The economic condition of most of the farmers in the country is not good. Because of this, most of the farmers need to take loans for farming. Many times farmers get loans from moneylenders and private institutions at higher interest rates. In such a situation, it becomes very difficult for the farmers to repay the loan. In such a situation, the central government is running the Kisan Credit Card scheme to help the farmers financially.
Under this scheme, loans are made available to farmers at an interest rate of 4%. Apart from this, loans are made available to farmers in many states at zero percent interest. With the help of this, the farmers have got a lot of benefits. Keeping this in mind, it has been decided to release the scheme in the year 2022-23 also.
According to the scheme, the interest subsidy is provided to the farmers by the state government on short-term crop loans up to Rs.3 lakh. 3% interest subvention is being given to all farmers taking short duration crops in Kharif and Rabi seasons under 10%. Along with this, 4% additional interest subsidy is being given to the farmers with outstanding loans as an incentive.
Source : Kisan samadhan
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