Indian Bank trims rate of interest on gold loans for farmers to seven per cent

Indian Bank has slashed its rate of interest on gold loans supplied to farmers to 7 per cent.

The state-owned lender has lowered rate of interest on its short-term gold loan scheme — Bumper Agri Jewel. Earlier, rate of interest on the product was 7.5 per cent.

The discount has been accomplished contemplating the current pandemic state of affairs and in addition to supply simple credit score to the needy farmers at a less expensive value, a launch stated.

“With effect from July 22, 2020, Agricultural Jewel Loans are sanctioned at 7 per cent fixed which means it is only Rs 583 per lakh per month,” the bank stated.

Beneath this Bumper Agri Jewel loan scheme, the bank is giving 85 per cent of the decoration value as loan. The loan is repayable in six months.