The new year is bringing good news for the farmers. The Reserve Bank of India has given a big gift to the farmers on the New Year. RBI has increased the loan limit to farmers without any collateral to Rs 2 lakh. Earlier this limit was Rs 1.60 lakh, which was increased to Rs 2 lakh. Crores of farmers of the country will be able to take advantage of this scheme.
No guarantee will have to be given, you will get a loan of Rs 2 lakh
Reserve Bank of India is giving relief to the farmers. That is why from January 1, 2025, the limit of loan without guarantee for farmers has been increased from Rs 1.6 lakh to Rs 2 lakh. This step of the government will be very beneficial for small and marginal farmers amidst the increasing cost of farming.
In 2010, RBI had set a limit of Rs 1 lakh to be given to the agriculture sector without any guarantee. Which was later increased to Rs 1.6 lakh in 2019. Now the order asks all banks in the country to waive security and margin requirements for agricultural and allied activity loans up to Rs 2 lakh for each borrower.
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86 percent farmers of the country will be benefited
According to the Agriculture Ministry, this decision has been taken keeping in mind the increasing cost of farming and improving loan access for farmers. It is being told that this measure will greatly benefit more than 86 percent of small and marginal landholding farmers. Banks have been instructed to immediately implement the guidelines and create widespread awareness about the new loan provisions.
This decision of the government is expected to provide easy access to Kisan Credit Card loan. This will complement the revised interest subvention scheme of the government. In this scheme, the government gives a loan of up to Rs 3 lakh to the farmer at an effective interest rate of 100 per cent.
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