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THIRUVANANTHAPURAM: The National Bank for Agriculture and Rural Development (Nabard) has revised the interest rates on refinance with effect from March 16.

Announcing this, Mr B.S. Shekhawat, Chief General Manager, Kerala Region, said here that the revised rate on refinance for all loans up to Rs 50,000 is 6 per cent (existing 5.50 per cent). Refinance rate for all loans for agri-clinics and agri-business centres will be 6 per cent regardless of the amount (5.50 per cent).

For loans above Rs 50,000 and up to Rs 2 lakh, the interest rate on refinance will continue to remain at 6.25 per cent. The rate continues to be 6.25 per cent for loans even above Rs 2 lakh in respect of activities such as minor irrigation, dry land farming, land development, wasteland development, Swarnjayanti Gram Swarozgar Yojna, self-help groups, SC/ST action plan, organic farming, contract farming under Agri Export Zones, aromatic and medicinal, rural housing and farm mechanisation.

For rural non-farm sector activities, the interest rate on refinance for loans above Rs 2 lakh will continue to be 6.50 per cent per annum.

For cold storage and rural godown, the interest rate is kept at 6 per cent (5.50 per cent) for loans up to Rs 50,000.

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