Siddhartha Bank To Provide Agricultural Loan Up To Rs 10 Crores
November 8, 2020 | Investopaper
Siddhartha Bank Limited has come up with a plan to provide loan of up to Rs. 10 crores with the objective of supporting the promotion and development of agriculture and animal husbandry business. The bank has launched ‘Commercial Agriculture and Animal Husbandry Loan’ scheme to provide loan facility easily.
SBL has brought this loan facility with the objective of increasing production and employment by promoting business in agriculture and livestock sector. The bank is confident that the loan facility provided by the bank for the development of the agricultural sector will further encourage the customers to engage in agriculture and animal husbandry business and the agriculture sector will gradually move towards modernization and commercialization.
Siddhartha Bank will provide 5 percent interest subsidy by adding maximum 2 percent premium to its base rate for concessional loans. It is stated that administrative and renewal fee will not be charged in this loan scheme. The interest subsidy for the 15-year loan will be available for five years, the bank said.
The loan is a collaboration between Siddhartha Bank and UKAID-enabled Access to Finance program. It is stated that a plan has been launched to increase the financial access of entrepreneurs in the agriculture and livestock sector.
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