Farmers To Get Loans Of Up To ₹6 Lakh For A Long Term At Six Percent Interest
Lucknow: A decision has been taken to provide long-term loans to small and marginal farmers at concessional interest rates under the Chief Minister Farmer Prosperity Scheme. The decision was taken in the Cabinet meeting held on Tuesday under the chairmanship of Chief Minister Yogi Adityanath. Finance and Parliamentary Affairs Minister Suresh Kumar Khanna said that through the Uttar Pradesh…
Lucknow: The state government has announced plans to provide long-term loans to small and marginal farmers through the Chief Minister Farmer Prosperity Scheme. This decision was made during a Cabinet meeting chaired by Chief Minister Yogi Adityanath on Tuesday. Finance Minister Suresh Kumar Khanna announced that farmers will be able to receive loans up to Rs 6 lakh, with an annual interest rate of six percent, from Uttar Pradesh Cooperative Village Development Bank Limited.
This concessionable interest rate will help farmers secure financial aid at a reduced cost for agricultural and rural purposes.
To facilitate these long-term loans, the state government will offer a 5 percent interest subsidy on the loans disbursed to farmers. This subsidy will be recalculated annually based on the outstanding principal amount of the loans taken in the previous year and the loans provided in the following years. However, farmers must pay their loan installments by the due date to be eligible for this 5 percent interest subsidy.
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