Karnataka based Syndicate Bank has launched its Mega Gold Loan campaign across its branches in three districts of Andhra Pradesh.
Banks in Anantapur, Kurnool, and Kadapa districts would finance the farmers for the coming crop season. "The campaign, coinciding with crop loan season, is expected to serve the farming community and supplement the need of crop finance,'' the bank said in a release.
The farmers can avail a loan of 75% of the total value or at Rs. 1900 per gram for upto 12 months.
For loans exceeding an year but less than 24 months, the loan would be at Rs. 800 per gram or 75% of their loan value at an interest rate of 11.25%.
The bank aims to mobilize additional Rs. 100 crore under its jewel loan portfolio by quarter ending September 30th.