About Gujarat Zero Interest Loan Scheme
The main aspect of the development of our country is the economy. Agriculture is one of the main source of growth in this economy. That is why each state government in our country is taking various steps for the welfare of the farmers. Similarly, the government of Gujrat has announced to provide of zero-interest crop loans keeping in view the welfare of the farmers. Therefore, the Government of Gujrat has launched the Zero Interest Crop Scheme to further encourage and support rural farmers in their agriculture.
Under this scheme, the Government of Gujrat will provide a 100% discount on the interest of loans up to Rs 3 lakh to each farmer. The Gujrat government has thus planned to bring down the interest rate on agricultural loans to zero. Around 25 lakhs of farmers across the state would be the beneficiaries of the loan scheme.
Under the Gujrat Zero Interest Crop Loan Scheme, the government will provide a 100% discount on interest on grain loans up to Rs 3 lakh, which will bring the interest rate payable to zero. And the goal of the interest-bearing agricultural loan scheme is to encourage financial inclusion and increase the scope of credit flow expansion to rural areas, especially farmers. Zero-interest crop loans are probably driven by agricultural credit and are the first such transformational intervention to improve the rural economy.
Objective Of this Scheme
- Providing loans to help farmers in farming
- Improving the rural economy
- To develop agriculture and agricultural diversity
- Strengthening the agricultural economy of Gujrat
Full Overview Of Gujrat Zero Interest Crop Loan Scheme
| Name of Scheme | Zero Interest Loan Scheme |
| Launched by | Govt Of Gujrat |
| State Name | Gujrat |
| Implementation | launched (2017) 2019-2020 (Updated) |
| Objectives | To Provide interest-free loans to the farmers of Gujrat state for modern mechanization of farming |
| Incentive | Interest-free loans up to Rs 1 lakh |
| Beneficiaries | Farmers of the Gujrat state |
| Application Start | Started already/Available Soon |
| Process | No Information |
| Official Website | NA |
Eligibility of Beneficiary
- The applicant must be a farmer.
- the applicant farmer must have age above 18 years
- The applicant must be a permanent resident of the State of Gujrat
- The applicant should not apply for a loan from any other place.
benefit
- Under the Gujrat Zero Interest Crop Loan Scheme, the government will provide a 100% discount on interest on grain loans up to Rs 3 lakh, through which farmers in the state of Gujrat will be able to further improve their farming.
Subvention of interest
At first, farmers in the state were repaying loans at 7% interest. Later, the central government stated that 3% of the loan would be provided by the central government and 3% by the state government. The remaining 1% will have to be paid to the farmers. Later, the Chief Minister of Gujarat announced that the remaining 1% interest would be paid by the Gujarat State Government. So the farmers of the state do not have to pay any interest on their loans
Required Documents
Applicant farmer Must-Have to Provide these Documents to apply for this scheme
- Aadhar Card
- Pan Card/ Voter Card
- Ration Card
- Land Document for farming
- Permanent Residence Certificate
- Bank Pass Book Details
- Contact details
- Passport Size Photo
How To Apply
Go to your nearest bank to know the application procedure/or to your concerned Krishi department/BDO Office to know more about this scheme