Government to distribute ₹100 Crore in Loans for Farmers Agricultural Needs

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.

Long-Term Crop Loans for Farmers:

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:

• State Cooperative Agriculture and Rural Development Bank
• Regional Rural Banks
• State Cooperative Banks
• District Central Cooperative Banks
• Commercial Banks
• State Agricultural Development Finance Companies
• Scheduled Primary Urban Cooperative Banks
• North Eastern Development Finance Corporation
• Rajasthan State Cooperative Bank Limited

Documents Required for Long-Term Loans:

• Farmer’s Aadhaar card
• Farmer’s residence certificate
• Passport-sized photo of the farmer
• Land-related documents of the farmer
• Farmer’s identification proof
• Farmer’s bank account details

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.