Coop Bank offers Farmers loan against gold

Shimla, July 12 (UNI) Himachal Pradesh State Cooperative Agriculture and Rural Development Bank Chairman Kashmir Singh today said that the Bank has launched a gold scheme, wherein the farmers could get loan from the bank in lieu of the gold mortgaged with the bank.

Talking to mediapersons here, he said the Bank would assess the value of the gold deposited by the farmer and would advance loan to the extent of 75 per cent value.

If the farmer continued to repay his loan amount to the bank regularly for two years, then he would be returned his entire gold after that as per an agreement, the Chairman said.

"The Bank has not been very stringent with its defaulters unlike other banks and is a customer friendly bank," Mr Singh said.

A number of farmers had come to the bank to get loan for floriculture and for constructing polyhouses too recently, he added.

UNI