Reserve Bank of India (RBI) has increased the contractual free loan limit for farmers from Rs. 1 lakh to 1.60 lakh rupees. That is, now farmers will not need to give any guarantees on loans up to Rs 1.60 lakh. This decision was taken in review of monetary policy RBI announced this on Thursday. This decision will benefit the farmers, especially those who do not have suitable agricultural land. Guaranteed to increase the limits of free loan, the circular will be issued soon.
Second biggest relief to farmers in 7 days(Reserve Bank of India )
The government had announced in the budget on January 1 that farmers will be given 6 thousand rupees annually for the cultivable land of 5 acres. This amount will be credited to the farmers’ accounts in three installments of 2 to 2 thousand rupees. The first installment will be given before March. It was also announced that the farmers of cattle rearing will be given a 2% discount in interest on loan taken from Kisan Credit Card. In case of disaster, where NDRF will be deployed, there will be a discount of 2% interest on crop loan to all farmers. After re-scheduling the loan, the interest on return on time will get an extra discount of 3%. In this way 5% discount will be available.
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