Mukhya Mantri Krishi Rinn Yojana In Arunachal Pradesh | Zero interest crop loan scheme In Arunachal Pradesh
The government of Arunachal Pradesh has announced the implementation of the Zero interest crop loan scheme for farmers in the state. As the name suggests the new scheme launched will offer a big relief to states farmers. The new scheme is launched under PM’s Krishi Rinn Yojana by the Prime Minister Narendra Modi.
As per stated by the sources the scheme will benefit local farmers (Kisan) by offering them access to bank loans in exchange for zero percent interest rate by the government. The big scheme is a part of the crop loan scheme that is already functional in the state for the local farmers.
Eligibility factor for the scheme
- The scheme will offer benefit to anyone who is a farmer in the state and needs assistance for crop production.
- It is also certain that under the scheme only farmers who are regular with the repayment process of the loan will be offered with benefit of zero percent interest rate. This is valid for anyone who has taken a loan amount of Rs 3 lakhs and repays back on time.
- Under the scheme any farmer who repays the loan amount within short period of time will also get benefit of the scheme in the form of 3 percent subvention interest.
Key Factor for the Yojana
- Interest Rates – It is certain that under the scheme farmers will be provided with crop loan for zero percent rate of interest. This is done with an aim so that the farmer in the state gets better financial assistance from banking institutions.
- Subvention on Interest – It is certain that under the scheme the farmers will also be provided with interest subvention factor. Under this scheme farmers will be able to get 4percent subvention on the loan amount.
- Credit Card Facility – The state government has also announced that any farmer who enrolls under the scheme and is eligible will also be provided with credit card facility (KCC). All farmers will also be offered with a limit of Rs 3 lakh on the credit card.
Available Banks Under The Scheme
The Krishi Rinn Yojana has been opened for states farmers and the loan amount and credit card facilities shall be provided by Rural banks of Arunachal Pradesh, state’s co-operative Apex banks (APSCAB) and all other leading commercial banks and financial institutions in the state.
How to get application forms under the yojana?
Under the scheme it has already been stated by the state government that all application forms to the farmers will be made available via eligible banks and financial institutions. To get the application forms all farmers in the state will have to approach their nearby eligible banks.
How to apply for the Yojana?
- According to the recommendations stated by the state government any eligible farmer will have to approach the eligible bank and then request for the application form for the present fiscal year.
- Once the forms have been made available the farmers can fill in all required details and then submit it to the respective bank along with all valid documents for completing the process of loan application or credit card application.
- The disbursement of the loan amount would be done by the registered bank channels in a formal way in the farmer’s bank account.
- The subvention offered along with the applicable interest rate will be calculated by the banks on the basis of policy granted by the RBI/NABARD.
- It is also certain that the loan amount and credit card will be issued to the farmers only by the respective banks within the present fiscal year.
The state government has launched the Yojana to help farmers to get financial assistance and relief at the time of repayment of the loan amount. The Kisan credit card will also ensure that farmers can apply for advance credit at the time of cropping season without much delay. With the scheme it is certain that over 7500 farmers in the state can get complete benefit and relief.