MoF: Loan Program

Day 1,486, 17:38 • Published in India USA • by Commius

Hey India, the Ministry of Finance is continuing the loan program that has been established to help eIndians invest more in the economy and in themselves. Most active eIndians know about this program so this is dedicated to re-educating them to new rules and to new/young players who don't know anything about the program.

So, you want a loan from the government for a q4 mine or farm? Need INR for land or business start up? Well here's a list of steps and rules to do so:

1. Must have an account on the eIndia forums (http://forum.erepindia.com) your username there should be your username here in eRepublik if not then you'll have one extra step after step 2a.

2a. Must apply for a loan under the "Economy" section of the forums. When applying please have the amount requested in the Application and a detailed plan of what you will be doing with the money (be honest because I might still give you the loan if it's unorthodox, just state your case).

2b. If your forum username isn't the same as in-game username then you will also after writing the application have to message me in-game to verify you are the person applying.

3. If approved I will tell you how much you owe with interest and when. I will then dispatch the loan. Pretty easy.

Rules and eligibility:

1. Must be a citizen of India

2. No one can have two outstanding loans at any one time.

3. There's no maximum loan. I will approve or reject loan applicants based on what I think based on applicant's current and future assets are and what I think they can repay.

4. Standard loans are 4 weeks (28 days) at a fixed interest rate (4😵. I will sometimes deviate from 4 weeks if I think it'll help the applicant repay the loan (we have 1 5 week loan currently outstanding). I am here to help you not punish you and I'll do whatever I can to do that.

5. Repayments are to be made to the MoF (me) to verify you paid back the loan. Orgs can't take donations anymore so once I verify I donate the money to the Treasury.

6. Repayments can be made in installments or lump sum. Whatever way the borrower feels comfortable with (just let me know).

Advice:

I probably won't approve a huge loan from a new/young player unless terribly impressed. If you're new/young and want a loan stick to under 10k first to build trust and experience with the mechanics of the game.

A Question to India:

What happens when the MoF needs a loan? 😛

A) Let the CP issue it and collect it.
B. Let the Deputy MoF take care of it (Vikram007).
C) Pick C always pick C.
D) No, members of the MoF cannot take out loans because of conflict of interests.
E) Find a private loan, lazy.

Loans are on hold for one more day as I have one final exam left (Public Finance). Just got done with my second final (Advanced Microeconomic Theory) I want to cry. ;_;

Signed,

Commius
Minister of Finance