Its amazing to declare that the SBI today reduced interest rates for minor irrigation loans upto Rs 25 lakhs to eight per cent in the first one year and nine per cent in the second and third years. The existing rates in this category are 10.5 per cent-13.25 per cent, which has been slash down.
“SBI has decided to provide interest rate reductions as cash flows of farmers have been hit owing to the drought. We are watching the situations and will come out with more measures if necessary," SBI's General Manager (Agri business Unit) Niranjan Parsha said.
In a bid to support drought-hit farmers, State Bank of India today launched a bouquet of measures for farm loan borrowers including interest rate reductions on irrigation and crop loans.