The state government has announced the distribution of ₹100 crore in loans to meet the agricultural needs of farmers. These long-term loans are designed to be easy for farmers to repay, with a significant increase in the interest subsidy. Previously, farmers received a 5% interest subsidy, but the state government has now raised it to 7%. The state minister mentioned that the long-term loans distributed through cooperative banks will be doubled from ₹50 crore last year to ₹100 crore.
Through cooperative societies, farmers can obtain loans up to ₹1.60 lakh via the Kisan Credit Card (KCC). The interest rates for long-term loans start at 10.50%, varying across different banks. Under the Farmer Welfare Scheme, the government provides loans up to ₹20 lakh at an interest rate of 11.50% through central cooperative banks, covering up to 70% of the DLC rate. Now, with the state government's announcement of a 7% interest subsidy, farmers can avail these long-term loans at an effective interest rate of 4.50%.
Cooperative Banks Offering Long-Term Agricultural Loans:
Documents Required for Long-Term Loans:
How to Apply Online: To apply online for long-term loans, visit the official website of the relevant bank. Download the loan application form, fill it out, attach all required documents, and submit the application.
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