Special Loan Campaign Started To Give Impetus To The Economy

Special loan campaign started to give impetus to the economy, banks are giving loans to all types of buyers.

To further accelerate the pace of recovery in the economy, the government has also started capitalizing on the festive season.

A special loan campaign has been started by the banks in all the districts. Banks are giving loans to farmers, MSMEs, and retail buyers of all types and these 15 types of loans have been included.

Along with the purchase of things like a house, car, TV-fridge, Mudra loan has also been included in this campaign.

According to the Department of Financial Services, Ministry of Finance, the loan has not been started in all the districts simultaneously.

This campaign is being started from different days in different districts and this campaign will be run for 8-10 days.

In this regard, instructions have been issued to all the banks by the ministry and the bank is starting this loan campaign as per its convenience.

In late August, Finance Minister Nirmala Sitharaman had said that a special loan campaign would be launched during the festive season in October to increase consumption.

According to RedSeer, 62 million people made purchases on the e-commerce platform in the first eight days of the festive season.

The platform saw an increase of 23 percent in sales over the same period at the start of last year’s festive season.

At the same time, the Retail Association of India says that in September this year, the retail sales had reached 96 percent in the month of September of the year 2019 and in the festive season the retail sales will completely reach the level of the pre-corona period.

BOI cuts home loan interest rate.

Bank of India has cut the interest rate on its home loans by 0.35 percent. Now its interest rate will start from 6.50 percent.

At the same time, the bank has also reduced the interest rate on vehicle loans from 7.35 to 6.85 percent.