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Indian Bank cuts interest rates on gold loans for Farmers

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.