Interest on crop loan up to Rs 3 lakh waived in Maharashra

June 10, 2021 20:59

Representational image

The Maharashtra government on Thursday said farmers who repay crop loan up to Rs 3 lakh regularly will be charged zero per cent interest.

A decision to this effect was taken at a cabinet meeting chaired by chief minister Uddhav Thackeray here.

Earlier, there was 1 per cent concession in interest rate if crop loan between Rs 1 lakh and Rs 3 lakh was repaid on time. The concession has been now raised by by 2 per cent (total 3 per cent which has been waived), a statement from the chief minister's office (CMO) said.

The cabinet decision, which comes at the start of the kharif season, waives 3 per cent interest on crop loan up to Rs 3 lakh and makes it interest-free as the Centre, too, has done away with 3 per cent interest on such farm credits.

n the state budget this year, deputy chief minister Ajit Pawar, who holds the finance portfolio, had announced that crop loan up to Rs 3 lakh will be charged at zero per cent interest.

Under the Dr Punjabrao Deshmukh crop interest subsidy scheme, farmers who repay their interest of loan up to Rs 3 lakh get interest subsidy.

Earlier, there was 3 per cent interest subsidy on loan up to Rs 1 lakh, 1 per cent concession on interest for loan between Rs 1 lakh and Rs 3 lakh. Now, there will be additional 2 per cent concession if loan up to Rs 3 lakh is repaid on time, the CMO statement said.

The central government also gives 3 per cent concession on crop loan up to Rs 3 lakh if repaid on time. Hence, farmers will get 6 per cent concession and they will repay their short-term crop loan at zero per cent interest rate, it said.

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