Modi Cabinet Decisions: The government made a big announcement for farmers, will get cheaper loans and 1.5% discount on interest

Modi Cabinet Decision On Farmers: The central government has made a big announcement for the farmers. The cabinet has continued the Interest Subvention Scheme for the farmers who repay their short-term loans on time. In such a situation, farmers who have taken a loan of up to Rs 3 lakh for a short term will get a rebate of 1.5 percent in interest.

For this, the government has made a provision of Rs 34,846 crore in the budget. To compensate for the interest subvention, that is, a one and a half percent rebate to the farmers on paying the interest of the loan, the government will make this payment directly to the lending banks and cooperative institutions.

What is Subvention Scheme

Let us tell you that through cooperative societies and banks, farmers are given loans for the short and long term at low-interest rates from the government. Many farmers repay this loan on time and many farmers are unable to repay the loan on time due to some reason. In such a situation, only those farmers who repay the loan on time, only such farmers will get the benefit of the Interest Subvention Scheme (Interest Subvention Scheme).

Get a cheap loan with a credit card

Let us tell you that at present, the government gives loans at low-interest rates under Kisan Credit Card. Farmers who do not have a credit card can go to their block area and get their Kisan Credit Card (KCC) made. If a farmer takes a loan through Kisan Credit Card, then he gets a loan of up to three lakh rupees at an interest of 4%. Not only this, but the benefit of PM Kisan Samman Nidhi is also available through Kisan Credit Card.

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