Farmers will get gold loan cheaply, this government bank has reduced the interest rate

New Delhi Indian Bank, one of the major public sector banks in the Corona era, has taken a relief decision for farmers. The bank has said in its latest decision that the interest rate of gold loan has been cut by half percent. This government bank has reduced the interest rate on the gold loan scheme available for its short time – Bumper Agri Jewel. Earlier the interest rate in this loan scheme was 7.50 percent, while now it has become seven percent.

The decision taken because of this
The bank has taken this decision to help the farmers in the coronary period. This reduction in the interest rate has been done in view of the current situation of epidemic and to provide easy loan at a cheaper rate to the needy farmers. The bank said that with effect from July 22, 2020, the interest rate for agricultural jewelery loan has been fixed at seven percent. This means that every month, an interest of just Rs 583 will be charged per month. Under this scheme, up to 85 percent of the cost of jewelery is given for a period of six months.

These documents have to be submitted
For taking such a loan, you can give Voter ID card, PAN card, Passport, Aadhaar card and Driving License etc. as ID proof. Similarly, Voter ID card, Passport, Aadhaar card or Driving license has to be used as address proof. Also, the customer has to give a certificate of being a farmer.

SBI also provides loans to farmers
All banks, including SBI, provide such loans to farmers. Like SBI’s Multi Purpose Gold Loan Scheme. Under this, only people associated with agriculture can apply for loans. Other people are not given loans under this scheme. This loan is given for a period of about 12 months.

Also read: Gold price crosses 52 thousand, silver prices set new record

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