Ad
Ad
Ad
In a move aimed at supporting farmers, the deadline for applying for loans for Kharif season farming has been extended. Now, farmers can avail themselves of loans through cooperative societies until April 30, 2024. Previously, the deadline was March 28, 2024. This extension provides an additional month for farmers to access short-term loans for Kharif crops. The State Cooperative Department Ministry has issued instructions in this regard.
Short-term crop loans are crucial for farmers during Kharif and Rabi seasons. These loans eased through cooperative societies, enable the farmers to purchase essential inputs like seeds, pesticides, and fertilizers. Particularly beneficial for small and economically vulnerable farmers, these loans come with meager interest rates.
Farmers who repay crop loans of up to Rs 3 lakh on time are eligible for zero percent interest rates. Additionally, the state government provides a 1.5 percent normal interest subsidy and an extra 4 percent interest subsidy as an incentive for timely repayment during the Kharif and Rabi seasons. This significantly reduces the interest burden on farmers.
Also Read: New Rules Impacts Free Electricity Scheme Beneficiaries
Farmers with a Kisan Credit Card (KCC) can avail themselves of short-term loans for Kharif crops. In Madhya Pradesh, the deadline for availing benefits under this scheme has been extended to April 30, 2024. To apply, farmers need to visit their cooperative bank and obtain the Kharif crop loan application form. After filling out the form and attaching the required documents, farmers can submit it to the bank. Upon approval, the loan amount will be transferred to their account.
Under this scheme, loans up to Rs 1 lakh are interest-free, while a 4 percent interest subsidy is provided on loans exceeding this amount. Cooperative societies offer loans at a 7 percent interest rate, with a 4 percent interest subsidy for loans up to Rs 3 lakh, which must be repaid within a year. This ensures that farmers have access to affordable credit, crucial for their agricultural activities.
Also Read: Nagaland Farmer's Remarkable Achievement: Growing World's Tallest Coriander Plant of 8.75 Feet
The extension of the application deadline for Kharif crop loans is a welcome move for farmers, providing them with more time to access essential financial support. By offering loans at low interest rates and motivating timely repayment, the government aims to reduce the financial burden on farmers and promote agricultural productivity. Farmers are encouraged to take advantage of this opportunity and contact their nearest cooperative bank for further assistance.
Domestic Tractor Sales Rise in October 2024: 1,44,675 Units Sold with 22.37% Growth
Domestic tractor sales grew by 22.37% in October 2024, with 1,44,675 units sold. M&M Group led the market growth....
11-Nov-24 10:03 AM
Read Full NewsMahindra Farm Equipment Raises Growth Outlook for FY25, Aiming for 16% Tractor Market Growth in H2
Mahindra Farm Equipment raises its FY25 growth forecast, targeting 16% tractor market growth, with a focus on alternative fuels....
11-Nov-24 07:29 AM
Read Full NewsSonalika Tractors Achieves Record Sales with 20,056 Tractors Sold in October 2024
Sonalika Tractors sets a record with 20,056 tractor sales in October 2024, supporting farmers with customized, high-performance, sustainable solutions....
08-Nov-24 07:54 AM
Read Full NewsMahindra Tractors Launches Virtual Tractor Drive Experience with AI-Powered Personalization to Celebrate 60th Anniversary
Mahindra Tractor’s virtual drive uses AI to let farmers create personalized videos of themselves driving, celebrating 60 years of farming support....
07-Nov-24 05:14 AM
Read Full NewsRetail Tractor Sales Report for October 2024: Growth of 3.08% in Sales
October 2024 saw a 3.1% increase in tractor sales, with Mahindra & Mahindra leading, followed by gains for John Deere and CNH Industrial....
06-Nov-24 05:50 AM
Read Full NewsVST Tillers Tractors Sales Report October 2024: 1,783 Power Tillers and 680 Tractors Sold
VST's October 2024 sales showed strong growth in tractors, but power tiller sales declined, impacting overall year-to-date performance....
04-Nov-24 07:49 AM
Read Full NewsAd
Ad
Farmtrac 45 Powermaxx vs. Mahindra 575 DI: Comprehensive Analysis of Performance, Features, and Value for Farmers
11-Nov-2024
Mini Tractors vs. Big Tractors: Differences, Pros, Cons, and Which One to Choose?
18-Oct-2024
Top 10 Rice-Producing States in India 2024: Rankings, Insights, Cultivation & Trends
16-Oct-2024
Subhadra Yojana: Empowering Women in Odisha with Rs. 50,000 Financial Support, Eligibility, Benefits, and Objectives
14-Oct-2024
Top 10 Tractors for Farming and Agriculture in India (2024)
11-Oct-2024
How Intercropping Can Help Sugarcane Farmers Increase their Income
03-Oct-2024
View All Articles
As featured on:
Registered Office Address
Delente Technologies Pvt. Ltd.
M3M Cosmopolitan, 12th Cosmopolitan,
Golf Course Ext Rd, Sector 66, Gurugram, Haryana
pincode - 122002