Krishi Rin Samadhan Yojana (Kisan Karj Rahat) to Offer Lower Interest Rate to farmers of MP | कृषि ऋण समाधान योजना
The state government of Madhya Pradesh has announced the approval of the new relieve scheme for state farmers. The new scheme is termed as Krishi Rin Samadhan Yojana and is a type of debt relief scheme and is designed to wave off the interest from the loan amounts for the state farmers.
The scheme is announced by the government for farmers who are defaulters under the farmer loan scheme and currently are not able to make repayment of the loan amount by 30th June 2017.
- The loan waiver scheme is a type of scheme will be implemented by the state government state wide and so the government has announced to set a state budget of Rs 2600 crore for its smooth implementation.
- The scheme is also termed as MP Loan waiver scheme for farmers and as the name suggests will provide with benefit of loan waiver for defaulting farmers.
- As per the state government the farmer will also be offered with benefit where he may not have to repay the interest on the loan amount borrowed. Apart from this the government has also offered with convenience where the defaulting farmer can make the repayment of the loan amount to the state government in two easy to pay installments.
- The date for payment of first installment has been set till 2018 15th June which is equivalent to over 50 percent of the total loan amount. Once this amount has been paid back the interest subsidy will be offered by the government for waiving off the entire interest amount for the farmers.
- The credit limit for the second loan will be approved by the state government for the farmers after offering coverage of 80 percent the pending debt amount such that the final 20 percent amount from the loan will be covered by the financial institutions and banks.
Kisan Karj Rahat Scheme details
- The debt relief will be offered to each of the farmer who has till date failed to make the repayment of the pending loan amount till 30th June 2017. The relief will be offered in the form of debt relief to the farmers.
- Under the scheme the interest amount will be waived off by the state government under the scheme such that over 17.78 lakh beneficiaries will be able to get its benefit. The remaining debt can easily be cleared by each farmers till 15th June 2018 in easy to pay installment covering 50 percent debt amount payment within the first installment.
- The credit limit will also be offered to the farmers for the 2018 fiscal year. The government will also offer coverage of the pending loan amount as cash loan with zero percent interest under the scheme. The state government has already announced to invest a fixed budget under the scheme such that the amount will be shared between state government and banks in 80:20 percent ratio.
With the implementation of the scheme the state government aims at doubling farmers annual income by 2022.
The scheme has been officially announced for implementation by the state government of Madhya Pradesh. It is also expected that over 17.78 lakh state farmers will be benefited under the scheme after it has been implemented for 2018. The scheme will also only offer benefit to the defaulter farmers of the state of Madhya Pradesh.
How to Apply for this scheme
Since this is just a proposal no set criteria has been set on who are eligible and how can we apply for this scheme. We will update this post as soon as any information is available on this. My experience says that SBI will be a major bank for giving such loans.