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Journalism of Courage
Country’s largest lender,State Bank of India today said it has extended its concessional interest loan offer to farmers,under which it gives loans at eight per cent rate against warehouse receipts,till June 30.
SBI started offering eight per cent loan under its existing scheme — Produce Marketing Loan — in February last year with a view to save the farmers from falling prey to distress sale of their farm produce.
Farmers can avail loans up to Rs 10-lakh under this scheme.
The scheme,under which SBI offers loans at a concessional rate to farmers against Warehouse and Cold Storage receipts,ended on March 31,2010.
Loans,under this scheme,will be available at fixed rate of eight per cent rate for a period of 12 months in respect of loans sanctioned and disbursed till end-June,the bank said in a release.
Despite the disapproval of the Reserve Bank,SBI had recently extended its eight per cent ‘teaser’ scheme one more month till April 30,under which it offers eight per cent fixed rate home loans for a period of one year.
In the second and third years,interest charged will be nine per cent and the rates will go back to floating from the fourth year.
Yesterday,mortgage lender HDFC launched a dual rate scheme,under which it would offer a fixed rate of 8.25 per cent up to March 2011,then nine per cent for the next one year and the prevailing floating rate for the remainder of the loan tenure.
