India leading public sector lender, Indian Bank has 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.”
In a press release, the Bank said, “It has reduced interest rates on its short-term gold loan scheme “Bumper Agri Jewel’ to 7 percent from 7.5 percent.”
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“The reduction has been done considering the present pandemic situation and also to provide easy credit to the needy farmers at a cheaper cost,” it added.
Further adding to the statement, the Bank said, “Under the scheme, the bank will be giving 85 percent of the ornament value as a loan, which can be repaid in six months,” the bank added.
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