Insurance

Interest Free Farm Loan Scheme: Farm loan on zero percent interest rate for Jharkhand farmers

Interest Free Farm Loan Scheme Jharkhand

Jharkhand farmers will now get farm loan on zero percent interest rate. Jharkhand Government has made an announcement of the Interest Free Farm Loan Scheme. The interest free loan is only for the first year and hence farmers needs to pay the loan in 1st year. The interest for the loan for the first year will be paid by the government. If farmers cannot repay in one year then he needs to pay interest rate on the agricultural loan.

The announcement was made by the CM Raghubar Das in the Global Agricultural & Food Summit 2018 in Ranchi, Jharkhand. 50% subsidy will be given to the dairy farmers. The main objective of the scheme is to financially help farmers in the state & make sure that they has easy loan available for the agricultural activities.

Interest Free Farm Loan Scheme: A Jharkhand Government scheme to provide farm loan on zero percent for one year.

Objectives:

  • To provide financial support to farmers
  • To make sure easy & quick loans are available to the farmers
  • To increase farmers income
  • To provide financial security
  • To stop farmers suicides

Benefits:

  • Interest free i.e. loan on 0% interest for farmers for first year
  • 50% interest subsidy on loan interest for dairy farmers

Interest Free Farm Loan Scheme Eligibility:

  • Applicable only in Jharkhand
  • Application only to the farmers
  • Interest free loan in provided only in the 1st year & farmer needs to repay the loan in 1st year

Other Benefits for Farmers:

  • Zero premium crop insurance (Fasal Bima), farmers don`t need to pay crop insurance premium from 2018
  • Separate electricity feeder line for farmers from May 2019
  • 24×7 electricity for all by August 2019
  • All the villages to get power supply
  • Free mobile phone distribution will for 28 lakh farmers between 2019 – 2021
  • Information on crops, weather, schemes & subsidies will be provided via mobile apps

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