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| Centre Govt extended upto Rs 3 lakh crop loan interest benefits to farmers till May 31 |
Centre Govt extended upto Rs 3 lakh crop loan interest benefits to farmers till May 31
The Centre Government has extended the benefit of two per cent Interest Subvention to Banks and three per cent Prompt Repayment Incentive to all farmers upto 31st of May this year, due to the national lockdown situation to prevent COVID-19 infection.
The interest subsidy has been extended to all crop loans upto 3 lakh rupees given by banks which have become due or are becoming due between 1st of this month to 31st May, 2020.
According to the Ministry of Agriculture due to restrictions imposed on movement of people, many farmers are not able to travel to bank branches for payment of their short term crop loan dues.
It also said, due to restrictions on movement of people and difficulty in timely sale and receipt of payment of their produce, farmers may be facing difficulties in repayment of their short term crop loans falling due during this period.
Government is providing concessional crop loans to farmers through banks with 2 per cent interest subvention to banks and 3 per cent additional benefit on timely repayment to farmers thus providing loans upto 3 lakh rupees at 4 per cent per annum interest on timely repayment.(newsOnair)
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