Loan Waiver Scheme: Over 4.50 Lakh Farmer’s Loans Waived Off, Exclusions Detailed

Key Highlights

• Agricultural Loan Waiver Scheme extended, now waiving off loans up to Rs 2 lakh.
• Over 4.50 lakh farmers benefited.
• Eligibility criteria include residency, age, Aadhaar, and documentation.
• Exclusions for certain professions and income brackets.
• Aimed at promoting agricultural sustainability and financial inclusivity.

In a bid to reduce the financial burdens faced by farmers due to crop losses and loan defaults, the state government has extended its Agricultural Loan Waiver Scheme. Under this initiative, the government is now waiving off loans up to Rs 2 lakh for farmers in the state. This extension marks a significant increase from the previous limit of Rs 50,000. As of now, loans of more than 4.50 lakh farmers have been waived off, with the process ongoing for the remaining beneficiaries.

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Eligibility Criteria for Loan Waiver

Farmers who have taken crop loans up to the year 2020 or before are eligible for the scheme. This includes standard crop borrowers until March 31, 2020. Loans ranging from Rs 50,000 to Rs 2 lakh will be waived off under this scheme. Eligible farmers can register and apply for the scheme through the designated web portal.

Application Process

Farmers seeking loan waivers can obtain and submit applications through the Farmers Common Service Center and banks. However, any outstanding loan amounts exceeding the prescribed limit must be repaid through Direct Benefit Transfer (DBT). Furthermore, the scheme ensures that applicant’s grievances are addressed promptly through online mediums.

Also Read: Farmers Must Submit Aadhaar Proof to Avail Subsidies

Eligibility Criteria

To avail of the loan waiver scheme, farmers must meet certain eligibility criteria set forth by the state government:

• Residence: Farmers must be residents of Jharkhand.
• Age: Applicants must be above 18 years of age.
• Aadhaar: Farmers must possess a valid Aadhaar number.
• Family: Only one member per family is eligible.
• Documentation: Applicants must possess a ration card and a credit card.
• Loan Type: Only short-term loans will be waived off.
• Bank Location: Crop loans should be issued from banks located in Jharkhand.
• Account Type: Applicants must have a standard crop loan account.
• Deceased Holders: The family of deceased loan holders is also eligible.
• Voluntary Participation: All crop loan holders participate in the scheme.

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Exclusions from the Scheme

Certain categories of individuals are excluded from the loan waiver scheme. This includes former and present members of legislative bodies, government officials, pensioners with monthly pensions exceeding Rs 10,000, income taxpayers, and professionals such as doctors, engineers, lawyers, chartered accountants, and architects.

Current Status

• Farmers with successful loan waivers: 4,72,133
• Farmers under the loan waiver process: 4,70,812
• Total e-KYC under the scheme: 4,97,685
• Under process in PFMS: 4871
• Payment failure cases: 20681

The Agricultural Loan Waiver Scheme aims to provide much-needed relief to farmers burdened by debt, ensuring their financial stability and promoting agricultural sustainability in the state.

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CMV360 Says

The Agricultural Loan Waiver Scheme in Jharkhand aims to reduce the financial burdens on farmers by waiving off loans up to Rs 2 lakh. Despite exclusions, the scheme has already benefited over 4.50 lakh farmers. With a focus on financial inclusivity and prompt resolution of grievances, it strives to foster agricultural sustainability.