Business Mantra News
- In terms of the Government of India’s Policy 2017-18, Reserve Bank of India has notified that No Farmer shall get Short Term Farm Loan without the production of Aadhaar Card.
- The quantum of Short Term Farm Loan shall be maximum of Rs.3.00 Lakhs at a rate of interest of 7% pa under Interest Subvention Scheme.
- If the Loan is repaid by the farmer before or within time frame, the rate of interest may further be reduced to 4% from 7% pa
- Reserve Bank of India has offered an interest subvention of 2% to the Rural and Semi-Urban Branches of Banks.
- Further interest subvention of 3% shall be available to those farmers, if the loan is repaid within scheduled time frame or earlier than the due date.
- The interest subvention scheme shall also be available to the small and marginal farmers availing the facility of Kisan Credit Cards, for a further period of six months if the farm produce is stored in a warehouse against warehousing receipt.
- The warehouse where the farm produce is to be kept has to be recognized by The Warehousing Development Regulatory Authority (WDRA)
- In case of effect of natural calamity, a further interest subvention shall be made available to the Banks for further one year, but the same shall not be continued for second year.
- The Banks need to take proper care of records as to loans of farmers, so that the genuine persons do not suffer due to lack of loan facility.
If you have aadhaar card but you not able to apply loan due to some wrong details in your aadhaar card, so first do make correction in your aadhaar card, if you also didn’t know about how to change address, mobile number and other things, click here to learn how to make correction in aadhaar card.