Agriculture Loan: Farmers will get a loan of Rs 2 lakh collateral-free
Reserve Bank of India has announced that farmers will be able to get a loan of Rs 2 lakh without having to put up any collateral.
There are many things the government is doing to help farming make money. Farmers are getting help paying for things like fertiliser, seeds, and farming tools. The basic support price is used to buy crops. Loans are being given out with very little interest. People are getting free or cheap irrigation tools to use in their fields. The cost of power is going down. The national and state governments are also working on many other ways to help farmers make twice as much money. The new year 2025 will be very good for farmers who take out loans from banks. Folks in farming will be able to borrow two lakh rupees with no collateral. In this case, the Reserve Bank has made an announcement. Learn which farmers will get a loan of Rs 2 lakh without putting up any security through this Tractor Kharido post. You'll also learn about the main conditions that the government will set.
You can borrow Rs 2 lakh without putting up any collateral.
There is a new plan to help small and poor farmers in the country because the cost of farming is going up. Farmer can now borrow Rs 2 lakh without putting up any collateral. The RBI increased the amount farmers can borrow without collateral from 1.6 lakh to 2 lakh. On this loan amount, farmers will pay the least amount of interest. From January 1, 2025, this new rule will be in place. This choice will also lead to more people having Kisan Credit Cards. Banks have been told to run ads to make people aware of this issue.
Benefits will be given to small and poor farmers.
The cost of farming is going up at the same rate as inflation in the country. Farm work and pay now cost farmers more money than they used to. When this happens, they need more money, so they borrow it from different places and pay more interest on it. This step has been taken because of the farmers' problem. As per the Ministry of Agriculture, this choice was made because of rising costs and the need to make it easier for farmers to get loans. 86 percent of farmers are small or poor, so this measure will help them a lot. The new rule tells banks all over the country to let people borrow up to Rs 2 lakh for farming and related activities without having to put up security or pay a margin.
It will be simple to get a KCC loan.
Because of this ruling by RBI, it will be easy for farmers to get KCC loans. Farmer used to be able to borrow Rs 1.60 lakh without putting up any protection. Now, they can borrow Rs 2 lakh. This is an alternative to the government's new interest subsidy plan, which lets people borrow up to 3 lakh rupees at a rate of 4% interest. People see this project as a strategic move to help more people in the agriculture field get access to money. This will keep farmers from having to pay the high interest rates that NBFCs and private sector banks do, which are between 8% and 12 %.
Between 2010 and 2012, loans without collateral became available.
In 2010, India began giving farmers loans with no collateral. At that time, the central bank said it would lend Rs 1 lakh with no collateral. After that, in 2019, the central bank changed the cap on unsecured loans for farms. It went from Rs 1 lakh to Rs 1.60 lakh. In February 2019, the Department of Financial Services also got rid of all other service fees for KCC/crop loans up to ₹3 lakh. These fees included processing, paperwork, inspection, and ledger folio fees. This was done to help small and marginal farmers.
