Financial Daily from THE HINDU group of publications
Wednesday, Sep 29, 2004
Financial Daily from THE HINDU group of publications Wednesday, Sep 29, 2004 |
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Agri-Biz & Commodities
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Agricultural Institutions Nabard pares interest rates on agri-clinics loans Our Bureau
Chennai , Sept. 28 THE National Bank for Agriculture and Rural Development (Nabard) has announced a package for lending to agri-clinics and agribusiness centres. According to a press release from Nabard, it charges 5.5 per cent interest on refinance irrespective of the size of loan. Earlier, it charged 6.75 per cent on loans exceeding Rs 2 lakh. Nabard has also asked banks to reduce interest rates on lending to these projects. It has advised banks to provide soft loans for margin money on loans exceeding Rs 5 lakh. No interest is charged on margin money assistance and service charges levied by banks have been cut from 5 per cent to 2 per cent. Entrepreneurs can seek margin money assistance from banks even when the banks do not avail of refinance, the release said. For loans less than Rs 5 lakh, margin money will not be required. Nabard has also advised the banks to capitalise operating expenses for the first six months. The package is aimed at encouraging agriculture graduates set up agri-clinics and agribusiness centres that, apart from providing them employment, will help farmers access new technologies and services.
More Stories on : Agricultural Institutions | Farm credit
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