CHENNAI: The Tamil Nadu State Apex Co-operative Bank has announced gold loan schemes with low-interest rates as a part of COVID-19 relief measures, said a statement issued by the bank on Saturday. The interest rate has been fixed at 6 per cent per annum.
People can obtain a loan amount of Rs 25,000 to Rs 1,00,000, the statement said adding that a loan amount of Rs 3,300 can be availed for every gram, as opposed to the market rate of Rs 3,000. The loan has to be returned in a period of three months and an extension may be provided for another three months.
The Pradhan Mantri Suraksha Bima Yojana, a government-backed accident insurance scheme, will come free with the loan.
Chief Minister Edappadi K Palaniswami too has announced a loan for farmers with low interest against their agricultural produces. In a statement on Sunday, he said, farmers can also avail loan either for 50 per cent of the market value of their goods or Rs three lakh, whichever is lower, by pledging of their agricultural produces. The duration for the loan period is 180 days and interest for the loan is five per cent. The interest-free period for the loan has been extended for the first 60 days from the existing 30 days.
The Chief Minister also announced waiver of the storage charges for the farm produce. The CM's press note stated that the farmers need not pay 60 days rental for the storage godown at regulatory markets. Farmers can use the godown for 180 days.
Earlier the government had announced the 30 days free storage to the farmers and now it has been increased to 60 days.
Charges for the cold storage to store the vegetables and fruits will be waived until May, considering the situation that the production of Mango will increase in the next 15 days. Earlier the benefit was given until April 30.
Further, the one per cent market fees for paddy, small grains, pulses, groundnut, gingelly, coconut, cotton, Chilly, Tamarind, cashew and jaggery has been waived off until May end.