Financial Daily from THE HINDU group of publications
Saturday, Nov 15, 2003
Financial Daily from THE HINDU group of publications Saturday, Nov 15, 2003 |
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Money & Banking
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Interest Rates Agri-Biz & Commodities - Farm credit Nabard reduces refinance rates Our Bureau
Mumbai , Nov 14 NATIONAL Bank for Agriculture and Rural Development (Nabard) has reduced the rate of interest on refinance by 100 to 125 basis points and also reduced loan slabs for refinance from four to three. The revised rates are applicable from November 12, 2003. The new slabs are up to Rs 50,000, Rs 50,001-Rs 2 lakh and above Rs 2 lakh, said a press release. With the revised structure, Nabard will charge a six per cent rate of interest on refinance towards all loans up to Rs 50,000 and 6.75 per cent per annum in respect of all loans above Rs 50,000. In cases of loans above Rs 2 lakh for farm mechanisation, agri-clinics, cold storage, rural go-downs, rural housing and non-farm sector, the rate will be 7.25 per cent per annum.
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