Rajasthan government has taken a new initiative to increase the income of farmers and encourage production in the agriculture sector. For the first time in the state, under the ‘Interest Subsidy Scheme 2024-25’, farmers will be given the benefit of attractive interest subsidy on long-term agri and non-agri loans. The objective of this scheme is to encourage farmers to repay their loans on time and to provide them maximum financial assistance.
The state government has made a total provision of Rs 39.75 crore under this scheme. This time farmers will be given 7% interest subsidy, which can prove to be a big relief for the farmers who repay the loan on time. That means farmers will now be able to pay interest at the rate of 4%.
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How to get benefit
Under the interest subsidy scheme, farmers who take agricultural and non-agricultural loans from cooperative banks and repay their installments on time will get the benefit of this scheme. For example, if a farmer takes an agri loan of Rs 10 lakh this year and repays it regularly, he will get a rebate of Rs 68,231 as 7% interest subsidy. Similarly, a provision of 5% interest subsidy has also been made for non-agri loans, due to which farmers will have to pay only half the interest.
Under Agri Loan, farmers can take loan for many agricultural works like pumpsets, drip irrigation, tractors, agricultural equipment, dairy, sheep-goat rearing, beekeeping etc. At the same time, in non-agri loans, there is also a provision for loans for micro and small industries, health care, higher education and construction of houses on farms. Through this scheme, the objective of the government is not only to provide financial support to the farmers, but also to make them self-reliant and encourage sustainable development in the agricultural sector.
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