UP Farmers To Get Long-Term Loans At 6% Interest Under CM Krishak Samriddhi Yojana
Lucknow, September 23: Whether it is buying a tractor for farming, purchasing agricultural equipment, or undertaking any other major farm-related work, raising capital will now be more affordable for small and marginal farmers than before. Chief Minister Yogi Adityanath has reduced the interest rate on long-term loans provided by the Uttar Pradesh Cooperative Rural Development Bank, also known as…
Lucknow, September 23 - The Uttar Pradesh government has introduced more affordable long-term loan options for small and marginal farmers through the Chief Minister Krishak Samriddhi Yojana. Previously, farmers had to obtain such loans at interest rates as high as 18%, but the rate has been reduced to 6%.
At the scheme's launch, Chief Minister Yogi Adityanath stated that the interest rate reduction will significantly benefit farmers' expenses. For instance, a loan of Rs 10 lakh at an 11% interest rate would incur Rs 1.10 lakh in interest per year, while at 6%, the interest would be Rs 60,000. This translates to a potential savings of Rs 50,000 annually on the same principal amount.
The scheme aims to provide five lakh small and marginal farmers with access to low-interest capital for farming and agricultural machinery over the next few years. The Chief Minister emphasized the importance of prosperous farmers for India's prosperity, highlighting the focus on meeting farmers' capital requirements through affordable long-term loans.
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