SBI to provide loans at concessional rates to farm sector

MUMBAI: Country's largest lender State Bank of India today announced concessional rates for dairy, poultry and horticulture sector, under which loans can be availed for 10 per cent per annum and above.

Term loans and working capital for high value dairy projects and smaller dairy owners with a herd size of over 10 would be lent money at 10 per cent, a statement issued by the bank said.

New poultry units with a requirement of over Rs 5 lakh can borrow at 10.5 per cent, while fresh loans for horticultural borrowers with a letter of intent from the National Horticulture Board would also be available at the same rate, it added.

The card rate (normal, existing rates) for lending to the sector is between 12.10-14.85 per cent and the concessional rate would be across the country for new loans till March 2011, and would be reset every year, it added.