The Assam CM announced Debt Relief Scheme. It is a farm loan waiver scheme for the farmers in Assam. Government will waive off 25% of the Kisan Credit Card (KCC) loans of the state farmers. The decision was taken by the state cabinet headed by the Chief Minister Sarbananda Sonowal.
The loan waiver will remove the financial burden from the farmers in the state & also help them prepare for the upcoming sowing season. The objective of the scheme is to financially support the farmers in the state.
Debt Relief Scheme Benefits:
- Farm loan waiver for Assam farmers
- 25% of the loan amount will be waived off
- A maximum of Rs. 25,000 can be waived off
- Government will bare the cost of the loan waiver
Interest Relief Scheme:
- Farmers will be given KCC loans at zero percent interest rate
- The state government provides a subsidy of 4% on the KCC loans & hence the farmers get interest free loan
Farmers Incentive Scheme:
- A incentive scheme by Assam Government for farmers
- A subsidy of Rs. 10,000 will be given to those farmers who has taken KCC loan & couldn’t repay it
- Government subsidy will provide financial relief to debt ridden farmers
- Another incentive scheme for the Assam farmers
- Applicable for those farmers who repaid their loans on-time
- An incentive of Rs. 25,000 will be given to such farmers
CM Shri @sarbanandsonwal chaired a Cabinet meeting in Guwahati.
In a major decision that would provide relief to farmers, the Cabinet approved Debt Relief scheme for KCC loans. Assam Govt will pay 25% of loan amount upto ₹25,000 for timely repayment.
— Chief Minister Assam (@CMOfficeAssam) December 17, 2018