PS&B launches scheme for doctors and reduces interest rate on Agri Loans

JALANDHAR: Punjab & Sind Bank today launched a special scheme to provide finance to doctors and medical institutions for setting up of Nursing Homes or Pathological labs apart from reduction in the rate of interest on agriculture loans.

"We have reduced the rate of interest on all fresh loans sanctioned to farmers community for ensuing Rabi crop season and also decided to make available the loans to them at cheaper rates for their personal needs", G S Vedi, Chairman-cum-Managing Director of the Bank told reporters while launching special loan scheme for medical fraternity.

The peak level rate of interest of 13.5 per cent has been brought down to 11.50 per cent per annum apart from lowering the rate on interest to just 7 per cent in case of crop loans up to Rs three lakhs, Vedi said adding that for far equipment loans up to Rs 50,000 would be available at the interest rate of 8.75 per cent only.

For loans above Rs 50,000 the rate of interest would be 11.50 per cent, he said adding that there would be great relief to the farmers as it would reduce their interest burden by two per cent.