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SBT lowers rates for MSMEs

THIRUVANANTHAPURAM: State Bank of Travancore (SBT) has introduced special loan schemes, offering loans at eight per cent, in order to assist micro, small and medium enterprises (MSMEs) facing difficulties on account of the slowdown in the economy, the bank said in a release .

This low-interest loan facility will be available for existing units up to a limit of Rs.10 crore.

Term loan, repayable within five years, is provided for purchase of equipment, tools, generators etc.

Working capital demand loan, up to 20 per cent of the limits enjoyed by such units, will also be provided to the enterprises.

Both the facilities are extended at a rate of 8 per cent for the first 12 months, after which the normal rates of interest applicable to the limit and activity will be charged, the bank said.

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