The newly elected Chief Minister and Finance Minister of Karnataka Shri H. D. Kumaraswamy had announced Karnataka Farm Loan Waiver scheme of Rs 34,000 crores while presenting the Budget 2018-19. Under the scheme, farmers who had taken a loan up to Rs 2 lakh will be waived off. All defaulted crop loans till December 31, 2017 of farmers to be waived off. The objective of the scheme is to provided much needed financial support to the drought hit farmers in the state. The loan waiver was the election promise of the newly elected government as well.
The CM also allocated the budget of Rs 6,500 crore for fresh crop loans. This budget will be provided to the banks and is available for farmers to get a fresh loan for the season 2018-19. The loan waiver budget of Rs 34,000 crore will be disbursed in 4 stages. Rs 10,500 crore will be allocated from this year`s budget. The governments focus is to provide the loan waiver to only to the poor and marginal farmers and hence has created strict norms for the same under the scheme. The farmers whose family member is government or private sector employee and has filed income tax returns for the past three years will not be considered for the farm loan waiver. The scheme has provisions for those farmers who did not default their loans and repaid their loans will also be rewarded under the loan waiver scheme. Those farmers who had paid loans within time, upto Rs 25,000 will be credited to their accounts.
What is Karnataka Farm Loan Waiver Scheme? A loan waiver scheme for the Karnataka farmers.
Karnataka Farm Loan Waiver Scheme: Objectives
- To provide financial assistance to the debt ridden farmers
- To reduce farmers debt
- To provide fresh loans to the farmers for the upcoming sowing season
Karnataka Farm Loan Waiver Scheme: Eligibility
- Farmers from the Karnataka only are eligible
- Loans under Rs. 2 lakh only are waived off
- Farmers whose family members are not government/private sector employees eligible
- Poor and marginal farmers in Karnataka are eligible
Karnataka Farm Loan Waiver Scheme: Benefits
- Farm loans upto Rs. 2 lakh till 31st December 2017 are waived off
- Fresh farm/crop loans for Karnataka farmers
Karnataka Farm Loan Waiver Scheme: Application Form & How to apply?
The loan waiver is just announced by the government. This section will be updated with the online/offline application form, registration and step by step application process for the Karnataka Farm Loan Waiver Scheme.
Karnataka Farm Loan Waiver Scheme: Implementation & Highlights
- Rs 34,000 crores loans to be waived off
- Karnataka farmers who had taken loans up to Rs 2 lakh are eligible for the loan waiver
- The loan will be distributed in four phases
- Rs 10,500 crores allotted in the budget 2018-19
- Rs 6,500 crores are available for farmers to get fresh loans for the season 2018-19
- Upto Rs 25,000 will be credit in farmers account who had repaid loans within a time
Important Schemes in Karnataka:
- List of schemes & subsidies in Karnataka
- List of schemes for Farmers
- List of schemes in Agriculture
- List of schemes for Loans