People's Bank slashes Aswenna loan scheme interest rate to Single Digit

Business

The People’s Bank has reduced the interest rate of the Aswenna loan scheme, a unique product that is aimed at creating a self sufficient nation, with immediate effect, the bank said in a media release on Monday.

As a result, the Aswenna loan scheme interest rate has dropped from 13 per cent to 9.5 per cent. Accordingly, the 13 per cent interest rate applicable to Aswenna loans of up to Rs. 1 million for a duration of three years has now been reduced.

Parallel with the Government's efforts to create a self-sufficient nation, the People's Bank introduced the Aswenna loan scheme to benefit small and medium-scale agriculture, fisheries, other crops and animal husbandry. The bank is providing these financial benefits for the purchase of paddy fields, purchasing of seeds and raw material for agriculture, purchasing of land and machinery, development of underlying infrastructure, purchasing of boats for fisheries, animal husbandry and other agro-based initiatives.

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