Interest rate reduced for NFS loans

Staff Reporter

Down to 12 per cent from 18 per cent

ERODE: The interest rate has been reduced from 18 per cent to 12 per cent per annum for the Non-Farm Sector (NFS) loans, said the Special Officer-cum-Managing Director of Erode District Central Cooperative Bank, K.M. Vellingiri, on Tuesday.

He said that based on the announcement of the State Government, the Tamil Nadu State Cooperative Bank, District Central Cooperative Banks, Primary Agricultural Cooperative Bank and Primary Agricultural Rural Development Banks has decided to reduce the NFS loan interest from 18 per cent to 12 per cent.

He said the reduction in interest rate has been given with retrospective effect of March 31, 2001. The overdue lies from March 31, 2001 for the NFS loan, the interest rate has been reduced and the new loans also to be levied 12 per cent interest rate. He said this concession was available to the overdue loans alone.

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