The Hindu Business Line : Kerala State Cooperative Agri bank announces new lending rates

THIRUVANANTHAPURAM: The Kerala State Cooperative Agricultural And Rural Development Bank (KSCARDB) has announced new rates for loans for long-term agricultural, non-agricultural and house construction purposes from December 1.

According to Mr George Kuriakose, Secretary, KSCARDB, the new interest rate applicable for organic farming operations, spices cultivation for industrial purposes, minor irrigation and soil conservation would be 9.5 per cent for advances of up to Rs 50,000. The rate would be 10 per cent for advances of above Rs 50,000 but not exceeding Rs 20 lakh.

For purposes such as industrial loans, farm mechanisation and other agriculture-related work and house construction, the rates applicable would be: 9.5 per cent for loans up to Rs 50,000, 10.50 per cent for loans above Rs 50,000 but not exceeding Rs 2 lakh, and 11.25 per cent for loans above Rs 2 lakh. The new rates were decided after a meeting of the governing committee of the bank presided over by Mr K. Sivadasan Nair, President.

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