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The Ministry of Finance will continue operation of the pre-existing loan service this month. As MoF I have made this article to promote awareness of the loan system and report on it's current status.

About the loan system

The loan system was put in place to allow eIndian citizens to take out a loan from the government and purchase lands and resource companies sooner than they would otherwise be able to. The earlier income boost gives the players more earnings, and the government gains some income from the interest. This helps to enrich our population and promotes sensible investments.

In this economy saltpeter companies are advised and are indeed the common reason for taking out a loan. An additional benefit is that when a lot of INR is converted into saltpeter companies, the value of INR in the economy against gold is improved and we can then buy gold a bit cheaper. There is also more market activity when raw materials are sold, production companies benefit from more material availability, and the government gets more tax to put towards beneficial services.

All loans are standardised as follows:
4% interest over a 28 day (4 week) period of time.

Repayments can be made in one lump sum at the end of the term or given in portions as you wish. Repayments are to be made to the MoF, for verification, then the MoF will deposit the sum into the treasury and update your record.

Loan Application and Approval

To apply for a loan start a thread in the economic discussion section of the forum.

The MoF will evaluate every loan application on an individual basis, and standard discussion may take place to determine the best allocation of funds across applicants.

The MoF will decide objectively based on many factors, including the amount of money available in reserves, the rate of treasury growth, the reputation of the applicant, and the purpose of the loan. Individual discussion will aim to provide clear communication of application outcomes to individuals, and negotiations may take place where necessary.

First time loans will generally need to be low amounts of around 8k INR, and once they are repaid the next loan can justifiably be larger. Conversely, players who already established a high income and are looking to take out an excessive loan will have to be declined or enter negotiation to reduce the amount, if it means younger players might be deprived of a loan, it depends on how much funding is available.



Approval will mostly likely go to keen younger players who could benefit the most from this system so if this is you, go ahead and place your application on the forum. We are able and happy to provide guidance for paying back loans, and can relax the due date if it helps you to pay back the loan.

Applicants must be eIndian citizens.

Active loan accounts

For transparency, the ministry of finance publishes weekly reports on current loan accounts and individual status updates are recorded in the economic section of the forum.

Ssri: 26000 INR due on day 1525

Rebelash: 26000 INR due on day 1526

Suvajit: 31400 INR due on day 1526

vaibhavftp: 26000 INR due on day 1533

Euaristos: 26000 INR due on day 1533

India101: 5000 INR due on day 1533

Hamster24: 5500 INR due on day 1535

Phoenix05: 26000 INR due on day 1537

Commius: 35360 INR due on day 1537

The Atma: 17680 INR due on day 1539

Perceptorp: 17680 INR due on day 1539

Fireredsky: 46800 INR due on day 1539

TimberJack: 54600 INR due on day 1541


Statistics

Total amount issued this term: 198120 INR

Average weekly interest forecast: Approx. 3000 INR


Next report

Our next article will be the budget report for this CP term.

Jack Lantos, MoF