Arunachal Government has decided to provide crop loan under the Chief Minister’s Krishi Rinn Yojana at zero percent interest rate to the farmer of the state. Chief Minister Pema Khandu has announced on 22 May. This the big step towards enabling of the farmer of the state. Through the scheme, the farmers of the state will easily access the Banking credit scheme.
Under the scheme, the state government would provide crop loan at four percent interest rate on Kisan Credit card up to 3 lakh loan.The loan under Chief Minister’s Krishi Rinn Yojana is sanctioned by all the bank to all farmers of the state. According to the Finacial Department of the state, the loan would be given in the current financial year.
The rest amount of the interest on crop loan will be paid by the Government of India to the bank as the policy of RBI and NABARD.
The zero percent interest rate is available for those farmers who pay loan timely and who take a loan up to Rs 3 lakhs. Three percent interest relief is also available for those farmers who repay their short-term production credit (crop loan) within one year of disbursement/ of such loan.
The Financial Department further says that NABARD will act as a channel partner for the refund to banks of extra interest amount claims in the prescribed format.
In the notification said that only a certificate of land, a certificate of crop being cultivated is required for the Kisan Credit Card (KCC). Government has instructed to bank has to issue KCC with the above documents.
All the comercial banks, APRB and APSCAB Ltd will give the KCC/ crop production loan at the same terms and conditions prescribed by RBI/ NABARD. Bank will be make avilable the KCC loan application formats being used at present to all the farmers.
In the current finacial year, Chief Minister Pema Khandu has set a target of 7500 farmers to cover under crop loan under the scheme. To benefit more and more farmers, government instructed to the banks and district administrations to give adequate publicity to the scheme.