Financial Daily from THE HINDU group of publications
Tuesday, Jun 15, 2004
Financial Daily from THE HINDU group of publications Tuesday, Jun 15, 2004 |
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Agri-Biz & Commodities
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Agricultural Institutions Nabard eases norms for refinancing in Kerala Our Bureau
THIRUVANANTHAPURAM: The National Bank for Agriculture and Rural Development (Nabard) has announced the year 2004-05 policy for refinance support for farm mechanisation programme. An official spokesman of the Nabard Regional Office here summarised the following as the important relaxations and changes effected: Scheme for financing purchase of second-hand tractors has been extended to all States; banks have been allowed to extend financial assistance for purchase of second-hand tractors; quantum of loan for repairs/renovations/replacement of spare parts has been enhanced from Rs 25,000 to Rs 50,000; banks have been allowed to extend loans towards cost of repairs on account of damages caused to tractors during accidents; the down payment has been reduced in the case of purchase of new tractors and second-hand tractors to five to 10 per cent of the investment costs; and the norms regarding use of tractors have been removed. Nabard has since reduced the rate of interest on refinance to banks. The interest rate was now at 5.5 per cent for loans up to Rs 50,000 and 6.25 per cent for loans above Rs 50,000.
More Stories on : Agricultural Institutions | Farm credit | Kerala
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