photograph and sign across it, attach the required self-attested documents, and submit the completed form along with the originals' attested copies to the concerned authority. An acknowledgement receipt may be issued once submission is accepted.

You will need proof of your Scheduled Tribe community status, proof of Goa residency, identity and address documents, and any papers connected to the business, education or medical purpose the loan is meant to fund. Copies should be self-attested, and the application form must carry a recent passport-sized photograph with your signature across it.

Short Term Loan Scheme — Up to ₹1L at 2% for Goa ST Community is open to startups at any stage. It is open to startups registered anywhere in India.

Short Term Loan Scheme — Up to ₹1L at 2% for Goa ST Community is offered by Goa State Scheduled Tribes Finance and Development Corporation, a government body. It is provided as non-dilutive funding.