58 mins ago
UP Cabinet Approves Long-Term Farmer Loans At Six Percent
The Uttar Pradesh government has created a plan to help small and marginal farmers borrow money.
Farmers can receive long-term loans of up to ₹6 lakh.
The loans will have an annual interest rate of six percent.
The loans will be provided through a cooperative village development bank.
The government will pay a five percent subsidy on the interest.
This subsidy will be calculated using the outstanding loan principal.
Farmers must pay their instalments on time to receive the subsidy.
The money can help with agricultural and rural needs.
Small and marginal farmers in Uttar Pradesh will receive long-term loans of up to ₹6 lakh.
The loans will be offered through the Uttar Pradesh Cooperative Village Development Bank Limited.
The annual interest rate for eligible loans will be six percent.
The state government will provide a five percent interest subsidy on qualifying loans.
The subsidy will apply only to farmers who pay instalments by the prescribed due dates.
- Who
- The Uttar Pradesh government, led by Chief Minister Yogi Adityanath, and small and marginal farmers.
- What
- A scheme will provide long-term loans of up to ₹6 lakh at six percent annual interest, with a five percent government interest subsidy.
- Where
- Uttar Pradesh, through the Uttar Pradesh Cooperative Village Development Bank Limited.
- When
- The decision was taken at a Cabinet meeting on Tuesday; the subsidy will be assessed annually.
- Why
- To provide farmers with financial assistance at a lower interest rate for agricultural and rural needs.
Key facts
- Scheme
- Chief Minister Farmer Prosperity Scheme
- Maximum loan
- ₹6 lakh
- Loan duration
- Long term
- Annual interest rate
- Six percent
- Government subsidy
- Five percent interest subsidy
- Lending institution
- Uttar Pradesh Cooperative Village Development Bank Limited
- Subsidy condition
- Borrowers must pay instalments by the prescribed due dates
Sources
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