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Wednesday, 29 April 2020

SBI launches agri gold loan scheme, low interest loans to farmers

SBI launches agri gold loan scheme, low interest loans to farmers

  • Farmers can take a loan of their choice by depositing gold ornaments in a bank
  • 5 lakh farmers have taken advantage of it amid the lockdown

The coronavirus has created an economic crisis in the country and the country's farmers are also facing it. To help them, State Bank of India (SBI) has launched an agri gold loan scheme. Under this, farmers can take loans as per their need by providing gold ornaments. 5 lakh farmers have taken advantage of it amid the lockdown. Learn about this scheme.

Special things connected with the plan

Under this scheme any farmer can take loan as per requirement by depositing gold jewelery in the bank.
Farmers applying for loans should have farmland. He will have to give a copy of the farm land deed to the bank.
The loan will carry an annual interest of 9.95%
The scheme will not incur any other charges, besides it has the lowest interest rate as compared to other private banks.
Loans can be applied by visiting any rural branch
It can also be applied through the Yono app, which will make it easier for farmers to get loans.

Even if you don't have land, you will get a loan

The scheme also provides the facility that if a farmer does not have agricultural land in his name but has a tractor in his name, he can take a loan by depositing it in the jewelery bank on the basis of the tractor. The RC of the tractor should be in the name of the farmer. For more information visit SBI website

Bank of Baroda is also offering special personal loans

Bank of Baroda (BOB) has launched a special personal loan for its customers to fight against coronavirus. People who need money because of the Corona epidemic can take advantage of it. Under this, a loan of up to a maximum of Rs 5 lakh can be taken.
For that the customers have to go to their bank branch. The scheme is valid till 30 September 2020. According to BOB's website, this facility can be availed by the customer who has taken home loan, loan against property or auto loan. In addition, their credit score should be 650 or higher.
Customers should be in touch with the bank for at least 6 months. The interest rate of the loan is linked to the repo rate (BRLLR). The BRLLR currently applicable for retail loans is 7.25 per cent which varies. You have to repay this loan in 5 years. For more information, visit the bank's website