Farmer’s Relief: Second Installment of Loan Waiver Scheme Released

Key Highlights

• Rs 1.5 lakh loan waived per farmer in the second phase.
• Over 54 lakh farmers benefited.
• The third phase will waive loans up to Rs 2 lakh.
• Loans from December 12, 2018, to December 13, 2023, are eligible.

The government is helping farmers by waiving off their old loans. This allows farmers to take new loans from banks. Normally, banks impose penalties on farmers who fail to repay the loans on time. If loans remain unpaid, banks label these farmers as defaulters, making it hard for them to get any new loans. To help these farmers, the state government is clearing their old loans by depositing the money into their accounts.

Second Installment Released

The state government has now released the second installment of the loan waiver scheme. In this phase, each farmer receives Rs 1.5 lakh to repay their old loans. This marks the beginning of the second phase of the scheme.

First Installment: Rs 1 Lakh Waived

In the first installment, the state government waived loans of Rs 1 lakh for around 11.5 lakh farmers. A total of Rs 6,098 crore was distributed. In the second phase, loans worth Rs 6,198 crore for 6.4 lakh farmers have been waived.

Formal Launch of the Second Phase

The state's chief minister announced the formal disbursal of the second phase installments. Unlike corporate entities that often seek a one-time settlement to reduce repayment amounts, the government has decided to pay the farmer’s debts in full.

Upcoming Third Phase: Rs 2 Lakh Waived

In the upcoming third phase, loans up to Rs 2 lakh will be waived. The state government aims to relieve around 54 lakh farmers from their old debts, enabling them to take new loans for the purpose of agriculture.

Checking Your Name in the Second List of Telangana Loan Waiver Scheme

1. Visit the official website of Telangana Loan Waiver Scheme: Telangana Loan Waiver Scheme
2. Log in to the homepage and click on "Check Beneficiary List."
3. Enter the required details and submit.
4. The list will appear, and you can check for your name.

Special Features of the Telangana Crop Loan Waiver Scheme

• The Telangana state government is waiving the outstanding loans of farmers through the crop loan waiver scheme.
• The scheme aims to be completed by August 15, 2024.
• The objective is to free eligible farmers from old debts.
• Only farmers from Telangana are eligible, as the scheme is state-specific.
• Permanent residents of Telangana can benefit from the scheme.
• Loans taken between December 12, 2018, and December 13, 2023, are eligible for the waiver.
• The scheme focuses on waiving short-term loans of farmers.

Summary Table: Loan Waiver Scheme Phases

This loan waiver scheme aims to alleviate the financial burden on farmers, allowing them to continue their agricultural activities without the stress of old debts.

Also Read: Farmers Should Complete e-KYC Soon to Avail Government Schemes

CMV360 Says

The Telangana Loan Waiver Scheme is a significant initiative aimed at relieving farmers from their old debts, enabling them to secure new loans for agricultural activities. By waiving loans in three phases, the government supports over 54 lakh farmers. This scheme not only helps farmers clear their financial burdens but also promotes sustainable agricultural development in the state.