Govt extends crop loan interest benefits to farmers till May 31

In the wake of national lockdown due to Covid-19, the Government has extended the benefit of two per cent Interest Subvention to Banks and three per cent Prompt Repayment Incentive to all farmers upto 31st of May this year.
The interest subsidy has been extended to all crop loans upto 3 lakh rupees given by banks which have become due or are becoming due between 1st of this month to 31st May, 2020.
Ministry of Agriculture declared that due to restrictions imposed on movement of people, many farmers are not able to travel to bank branches for payment of their short term crop loan dues.
Government is providing concessional crop loans to farmers through banks with 2 per cent interest subvention to banks and 3 per cent additional benefit on timely repayment to farmers thus providing loans upto 3 lakh rupees at 4 per cent per annum interest on timely repayment.