If your crop is harmed due to any natural disaster, then it gets to benefit from crop insurance scheme but many times farmers do not join this scheme, then they do not get the benefit of this scheme. However, even in such a situation, farmers can get help from the bank from which they have taken an agricultural loan.
The Reserve Bank of India has given information on this subject on its website. According to this information, in case of more than 33% loss to the crop, the bank from whom the farmer has taken a loan, can get help from there.
What is the procedure?
If the central and state government declares your area as a natural disaster-affected area and your crop is at a loss of 33% or more, then you have to go to the bank and report the loss of your crop and tell that the loan you took, your ability to repay it has been affected.
How much help do you get?
If your crop has suffered from 33 to 50%, then the bank will give an additional 2 years to repay your agricultural loan and no installment will have to be paid for the first year of these two years. On the other hand, if there is more than 50% loss to the crop, then the loan repayment period will increase by 5 years and no installment will have to be paid in the first year.
Source: Jansatta
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