State Bank of Mysore gives lowest crop loan rates
By Vaibhav Aggarwal
Aug 27, 2010
Print    Email    RSS   

State Bank of Mysore, an associate of the largest lender of the country, State Bank of India has come up with an efficient crop loan scheme for farmers which will charge an interest of only 2%. According to a top official of the bank, it is for the first time that any bank is offering so low a rate of interest.

While launching the scheme, Dilip Mavinkurve, managing director, SBM said, "Last year was not a good year for our farmers as Karnataka experienced both very dry conditions and floods in quick succession. In order to encourage and motivate farmers to avail of crop loans, we have formulated the scheme called Mysore Bank Prathiphala Yojane to offer the lowest rate of interest on farm loans."

The scheme would also offer an additional discount of 1% per annum for timely repayment on all crop loans. The center has already given rebate of 2% in interest on loans upto Rs 3 lakh.

The bank aims to disburse additional loans worth Rs 1500 crore under this scheme this year. Currently, SBM's agriculture advances are about Rs4,200 crore of which Rs1,200 crore is for production credit and Rs3,000 crore is for investment credit.


(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Managing and emerging out of institutional...
Central Bank of India ordered to return...
Bank loans that could glitter for you
Gold based financing; 'loan to buy gold...
A chronicle of excesses by loan recovery...

HOTEL: CaℒL Giℛℒs In Kharar 09855660911...
Model Escoℛts Service In Pune 8888IOO484 Caℓℓ...
What is the outstanding Amount for my personal loan

LVB bank joined hands with NCML Feb 18, 2015
Syndicate Bank hiring 5000 new staff Feb 12, 2015
SBI donated Rs 8.6 cr as a part of CSR activity Feb 11, 2015
Canara Bank tied up with NHBC Feb 9, 2015
Hiring for Probationary clerks in South Indian Bank Feb 5, 2015
News Archive