State Bank of Patiala (SBOP) on 2 July 2012 launched gold loan (Swarn
Shakti) for farmers against the security of gold ornaments to provide
free loans to the farmers without taking loan on land. It would make
farmers to meet their small and long term agricultural needs with crop
production, investment and consumption.
The maximum amount of loan is 10 lakh rupees and 30 percent margin will be given by the farmers. The loan for crop production will be charged at 7 percent per year up to 3 lakh rupees. Further, 3 percent interest of financial support will be given to farmers who refund their loans in time. Therefore, the actual rate of interest charged will be 4 percent. The total period to refund the amount will be 36 months counting with harvesting season
The maximum amount of loan is 10 lakh rupees and 30 percent margin will be given by the farmers. The loan for crop production will be charged at 7 percent per year up to 3 lakh rupees. Further, 3 percent interest of financial support will be given to farmers who refund their loans in time. Therefore, the actual rate of interest charged will be 4 percent. The total period to refund the amount will be 36 months counting with harvesting season
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ReplyDeleteGold loan is best way to deal with uncertain crisis in life. Now banks are providing gold loan on cheap interest rates to costumers.
ReplyDeleteIt is just a perfect move in the benefits of farmers. Farmers are really going to be benefited out of it and will help in increasing the credibility of their productions.
ReplyDelete