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What is interest Subvention Scheme & how will it help farmers?
New Delhi: Amidst massive farmer protests at various parts of the coyntry, Union Cabinet on Wednesday cleared Interest Subvention Scheme for farmers, which is set to help the farmers and is likely to bring some relief to their ordeals.
What is Interest Subvention for Short term crop loans Scheme?
- Under the interest subvention scheme, the government provides to all farmers short term crop loan upto one year for loan upto Rs. 3 lakhs borrowed by them during the year 2016-17
- Farmers will thus have to effectively pay only 4% as interest. In case farmers do not repay the short term crop loan in time they would be eligible for interest subvention of 2% as against 5% available above
- The amount of subvention is to be calculated on the amount of crop loan from the date of disbursement up to the date of repayment
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