Gold loans at 3% interest rate

The state government of Kerala has announced a new loan for NRIs of the state. The government proposes to lend money on a short term basis to those who came back from the foreign countries they were working and are now in their homes. These NRIs are unable to return to their work due to the scenario of Covid 19 and face financial difficulties right now.

The government seeks to help the NRIs by providing gold loans through the 779 branches of the newly formed Kerala bank. These are the old local or district cooperative banks which have now been merged to form Kerala bank. The maximum amount of loan to be provided will be rupees 50,000.

This proposal is a result of the collaboration of Kshema Nidhi and other departments of the state government. In this situation of a global economic meltdown due to the outbreak of novel corona virus, the provision of loans to NRIs is a great help to their families. The banks also now enjoy the benefits of reduced rates due to Covid 19. Though the information about the procedures and documents needed for applying for this loan is not currently available it is clear that loans upto rupees 50000 will be frovided at an interest rate of 3% for a maximum period of four months

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