Gujarat Zero Interest Loan Scheme 2021 for farmers has been launched by the state government. Under 0 interest farmer loan scheme, Gujarat state government will provide agriculture loan at 0% interest rate. Loan up to Rs. Under the scheme, Rs 3 lakh will be given to the farmers of the state.
The state government will provide agricultural loans up to Rs. 3 lakh at effective 0% interest rate. Co-operative banks provide loans to farmers at 7% interest rate. Of this interest rate component, 4% is borne by the state and 3% by the central government to bring down the effective interest rate to zero. Now the state government. The central government will also pay the 3% interest component.
Gujarat Zero Interest Loan Scheme Latest Update
The Gujarat government has extended the deadline for repayment of short-term crop loans in view of the ongoing COVID-19 pandemic outbreak in the state. state government. Also announced to pay the interest component of the Central Government on behalf of the farmers for delayed payment.
Interest Component on Zero Interest Farmer Loan Scheme
Based on the Gujarat Zero Interest Loan Scheme, the state government will have to bear the additional burden otherwise payable by the farmers. Co-operative banks in Gujarat charge 7% interest on advance crop loans to farmers from April to July every year. Central and state governments provide 3% and 4% interest subvention respectively to farmers who repay their crop loans on time or before the loan tenure of one year.
Chief Minister Vijay Rupani has decided to extend the crop loan repayment deadline for the benefit of farmers. Gujarat Government. The cooperative will also pay 3% interest subvention announced by the central government and 4% interest subvention announced by the state government to the farmers coming under the credit system. Thus, the Gujarat government will pay a total interest subvention of 7%.
Benefit of Interest Subvention by Gujarat Government
Those farmers who default on their loan repayment date become ineligible to get the benefit of 3% interest subvention given by the central government. Now such farmers will not have to pay any interest on their crop loans as the state government will be linked with the interest subvention component of the central government. Too. state government. The entire 7% interest will bear the subvention amount and farmers will not have to pay any interest amount.
Gujarat zero interest agriculture loan scheme launched for farmers
The zero interest loan scheme for farmers was first announced by the state government. At the Gujarat Gaurav Mahasammelan in Gandhinagar on 16 October 2017. The objective of Gujarat Zero Interest Farmer Loan Scheme is to provide agriculture loan at concessional interest rates and the state government is functional. Detailed guidelines have been issued regarding its implementation.
After its implementation, Gujarat Zero Interest Loan Scheme is proving to be very helpful for the farmers of the state. This scheme will further reduce the interest burden on the farmers and help them to increase their income and ultimately income and standard of living.
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