Central government to banks: do not give agricultural/jewellery loan at 7%!
Posted on: 19/Dec/2019 11:18:40 AM
Complaints were received that even the non-agriculturists apply and get the agriculture/jewellery loans.
Subsequently, the Central Ministry of Agriculture has released a notification:
�The 4% subsidy that was being given for the normally 11% interest for the agriculture/jewellery loans are being withdrawn.
Further, the interest rate for agriculture/jewellery loans which were disbursed from 1st October must be increased and the loans must be recovered before April 2020.
Again, the interest rate for the agriculture/jewellery loan given to agriculturists has been increased from 7% to 9.25% to 11% interest.
For short-term loans less than Rs. 3 Lakhs, the interest rate should be 9.25%. For loans exceeding Rs. 3 Lakhs, the interest rate should be 9.50%.�
