One-Time Settlement Scheme: Farmers Can Clear Debts by Paying 25% of Loan Amount

Key Highlights:

• Farmers can clear debts by paying 25% of the loan amount.
• Applicable to loans overdue by March 31, 2023.
• Interest charged at 8% or loan-sanction rate, whichever is lower.
• The deadline for availing benefits is March 31, 2025.
• Legal action if dues remain unpaid after the deadline.

Farmers often take loans to fund agricultural activities, but unforeseen circumstances can lead to loan defaults. To address this, the Rajasthan government has introduced the Ek Must Samjhota Yojana 2024 (One-Time Settlement Scheme 2024), allowing defaulter farmers to become debt-free by paying just 25% of their outstanding loan amount.

Also Read: General Budget 2025: PM Kisan Samman Nidhi Yojana Amount Expected to Double

What Is the One-Time Settlement Scheme?

The Ek Must Samjhota Yojana 2024 is a relief initiative by the Rajasthan government for farmers and other borrowers who cannot repay loans on time. This scheme aims to help defaulter farmers, classified as Non-Performing Assets (NPAs), settle their debts and become eligible for future loans.

Under this scheme:

• Farmers must pay 25% of the total outstanding loan amount to avail the benefits.
• The remaining amount can be cleared in two installments by March 31, 2025.
• Interest will be charged at the lower of 8% per annum or the rate mentioned in the loan sanction letter.

Who Can Apply?

The scheme applies to:

• Farmers whose loans became overdue by March 31, 2023, and were classified as bad or doubtful.
• Borrowers from cooperative banks, village service cooperative societies, and other related financial institutions.
• Individual farmers, joint families, self-help groups, and cooperative institutions.

Additionally, for the first time, the scheme also includes borrowers who cannot work due to accidents or other physical disabilities.

Steps to Avail the Scheme

Eligible farmers and borrowers can follow these steps to apply:

1. Visit the nearest branch of Jalore Central Cooperative Bank or contact the branch manager.
2. Fill out the application form and deposit 25% of the recoverable amount.
3. Clear the remaining amount in two installments by the deadline.

Key Benefits for Farmers

• Defaulter farmers can clear old debts and regain eligibility for future loans.
• Loans without collateral are also covered, allowing greater access to financial help.
• Special provisions reduce the interest burden for personal, consumer, and self-employment loans.

Consequences of Non-Compliance

Farmers who do not take advantage of the scheme by March 31, 2025, risk legal action under the applicable banking laws.

Expansion of the Scheme

The scheme has expanded its scope to include a wider range of borrowers, such as:

• Proprietorship and partnership firms.
• Private limited companies and self-help groups.
• Borrowers under state-sponsored schemes.

Also Read: Farmers Can Get ₹80,000 to ₹1 Lakh Subsidy for Building Ponds: Apply Now!

Final Word

The Ek Must Samjhota Yojana 2024 is a golden opportunity for farmers and other borrowers in Rajasthan to settle their debts at a reduced cost. By paying just 25% of the total loan amount, farmers can clear their records, access new loans, and continue supporting their agricultural and personal financial needs.

To ensure benefits, eligible individuals must act before March 31, 2025. For assistance, farmers are encouraged to contact their nearest cooperative bank branch.

By leveraging this scheme, farmers can secure their financial future and contribute to the growth of agriculture in Rajasthan.