Indian Bank has slashed its gold loan interest rates to 7% against the previous 7.5%. The lender has reduced its interest rate offered under the “Bumper Agri Jewel” scheme, which is a short- term loan scheme available to farmers.
Indian Bank said, “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.”
This revision of the Indian Bank gold loan is to enable better borrowing options available for the farmers in the current COVID-19 pandemic situation.
The tenure of the loan is up to 6 months under the Bumper Agri Jewel scheme. The bank is offering up to 85 per cent of the market value of the gold ornaments to the farmers seeking gold loan.