The India Bank has cut the interest rate on its short-term gold loan scheme which is the Bumper Agri Jewelry loan from 7.5%.
Indian Bank has decided to cut down its interest rate on gold loans specifically which are offered to the farmers. The reduction in the loan amount has been only done considering the pandemic situation and also to look forward to providing easy credit to all the needy farmers at a cheaper cost, it said With an urgent effect. The agricultural jewel loans provided by the bank are sanctioned at 7% which is fixed and that means it is only ₹583 per lakh per month for a farmer. The Indian bank lends a loan up to 85% of the value of the ornament submitted with the bank and it is repayable in six months. The Indian Bank also offers gold advance for horticultural practices and necessities under the two unique classifications done by the bank which is Bumper Agri Jewel Loan and Other Agri Jewel Loan for the farmers.
The basic highlights of the Agricultural Jewel Loan Scheme are termed as there will be no undisclosed charges for the farmers. The gem appraiser and handling charges will be important. The reimbursement plans are beneficial to their farmers and the rate of interest is also very low and also they cycle if taking advance is also simple and tension free. The Indian bank does not charge a processing fee applicable up to the amount of ₹ 25,000. 0.30% of the amount of loan which is a minimum of ₹ 300 charge which applies to the amount running from above ₹ 25,000 to less than ₹ 5 lakh. 0.28% of the sum of credit will subject to at least Rs.1,500 applies to the amount more than Rs.5 lakh nonetheless under Rs.1 crore.