Agri loan at 2 pc by SBM

Addressing media in the city on Friday, deputy general manager, SBM, Mysore region, Shivashankar announced that the plan was recently dedicated by CM B S Yeddyurappa. According to the plan, agriculture loan up to Rs 50,000 is advanced at two per cent interest.

While, loan in the range of Rs 50,000 up to Rs three lakh is advanced at four per cent interest rate. The plan was derived only to encourage agriculture activities. The benefit of two pc rate of interest could be extended with the subsidy of two per cent given by each of Government of India and Government of Karnataka and one per cent by SBM, Shivashankar said. However, he clarified that the benefit could be enjoyed only if the repayment is made within the prescribed period. The time limit is set only to encourage repayment culture.

Those who have already obtained loan from the bank, can also opt for loan under the plan, but only after repaying the earlier advanced loan amount.  Shivashankar said that the bank also has introduced a plan for the benefit of SMEs, called ‘OTS’. who have obtained loan up to Rs one crore and below. They are entitled for concession on interest rate, if they repay before March, 2011. Last date to submit applications under OTS is September 30, said Shivashankar. You can also pay taxes online at the bank.