The Hindu Business Line : Kerala Co-op Bank reduces loan rates

THIRUVANANTHAPURAM: The Kerala State Cooperative Agricultural and Rural Development Bank has announced reduced rates for agricultural, non-agricultural and home loans.

Loans up to Rs 50,000 for organic farming, commercial cultivation of herbs, minor irrigation and soil conservation will now attract an interest of 9 per cent, and loans above Rs 50,000 and up to Rs 20 lakh, 10 per cent. The new rates were finalised at the end of governing board of the bank chaired by the President, Mr K. Sivadasan Nair.

The new rates for loans for industries, farm mechanisation and ancillary farm activities and house construction are as follows: Up to Rs 50,000 - 9 per cent; above Rs 50,000 but not exceeding Rs 2 lakh - 10 per cent; and Rs 2 lakh and above - 11 per cent

The Bank Secretary, Mr George Kuriakose, said the agricultural and rural development banks did not charge compounded interests either on a monthly, quarterly or half-yearly basis. Only annualised interest rates are charged for every loan given out by the bank.

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