Wednesday, Nov 12, 2003
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By Our Special Correspondent
The bank has decided to reduce interest rates on short term loans up to one year to small scale industries and small businesses by one per cent for loans between Rs. 25,000 and Rs. 50,000 (effective rate 8.75 per cent) and by 0.75 per cent for loans between Rs. 2 lakhs and Rs. 5 lakhs (effective rate 10.50 per cent). The interest rate for the slab between Rs. 50,000 and Rs. 2 lakhs remains unchanged at 9.75 per cent. "Similar benefit has been extended for loans above one year as well," the bank stated in a release here today. For the agriculture sector, the interest rates have been reduced by 0.25 per cent for term loans between Rs. 50,000 and Rs. 2 lakhs (effective rate 10 per cent) and 0.5 per cent for term loans between Rs. 2 lakhs and Rs. 5 lakhs (effective rate 10.50 per cent). The reduction in interest rate is with effect from November 1 and is expected to give a positive thrust to these vital sectors of the economy, it added.
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