Industry

Indian Bank’s gold loan at 7% for farmers

Photo for representation.

Photo for representation.   | Photo Credit: N. Rajesh

Indian Bank has slashed its interest rate on gold loans offered to farmers to 7%.

The state-owned lender has cut interest rate on its short-term gold loan scheme — Bumper Agri Jewel — from 7.5%.

The reduction has been done considering the pandemic situation and also to provide easy credit to needy farmers at a cheaper cost, it said.

With effect from July 22, agricultural jewel loans are sanctioned at 7% fixed, which means it is only ₹583 per lakh per month. The bank lends up to 85% of the ornament value, repayable in six months.

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Printable version | Sep 21, 2020 12:32:44 AM | https://www.thehindu.com/business/Industry/indian-banks-gold-loan-at-7-for-farmers/article32192668.ece

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