People’s Bank slashes agri loan scheme interest rate to 9.5%

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. 

As a result, the Aswenna loan scheme interest rate has dropped from 13 percent to 9.5 percent. 

Accordingly, the 13 percent interest rate applicable to Aswenna loans of up to Rs.1 million for a duration of three years, has now been reduced to 9.50 percent. In parallel with the government’s efforts to create a self-sufficient nation, People’s Bank introduced the Aswenna loan scheme to benefit small and medium-scale agriculture, fisheries, other crops and animal husbandry. 

The bank provides these financial benefits for purchasing of paddy fields, seeds and raw material for agriculture, land and machinery, boats for fisheries, development of underlying infrastructure, animal husbandry and other agro-based initiatives.