Gujarat Zero Interest Loan Yojana | zero-interest loan for farmers in Gujarat | what is zero interest scheme | no-interest loan scheme India | zero interest crop loan 2021 |
Zero Interest Loan Scheme 2021 is being implemented by Gujarat Government for farmers, under the scheme loans up to Rs 3 lakh will be available @ 0% interest rate, this scheme is similar to Andhra Pradesh Government’s YSR Zero Interest Loan Scheme under which people You can also take the loan without interest rate. Gujarat Zero Interest Loan Yojana 2021 for farmers, Agriculture loan at 0% interest rate, Check latest complete information on short term crop loan repayment from cooperative banks from here, Central and State Governments under ac schemes those farmers will get 3% and 4 % interest subsidy given to those who pay their crop loans on time or before the loan tenure of one year
Zero Interest Loan Scheme Gujarat 2021
Gujarat Zero Interest Loan Scheme 2021 for farmers has been launched by the state government. Under Zero Interest Farmer Loan Scheme, Gujarat State Government will provide agriculture loan to the farmers of the state at 0% interest rate. Under the scheme, the farmers of the state can get loans up to Rs 3 lakh. Recently, the Government of Gujarat has extended the deadline for repayment of short-term crop loans in view of the outbreak of the ongoing COVID-19 pandemic in the state. The state government also announced to pay the central government interest component on behalf of farmers for delayed payments.
The state government will provide agricultural loans up to Rs 3 lakh at an effective 0% interest rate. Co-operative banks provide loans to farmers at 7% interest rate. Of this interest rate, 4% will be borne by the state and 3% by the central government to bring down the effective interest rate to zero. Now the state government will also pay the 3% interest component of the central government. With which farmers can take loan up to Rs 3 lakh without any interest rate.
Zero Interest Crop Loan Highlights
|Scheme||Gujarat Zero Interest Loan Scheme|
|Launch By||CM Vijay Rupani|
|beneficiary||farmers of the state|
|Objective||providing loan subsidy|
|Loan repayment last date||30 June 2021|
Launch Of Gujarat Zero Interest Crop Loan Scheme
Zero interest loan scheme for farmers was first announced by the state government on 16 October 2017 at Gujarat Gaurav Mahasammelan in Gandhinagar. The Gujarat Zero Interest Farmer Loan Scheme aims at providing agricultural loans at concessional interest rates and the state government has issued detailed guidelines regarding its implementation. After its implementation, Gujarat Zero Interest Loan Scheme is proving to be very helpful for the farmers of the state. This scheme will further reduce the interest burden on the farmers and will help in increasing their income and ultimately income and standard of living.
Gujarat government has extended the deadline for repayment of crop loans
The state government has extended the deadline for repayment of short-term crop loans till June 30 in view of the second wave of COVID-19 pandemic in the state. The state government also announced to pay the central government interest component on behalf of farmers for delayed payments. An official release of the government said that Chief Minister Vijay Rupani has decided to extend the crop loan repayment deadline till June 30 for the benefit of farmers.
The decision of the state government means that farmers who default on their loan repayment date and become ineligible to get the benefit of three percent interest subvention given by the central government, will also not have to pay any interest on their crop loans.
Benefit from government interest subvention
Those farmers who default on their loan repayment date become ineligible to get the benefit of 3% interest subvention given by the central government, now such farmers will not have to pay any interest on their crop loan as the state government interest subvention The chip will be attached to the component. The Central Government and the State Government will bear the entire 7% interest subvention amount and farmers will not have to pay any interest amount. This decision of the state government will benefit almost all the farmers because due to this epidemic, the farmers of the state will have to face a lot of problems, so the government has taken this decision.
Gujarat Zero Interest Loan Scheme @Interest Component
Based on the Gujarat Zero Interest Loan Scheme, the state government will have to bear the additional burden otherwise payable by the farmers. Co-operative banks in Gujarat charge 7% interest on advance crop loans to farmers from April to July every year. Central and state governments provide 3% and 4% interest subvention respectively to farmers who repay their crop loans on time or before the loan tenure of one year. Gujarat government will also pay 3% interest subvention announced by the central government and 4% interest subvention announced by the state government to the farmers coming under the cooperative credit system. Thus, the Gujarat government will pay a total interest subvention of 7%