Government of Rajasthan Launched the new Scheme Rajasthan
Interest Free Farm Loan Scheme to help farmers and provide loans to farmers at
0% interest rate. The main purpose of this scheme is to provide financial
assistance to those farmers, which are in-date net. And primary purpose of this
scheme is to reduce the rate of mortality / suicide rate of farmers across the
state.
The Rajasthan Agricultural Marketing Board is also planning
to launch a scheme for the farmers, who want to be successful entrepreneurs.
After this, the scheme will encourage the farmers to build processing units on
their agricultural land. Apart from this, farmers can avail 50% subsidy of the
total capital cost of up to 20 lakh under the new scheme.
Main Objestives of Rajasthan Interest Free Farm Loan Scheme
- Insurance Cover – As per the released notification, the state farmers will get an insurance cover of up to Rs 6 lakh under co-operative sector Bima Yojana which was Rs 50,000 earlier. Moreover, govt. will soon increase this amount to Rs 10 lakh. Accordingly, all the beneficiaries of Interest Free Loan Scheme can avail the benefits of this insurance coverage.
- Insurance Premium – The premium amount under the cooperative sector Bima Yojana is only Rs 55 per annum. Moreover, the farmer will have to pay only Rs 27.50 per year. Accordingly, District co-operative banks will bear the remaining amount and give it to the Insurance companies.
Chief Minister Vasundhara Raje announced this scheme in the
inaugural session of the Global Rajasthan Agritech Meet in GRAM - Rajasthan
Rajasthan Udaipur. With the support of Federation of Indian Chambers of
Commerce and Industry (FICC), the Government of Rajasthan organizes this grand
event "Village" in Udaipur from 7th November, 2017 to 9th November
2017. Accordingly, the Government notifies that Land Development Bank and
Co-operative banks are reducing interest rates on the loan amount. After this,
the interest rate will soon be reduced to 5.5 percent.
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