THIRUVANANTHAPURAM: The government has decided to reduce the interest rate of loans taken from State/District cooperative banks and Primary Service Cooperative groups from 16% to 15%. Those who apply for the loan will get it within 15 days. All these decisions were taken by high level committee held under the chairmanship of Chief Minister Oommen Chandy.
Rs 5000 and below will be made available on the very next day of applying and that too without any security. The amount above Rs 5000 and below Rs 10000 will be granted on a person’s guarantee within the next two days of applying.
The move is part of the government’s plan to curb lade mafia.
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