The reduction has been done considering the present pandemic situation and also to provide easy credit to the needy farmers at a cheaper cost, a release said.
Indian Bank has slashed its interest rate on gold loans offered to farmers to 7 percent. The state-owned lender has reduced interest rate on its short-term gold loan scheme -- Bumper Agri Jewel. Earlier, interest rate on the product was 7.5 percent.
The reduction has been done considering the present pandemic situation and also to provide easy credit to the needy farmers at a cheaper cost, a release said.
“With effect from July 22, 2020, Agricultural Jewel Loans are sanctioned at 7 percent fixed which means it is only Rs 583 per lakh per month,” the bank said.
Under this Bumper Agri Jewel loan scheme, the bank is giving 85 percent of the ornament value as loan. The loan is repayable in six months.
(With PTI inputs)First Published on Jul 25, 2020 04:26 pm