The state government has taken over 523 crore loans from various financial institutions in the last three years.

This was informed by Chief Minister Conrad K Sangma in his reply to a starred question tabled in the Assembly on March 22.

In 2021-22, the government availed Rs 170 crore loan from NABARD and Rs 173.29 crore in 2020-21 and Rs 136.24 crore in 2019-20 while Rs 44.34 crore was taken as loan from NCDC in 2020-21.

On the process adopted to repay the loans, the chief minister in the reply stated that NABARD loans have a time frame of 7 years with 2 years moratorium on the principal amount. The loan amount is paid in five equal installments. Interest is on quarterly basis and is calculated as per date of issue of loan.

With regard to NCDC, the total period of loan is 8 years with 1 year moratorium for principal only. Principal and interest is paid annually.